# EDGAR Filing Document

**Accession Number:** 0000356494
**File Stem:** 0000356494-26-000010
**Filing Date:** 2026-2
**Character Count:** 1046428
**Document Hash:** 57cca81982d465d4bac26a9c6e9390c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356494-26-000010.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0000356494-26-000010

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIABLE INSURANCE PRODUCTS FUND
- **CENTRAL INDEX KEY:** 0000356494

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03329
- **FILM NUMBER:** 26657398

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CASH RESERVES II
- **DATE OF NAME CHANGE:** 19850825

## Series and Classes Contracts Data

### Equity-Income Portfolio (Series ID: S000007716)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000020966 | Initial Class   |  |
| C000020967 | Investor Class  |  |
| C000020968 | Service Class   |  |
| C000020970 | Service Class 2 |  |

### Growth Portfolio (Series ID: S000007717)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000020971 | Investor Class  |  |
| C000020972 | Service Class   |  |
| C000020974 | Service Class 2 | QVG2Q           |
| C000023036 | Initial Class   |  |

### High Income Portfolio (Series ID: S000007718)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000020975 | Initial Class   |  |
| C000020977 | Investor Class  |  |
| C000020978 | Service Class   |  |
| C000020981 | Service Class 2 | QHI2Q           |

### Overseas Portfolio (Series ID: S000007720)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000020986 | Initial Class   |  |
| C000020988 | Investor Class  |  |
| C000020989 | Service Class   |  |
| C000020992 | Service Class 2 | QVO2Q           |

### Value Portfolio (Series ID: S000007721)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000020993 | Initial Class   |  |
| C000020994 | Investor Class  |  |
| C000020995 | Service Class   |  |
| C000020996 | Service Class 2 |  |

### Floating Rate High Income Portfolio (Series ID: S000044870)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000139277 | Initial Class   |  |
| C000139278 | Investor Class  |  |
| C000259786 | Service Class 2 | FFNMX           |

### Stock Selector Portfolio (Series ID: S000073966)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000231242 | Investor Class  |  |
| C000231243 | Initial Class   |  |
| C000231244 | Service Class   |  |
| C000231245 | Service Class 2 |  |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-03329</u>

<u>Variable Insurance Products Fund</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;December 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;December 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Portfolio<br> **VIP Value Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $89  | 0.85% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials. Also hurting our result was security selection in materials and financials.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-64%). A second notable relative detractor was an overweight in Molina Healthcare (-40%). Another notable relative detractor this period was avoiding Micron Technology, a benchmark component that gained 240%.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in information technology, primarily within the technology hardware & equipment industry. Stock picking in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+266%). This was a stake we established this period. The stock was among our largest holdings at period end. A second notable relative contributor was an overweight in CVS Health (+84%). The company was one of the fund's biggest holdings. Not owning UnitedHealth Group, a benchmark component that returned -33%, was another notable relative contributor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11171<br>| $12887<br>| $11081<br>| $14601<br>| $15481<br>| $20081<br>| $19220<br>| $22962<br>| $25507<br>| $28301<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123266_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 10.95% | 12.82% | 10.96% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $596913499<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $3537720<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.0 |
| Health Care | 13.6 |
| Industrials | 13.0 |
| Consumer Discretionary | 10.5 |
| Energy | 7.5 |
| Information Technology | 7.3 |
| Communication Services | 6.4 |
| Real Estate | 5.7 |
| Utilities | 5.2 |
| Consumer Staples | 4.7 |
| Materials | 4.2 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20251231_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Canada | 3.9 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.8 |
| Portugal | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.9<br>|
| Wells Fargo & Co | 3.2<br>|
| Exxon Mobil Corp | 2.6<br>|
| Western Digital Corp | 2.4<br>|
| GSK PLC ADR | 2.0<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| East West Bancorp Inc | 1.8<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| First Solar Inc | 1.5<br>|
|  | 22.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img151_20251231_2.jpg)<br>| ![](img123266_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914153.101 904-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Portfolio<br> **VIP Value Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $73  | 0.70% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials. Also hurting our result was security selection in materials and financials.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-64%). A second notable relative detractor was an overweight in Molina Healthcare (-40%). Another notable relative detractor this period was avoiding Micron Technology, a benchmark component that gained 240%.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in information technology, primarily within the technology hardware & equipment industry. Stock picking in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+266%). This was a stake we established this period. The stock was among our largest holdings at period end. A second notable relative contributor was an overweight in CVS Health (+84%). The company was one of the fund's biggest holdings. Not owning UnitedHealth Group, a benchmark component that returned -33%, was another notable relative contributor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11190<br>| $12928<br>| $11122<br>| $14682<br>| $15597<br>| $20264<br>| $19418<br>| $23238<br>| $25848<br>| $28727<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123267_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 11.14% | 12.99% | 11.13% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $596913499<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $3537720<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.0 |
| Health Care | 13.6 |
| Industrials | 13.0 |
| Consumer Discretionary | 10.5 |
| Energy | 7.5 |
| Information Technology | 7.3 |
| Communication Services | 6.4 |
| Real Estate | 5.7 |
| Utilities | 5.2 |
| Consumer Staples | 4.7 |
| Materials | 4.2 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20251231_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Canada | 3.9 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.8 |
| Portugal | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.9<br>|
| Wells Fargo & Co | 3.2<br>|
| Exxon Mobil Corp | 2.6<br>|
| Western Digital Corp | 2.4<br>|
| GSK PLC ADR | 2.0<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| East West Bancorp Inc | 1.8<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| First Solar Inc | 1.5<br>|
|  | 22.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img151_20251231_2.jpg)<br>| ![](img123267_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914152.101 900-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Portfolio<br> **VIP Value Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials. Also hurting our result was security selection in materials and financials.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-64%). A second notable relative detractor was an overweight in Molina Healthcare (-40%). Another notable relative detractor this period was avoiding Micron Technology, a benchmark component that gained 240%.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in information technology, primarily within the technology hardware & equipment industry. Stock picking in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+266%). This was a stake we established this period. The stock was among our largest holdings at period end. A second notable relative contributor was an overweight in CVS Health (+84%). The company was one of the fund's biggest holdings. Not owning UnitedHealth Group, a benchmark component that returned -33%, was another notable relative contributor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11188<br>| $12924<br>| $11131<br>| $14694<br>| $15604<br>| $20283<br>| $19446<br>| $23273<br>| $25892<br>| $28781<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123268_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 11.16% | 13.02% | 11.15% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $596913499<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $3537720<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.0 |
| Health Care | 13.6 |
| Industrials | 13.0 |
| Consumer Discretionary | 10.5 |
| Energy | 7.5 |
| Information Technology | 7.3 |
| Communication Services | 6.4 |
| Real Estate | 5.7 |
| Utilities | 5.2 |
| Consumer Staples | 4.7 |
| Materials | 4.2 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20251231_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Canada | 3.9 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.8 |
| Portugal | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.9<br>|
| Wells Fargo & Co | 3.2<br>|
| Exxon Mobil Corp | 2.6<br>|
| Western Digital Corp | 2.4<br>|
| GSK PLC ADR | 2.0<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| East West Bancorp Inc | 1.8<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| First Solar Inc | 1.5<br>|
|  | 22.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img151_20251231_2.jpg)<br>| ![](img123268_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914150.101 1456-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Value Portfolio<br> **VIP Value Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Value Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $63  | 0.60% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 3000® Value Index for the fiscal year, especially within industrials. Also hurting our result was security selection in materials and financials.

• The largest individual relative detractor was an overweight in Acadia Healthcare (-64%). A second notable relative detractor was an overweight in Molina Healthcare (-40%). Another notable relative detractor this period was avoiding Micron Technology, a benchmark component that gained 240%.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in information technology, primarily within the technology hardware & equipment industry. Stock picking in real estate, primarily within the equity real estate investment trusts industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Western Digital (+266%). This was a stake we established this period. The stock was among our largest holdings at period end. A second notable relative contributor was an overweight in CVS Health (+84%). The company was one of the fund's biggest holdings. Not owning UnitedHealth Group, a benchmark component that returned -33%, was another notable relative contributor.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer staples.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11208<br>| $12954<br>| $11162<br>| $14747<br>| $15680<br>| $20396<br>| $19557<br>| $23428<br>| $26092<br>| $29024<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123269_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 11.23% | 13.10% | 11.24% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $596913499<br>|
| Number of Holdings | 107<br>|
| Total Advisory Fee | $3537720<br>|
| Portfolio Turnover | 52%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.0 |
| Health Care | 13.6 |
| Industrials | 13.0 |
| Consumer Discretionary | 10.5 |
| Energy | 7.5 |
| Information Technology | 7.3 |
| Communication Services | 6.4 |
| Real Estate | 5.7 |
| Utilities | 5.2 |
| Consumer Staples | 4.7 |
| Materials | 4.2 |

---

Common Stocks 99.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20251231_AA.jpg) <br>|

---

Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.9 <br>

---

| | |
|:---|:---|
| United States | 93.3 |
| Canada | 3.9 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.8 |
| Portugal | 0.6 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 3.9<br>|
| Wells Fargo & Co | 3.2<br>|
| Exxon Mobil Corp | 2.6<br>|
| Western Digital Corp | 2.4<br>|
| GSK PLC ADR | 2.0<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| East West Bancorp Inc | 1.8<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| First Solar Inc | 1.5<br>|
|  | 22.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img151_20251231_2.jpg)<br>| ![](img123269_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914151.101 898-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Stock Selector Portfolio<br> **VIP Stock Selector Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $76  | 0.70% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. Investable Market 2500 Index/S&P 500 Linked Index for the year, led by the communication services sector. Picks in financials and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Alphabet (+66%), one of the fund's biggest holdings. An outsized stake in Micron Technology (+240%) also helped. The stock was among the fund's largest positions at period end. Another notable relative contributor was our non-benchmark holding in SK Hynix (+144%), which we established in 2025.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples, primarily within the food, beverage & tobacco industry. Investment choices in health care, especially health care equipment & services companies, further hampered the fund's result.

• The largest individual relative detractor was our non-benchmark stake in Marvell Technology (-22%). An underweight in Palantir Technologies (+135%) also hurt, though we increased our investment this period. Another notable relative detractor was our stake in Gartner (-49%). The stock was not held at period end.

• Notable changes in positioning include higher allocations to the communication services and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 21, 2021 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10168<br>| $8172<br>| $10374<br>| $12391<br>|
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25)<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
| S&P 500® Index<br>| $10000 | $10505<br>| $8602<br>| $10863<br>| $13582<br>|
| MSCI U.S. Investable Market 2500 Index<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123284_1.jpg)

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class 2 | 18.39% | 9.56% |
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25) | 17.88%<br>| 10.81% |
| S&P 500® Index | 17.88%<br>| 11.87% |
| MSCI U.S. Investable Market 2500 Index | 17.22%<br>| 10.66% |

---

**A** From October 21, 2021

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4673251782<br>|
| Number of Holdings | 368<br>|
| Total Advisory Fee | $22087501<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.0 |
| Financials | 13.3 |
| Communication Services | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.3 |
| Industrials | 8.2 |
| Consumer Staples | 4.9 |
| Energy | 2.8 |
| Utilities | 2.1 |
| Real Estate | 1.8 |
| Materials | 1.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.1 |
| Preferred Stocks | 0.1 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 1.8 |
| Korea (South) | 1.0 |
| Canada | 0.7 |
| Netherlands | 0.4 |
| United Kingdom | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| France | 0.1 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.5<br>|
| Apple Inc | 7.4<br>|
| Alphabet Inc Class A | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 4.3<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Broadcom Inc | 2.6<br>|
| Tesla Inc | 2.0<br>|
| Mastercard Inc Class A | 2.0<br>|
| Micron Technology Inc | 1.3<br>|
|  | 44.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6426_20251231_2.jpg)<br>| ![](img123284_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914402.101 6429-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Stock Selector Portfolio<br> **VIP Stock Selector Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $60  | 0.55% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. Investable Market 2500 Index/S&P 500 Linked Index for the year, led by the communication services sector. Picks in financials and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Alphabet (+66%), one of the fund's biggest holdings. An outsized stake in Micron Technology (+240%) also helped. The stock was among the fund's largest positions at period end. Another notable relative contributor was our non-benchmark holding in SK Hynix (+144%), which we established in 2025.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples, primarily within the food, beverage & tobacco industry. Investment choices in health care, especially health care equipment & services companies, further hampered the fund's result.

• The largest individual relative detractor was our non-benchmark stake in Marvell Technology (-22%). An underweight in Palantir Technologies (+135%) also hurt, though we increased our investment this period. Another notable relative detractor was our stake in Gartner (-49%). The stock was not held at period end.

• Notable changes in positioning include higher allocations to the communication services and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 21, 2021 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10171<br>| $8187<br>| $10407<br>| $12447<br>|
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25)<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
| S&P 500® Index<br>| $10000 | $10505<br>| $8602<br>| $10863<br>| $13582<br>|
| MSCI U.S. Investable Market 2500 Index<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123285_1.jpg)

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Service Class | 18.55% | 9.71% |
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25) | 17.88%<br>| 10.81% |
| S&P 500® Index | 17.88%<br>| 11.87% |
| MSCI U.S. Investable Market 2500 Index | 17.22%<br>| 10.66% |

---

**A** From October 21, 2021

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4673251782<br>|
| Number of Holdings | 368<br>|
| Total Advisory Fee | $22087501<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.0 |
| Financials | 13.3 |
| Communication Services | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.3 |
| Industrials | 8.2 |
| Consumer Staples | 4.9 |
| Energy | 2.8 |
| Utilities | 2.1 |
| Real Estate | 1.8 |
| Materials | 1.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.1 |
| Preferred Stocks | 0.1 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 1.8 |
| Korea (South) | 1.0 |
| Canada | 0.7 |
| Netherlands | 0.4 |
| United Kingdom | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| France | 0.1 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.5<br>|
| Apple Inc | 7.4<br>|
| Alphabet Inc Class A | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 4.3<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Broadcom Inc | 2.6<br>|
| Tesla Inc | 2.0<br>|
| Mastercard Inc Class A | 2.0<br>|
| Micron Technology Inc | 1.3<br>|
|  | 44.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6426_20251231_2.jpg)<br>| ![](img123285_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914401.101 6428-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Stock Selector Portfolio<br> **VIP Stock Selector Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $57  | 0.52% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. Investable Market 2500 Index/S&P 500 Linked Index for the year, led by the communication services sector. Picks in financials and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Alphabet (+66%), one of the fund's biggest holdings. An outsized stake in Micron Technology (+240%) also helped. The stock was among the fund's largest positions at period end. Another notable relative contributor was our non-benchmark holding in SK Hynix (+144%), which we established in 2025.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples, primarily within the food, beverage & tobacco industry. Investment choices in health care, especially health care equipment & services companies, further hampered the fund's result.

• The largest individual relative detractor was our non-benchmark stake in Marvell Technology (-22%). An underweight in Palantir Technologies (+135%) also hurt, though we increased our investment this period. Another notable relative detractor was our stake in Gartner (-49%). The stock was not held at period end.

• Notable changes in positioning include higher allocations to the communication services and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 21, 2021 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10172<br>| $8188<br>| $10410<br>| $12459<br>|
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25)<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
| S&P 500® Index<br>| $10000 | $10505<br>| $8602<br>| $10863<br>| $13582<br>|
| MSCI U.S. Investable Market 2500 Index <br>| $10000 | $10505<br>| $8602<br>| $10863<br>| $13582<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123286_1.jpg)

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Investor Class | 18.62% | 9.75% |
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25) | 17.88%<br>| 10.81% |
| S&P 500® Index | 17.88%<br>| 11.87% |
| MSCI U.S. Investable Market 2500 Index  | 17.22%<br>| 10.66% |

---

**A** From October 21, 2021

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4673251782<br>|
| Number of Holdings | 368<br>|
| Total Advisory Fee | $22087501<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.0 |
| Financials | 13.3 |
| Communication Services | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.3 |
| Industrials | 8.2 |
| Consumer Staples | 4.9 |
| Energy | 2.8 |
| Utilities | 2.1 |
| Real Estate | 1.8 |
| Materials | 1.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.1 |
| Preferred Stocks | 0.1 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 1.8 |
| Korea (South) | 1.0 |
| Canada | 0.7 |
| Netherlands | 0.4 |
| United Kingdom | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| France | 0.1 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.5<br>|
| Apple Inc | 7.4<br>|
| Alphabet Inc Class A | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 4.3<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Broadcom Inc | 2.6<br>|
| Tesla Inc | 2.0<br>|
| Mastercard Inc Class A | 2.0<br>|
| Micron Technology Inc | 1.3<br>|
|  | 44.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6426_20251231_2.jpg)<br>| ![](img123286_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914400.101 6427-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Stock Selector Portfolio<br> **VIP Stock Selector Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $49  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and, starting in September, the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the MSCI U.S. Investable Market 2500 Index/S&P 500 Linked Index for the year, led by the communication services sector. Picks in financials and energy also boosted the fund's relative result.

• The top individual relative contributor was an overweight in Alphabet (+66%), one of the fund's biggest holdings. An outsized stake in Micron Technology (+240%) also helped. The stock was among the fund's largest positions at period end. Another notable relative contributor was our non-benchmark holding in SK Hynix (+144%), which we established in 2025.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer staples, primarily within the food, beverage & tobacco industry. Investment choices in health care, especially health care equipment & services companies, further hampered the fund's result.

• The largest individual relative detractor was our non-benchmark stake in Marvell Technology (-22%). An underweight in Palantir Technologies (+135%) also hurt, though we increased our investment this period. Another notable relative detractor was our stake in Gartner (-49%). The stock was not held at period end.

• Notable changes in positioning include higher allocations to the communication services and information technology sectors.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 21, 2021 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10173<br>| $8197<br>| $10429<br>| $12484<br>|
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25)<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
| S&P 500® Index<br>| $10000 | $10505<br>| $8602<br>| $10863<br>| $13582<br>|
| MSCI U.S. Investable Market 2500 Index<br>| $10000 | $10338<br>| $8349<br>| $10541<br>| $13052<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123287_1.jpg)

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Initial Class | 18.73% | 9.83% |
| MSCI U.S. Investable Market 2500 Index S&P 500 Linked Index (1/1/25) | 17.88%<br>| 10.81% |
| S&P 500® Index | 17.88%<br>| 11.87% |
| MSCI U.S. Investable Market 2500 Index | 17.22%<br>| 10.66% |

---

**A** From October 21, 2021

Effective January 1, 2025, the fund began comparing its performance to the S&P 500 Index rather than the MSCI U.S. Investable Market 2500 Index because the S&P 500 Index conforms more closely to the fund's investment policies.

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4673251782<br>|
| Number of Holdings | 368<br>|
| Total Advisory Fee | $22087501<br>|
| Portfolio Turnover | 56%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.0 |
| Financials | 13.3 |
| Communication Services | 11.2 |
| Consumer Discretionary | 10.1 |
| Health Care | 9.3 |
| Industrials | 8.2 |
| Consumer Staples | 4.9 |
| Energy | 2.8 |
| Utilities | 2.1 |
| Real Estate | 1.8 |
| Materials | 1.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 99.1 |
| Preferred Stocks | 0.1 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 1.8 |
| Korea (South) | 1.0 |
| Canada | 0.7 |
| Netherlands | 0.4 |
| United Kingdom | 0.4 |
| Belgium | 0.3 |
| Denmark | 0.2 |
| France | 0.1 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.5<br>|
| Apple Inc | 7.4<br>|
| Alphabet Inc Class A | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 4.3<br>|
| Meta Platforms Inc Class A | 2.7<br>|
| Broadcom Inc | 2.6<br>|
| Tesla Inc | 2.0<br>|
| Mastercard Inc Class A | 2.0<br>|
| Micron Technology Inc | 1.3<br>|
|  | 44.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img6426_20251231_2.jpg)<br>| ![](img123287_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914399.101 6426-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Overseas Portfolio<br> **VIP Overseas Portfolio Service Class 2 true** <br>|

---

This annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $107  | 0.97% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain in 2025, rising amid increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar, resilient economic growth in certain regions and interest-rate cuts by some foreign central banks.

• Against this backdrop, stock selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result was stock selection in industrials and consumer discretionary.

• The largest individual relative detractor was our non-benchmark stake in Constellation Software (-22%). A non-benchmark stake in Marsh & McLennan returned -11% and was the second-largest relative detractor. Our overweight stake in London Stock Exchange (-15%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan, primarily in Australia, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer discretionary, primarily within the automobiles & components industry. An underweight in consumer staples and an overweight in financials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in CaixaBank (+138%). The stock was one of our biggest holdings at period end. A second notable relative contributor was an overweight in Rolls-Royce Holdings (+120%). The stock was among our biggest holdings, though we trimmed our stake this period. An overweight in UniCredit (+118%) also contributed. The stock was one of the fund's largest holdings this period, but we notably reduced our holdings this period.

• Notable changes in positioning include increased exposure to Spain and a lower allocation to the United States. By sector, meaningful changes in positioning include increased exposure to consumer staples and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $9468<br>| $12307<br>| $10454<br>| $13329<br>| $15373<br>| $18354<br>| $13824<br>| $16619<br>| $17418<br>| $20911<br>|
| MSCI EAFE Index<br>| $10000 | $10121<br>| $12680<br>| $10956<br>| $13398<br>| $14473<br>| $16135<br>| $13832<br>| $16390<br>| $17056<br>| $22444<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123292_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 20.05% | 6.35% | 7.66% |
| MSCI EAFE Index | 31.59%<br>| 9.17%<br>| 8.42% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2151132633<br>|
| Number of Holdings | 88<br>|
| Total Advisory Fee | $15379392<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 28.3 |
| Financials | 26.9 |
| Information Technology | 12.4 |
| Materials | 8.1 |
| Consumer Discretionary | 7.8 |
| Health Care | 5.0 |
| Consumer Staples | 4.0 |
| Communication Services | 3.3 |
| Utilities | 2.8 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20251231_AA.jpg) <br>|

---

Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.4 <br>

---

| | |
|:---|:---|
| Japan | 16.4 |
| United Kingdom | 16.1 |
| United States | 13.8 |
| France | 11.4 |
| Germany | 9.6 |
| Spain | 7.5 |
| Italy | 5.3 |
| Netherlands | 3.7 |
| Switzerland | 2.8 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Banco Santander SA | 3.0<br>|
| Hitachi Ltd | 2.8<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 2.7<br>|
| Safran SA | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| NatWest Group PLC | 2.4<br>|
| CaixaBank SA | 2.4<br>|
| Allianz SE | 2.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.1<br>|
|  | 25.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img221_20251231_2.jpg)<br>| ![](img123292_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914189.101 362-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Overseas Portfolio<br> **VIP Overseas Portfolio Service Class true** <br>|

---

This annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $90  | 0.82% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain in 2025, rising amid increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar, resilient economic growth in certain regions and interest-rate cuts by some foreign central banks.

• Against this backdrop, stock selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result was stock selection in industrials and consumer discretionary.

• The largest individual relative detractor was our non-benchmark stake in Constellation Software (-22%). A non-benchmark stake in Marsh & McLennan returned -11% and was the second-largest relative detractor. Our overweight stake in London Stock Exchange (-15%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan, primarily in Australia, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer discretionary, primarily within the automobiles & components industry. An underweight in consumer staples and an overweight in financials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in CaixaBank (+138%). The stock was one of our biggest holdings at period end. A second notable relative contributor was an overweight in Rolls-Royce Holdings (+120%). The stock was among our biggest holdings, though we trimmed our stake this period. An overweight in UniCredit (+118%) also contributed. The stock was one of the fund's largest holdings this period, but we notably reduced our holdings this period.

• Notable changes in positioning include increased exposure to Spain and a lower allocation to the United States. By sector, meaningful changes in positioning include increased exposure to consumer staples and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $9488<br>| $12344<br>| $10507<br>| $13414<br>| $15493<br>| $18525<br>| $13971<br>| $16822<br>| $17656<br>| $21236<br>|
| MSCI EAFE Index<br>| $10000 | $10121<br>| $12680<br>| $10956<br>| $13398<br>| $14473<br>| $16135<br>| $13832<br>| $16390<br>| $17056<br>| $22444<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123293_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 20.28% | 6.51% | 7.82% |
| MSCI EAFE Index | 31.59%<br>| 9.17%<br>| 8.42% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2151132633<br>|
| Number of Holdings | 88<br>|
| Total Advisory Fee | $15379392<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 28.3 |
| Financials | 26.9 |
| Information Technology | 12.4 |
| Materials | 8.1 |
| Consumer Discretionary | 7.8 |
| Health Care | 5.0 |
| Consumer Staples | 4.0 |
| Communication Services | 3.3 |
| Utilities | 2.8 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20251231_AA.jpg) <br>|

---

Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.4 <br>

---

| | |
|:---|:---|
| Japan | 16.4 |
| United Kingdom | 16.1 |
| United States | 13.8 |
| France | 11.4 |
| Germany | 9.6 |
| Spain | 7.5 |
| Italy | 5.3 |
| Netherlands | 3.7 |
| Switzerland | 2.8 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Banco Santander SA | 3.0<br>|
| Hitachi Ltd | 2.8<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 2.7<br>|
| Safran SA | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| NatWest Group PLC | 2.4<br>|
| CaixaBank SA | 2.4<br>|
| Allianz SE | 2.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.1<br>|
|  | 25.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img221_20251231_2.jpg)<br>| ![](img123293_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914190.101 495-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Overseas Portfolio<br> **VIP Overseas Portfolio Investor Class true** <br>|

---

This annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $88  | 0.80% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain in 2025, rising amid increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar, resilient economic growth in certain regions and interest-rate cuts by some foreign central banks.

• Against this backdrop, stock selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result was stock selection in industrials and consumer discretionary.

• The largest individual relative detractor was our non-benchmark stake in Constellation Software (-22%). A non-benchmark stake in Marsh & McLennan returned -11% and was the second-largest relative detractor. Our overweight stake in London Stock Exchange (-15%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan, primarily in Australia, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer discretionary, primarily within the automobiles & components industry. An underweight in consumer staples and an overweight in financials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in CaixaBank (+138%). The stock was one of our biggest holdings at period end. A second notable relative contributor was an overweight in Rolls-Royce Holdings (+120%). The stock was among our biggest holdings, though we trimmed our stake this period. An overweight in UniCredit (+118%) also contributed. The stock was one of the fund's largest holdings this period, but we notably reduced our holdings this period.

• Notable changes in positioning include increased exposure to Spain and a lower allocation to the United States. By sector, meaningful changes in positioning include increased exposure to consumer staples and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $9486<br>| $12348<br>| $10509<br>| $13423<br>| $15503<br>| $18546<br>| $13995<br>| $16851<br>| $17688<br>| $21283<br>|
| MSCI EAFE Index<br>| $10000 | $10121<br>| $12680<br>| $10956<br>| $13398<br>| $14473<br>| $16135<br>| $13832<br>| $16390<br>| $17056<br>| $22444<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123294_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 20.32% | 6.54% | 7.85% |
| MSCI EAFE Index | 31.59%<br>| 9.17%<br>| 8.42% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2151132633<br>|
| Number of Holdings | 88<br>|
| Total Advisory Fee | $15379392<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 28.3 |
| Financials | 26.9 |
| Information Technology | 12.4 |
| Materials | 8.1 |
| Consumer Discretionary | 7.8 |
| Health Care | 5.0 |
| Consumer Staples | 4.0 |
| Communication Services | 3.3 |
| Utilities | 2.8 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20251231_AA.jpg) <br>|

---

Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.4 <br>

---

| | |
|:---|:---|
| Japan | 16.4 |
| United Kingdom | 16.1 |
| United States | 13.8 |
| France | 11.4 |
| Germany | 9.6 |
| Spain | 7.5 |
| Italy | 5.3 |
| Netherlands | 3.7 |
| Switzerland | 2.8 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Banco Santander SA | 3.0<br>|
| Hitachi Ltd | 2.8<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 2.7<br>|
| Safran SA | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| NatWest Group PLC | 2.4<br>|
| CaixaBank SA | 2.4<br>|
| Allianz SE | 2.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.1<br>|
|  | 25.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img221_20251231_2.jpg)<br>| ![](img123294_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914187.101 1472-TSRA-0226 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 |
| VIP Overseas Portfolio<br> **VIP Overseas Portfolio Initial Class true** <br>|

---

This annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $80  | 0.72% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain in 2025, rising amid increasingly attractive valuations versus U.S. stocks, a weakening U.S. dollar, resilient economic growth in certain regions and interest-rate cuts by some foreign central banks.

• Against this backdrop, stock selection in Europe ex U.K. and the U.K. detracted from the fund's performance versus the MSCI EAFE Index (Net MA) for the fiscal year.

• By sector, security selection was the primary detractor, especially within financials. Also hurting our result was stock selection in industrials and consumer discretionary.

• The largest individual relative detractor was our non-benchmark stake in Constellation Software (-22%). A non-benchmark stake in Marsh & McLennan returned -11% and was the second-largest relative detractor. Our overweight stake in London Stock Exchange (-15%) also detracted. The stock was not held at period end.

• In contrast, from a regional standpoint, an underweight in Asia Pacific ex Japan, primarily in Australia, contributed to the fund's relative result.

• By sector, the biggest contributor to performance versus the benchmark was an underweight in consumer discretionary, primarily within the automobiles & components industry. An underweight in consumer staples and an overweight in financials also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in CaixaBank (+138%). The stock was one of our biggest holdings at period end. A second notable relative contributor was an overweight in Rolls-Royce Holdings (+120%). The stock was among our biggest holdings, though we trimmed our stake this period. An overweight in UniCredit (+118%) also contributed. The stock was one of the fund's largest holdings this period, but we notably reduced our holdings this period.

• Notable changes in positioning include increased exposure to Spain and a lower allocation to the United States. By sector, meaningful changes in positioning include increased exposure to consumer staples and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $9494<br>| $12369<br>| $10537<br>| $13463<br>| $15565<br>| $18631<br>| $14070<br>| $16961<br>| $17812<br>| $21443<br>|
| MSCI EAFE Index<br>| $10000 | $10121<br>| $12680<br>| $10956<br>| $13398<br>| $14473<br>| $16135<br>| $13832<br>| $16390<br>| $17056<br>| $22444<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123295_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 20.39% | 6.62% | 7.93% |
| MSCI EAFE Index | 31.59%<br>| 9.17%<br>| 8.42% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2151132633<br>|
| Number of Holdings | 88<br>|
| Total Advisory Fee | $15379392<br>|
| Portfolio Turnover | 50%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 28.3 |
| Financials | 26.9 |
| Information Technology | 12.4 |
| Materials | 8.1 |
| Consumer Discretionary | 7.8 |
| Health Care | 5.0 |
| Consumer Staples | 4.0 |
| Communication Services | 3.3 |
| Utilities | 2.8 |

---

Common Stocks 98.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20251231_AA.jpg) <br>|

---

Common Stocks - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.4 <br>

---

| | |
|:---|:---|
| Japan | 16.4 |
| United Kingdom | 16.1 |
| United States | 13.8 |
| France | 11.4 |
| Germany | 9.6 |
| Spain | 7.5 |
| Italy | 5.3 |
| Netherlands | 3.7 |
| Switzerland | 2.8 |
| Others | 13.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 13.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Banco Santander SA | 3.0<br>|
| Hitachi Ltd | 2.8<br>|
| Rolls-Royce Holdings PLC | 2.7<br>|
| Schneider Electric SE | 2.7<br>|
| Safran SA | 2.6<br>|
| ASML Holding NV | 2.5<br>|
| NatWest Group PLC | 2.4<br>|
| CaixaBank SA | 2.4<br>|
| Allianz SE | 2.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 2.1<br>|
|  | 25.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img221_20251231_2.jpg)<br>| ![](img123295_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914188.101 154-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP High Income Portfolio<br> **VIP High Income Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $93  | 0.89% |

---

**What affected the Fund's performance this period?**

• U.S. high-yield bonds achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.24% and contributed to performance versus the benchmark, the ICE BofA US High Yield/US High Yield Constrained Blend Index, for 2025.

• By industry, security selection meaningfully contributed, especially within energy and telecommunications. Our picks in technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was Mesquite Energy (formerly Sanchez Energy), a non-benchmark holding that gained 138%. It was the fund's largest holdings at year-end.

• A second notable relative contributor was an overweight in EchoStar (+80%) An overweight in Altice France (+28%) also helped. Both EchoStar and Altice France were among the fund's top holdings at year end.

• In contrast, security selection in the utility, retail and services categories each modestly detracted for the year.

• The largest individual relative detractor was an overweight in Sunnova Energy (-100%). The second-biggest relative detractor was an overweight in New Fortress Energy (-59%). Non-benchmark exposure to Ambipar Lux (-73%), established in 2025, also hurt.

• Notable changes in positioning include increased exposure to the energy and financial services industries, as well as a lower allocation to telecommunications.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11417<br>| $12206<br>| $11763<br>| $13501<br>| $13828<br>| $14421<br>| $12738<br>| $14042<br>| $15252<br>| $16824<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11749<br>| $12628<br>| $12342<br>| $14120<br>| $14978<br>| $15779<br>| $14010<br>| $15897<br>| $17201<br>| $18664<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123329_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 10.31% | 4.00% | 5.34% |
| ICE® BofA® US High Yield Constrained Index | 8.50%<br>| 4.50%<br>| 6.44% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $824934089<br>|
| Number of Holdings | 781<br>|
| Total Advisory Fee | $5017919<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.2 |
| BBB | 3.4 |
| BB | 36.6 |
| B | 31.6 |
| CCC,CC,C | 15.1 |
| D | 0.2 |
| Not Rated | 5.8 |
| Equities | 3.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.2 |
| &nbsp;&nbsp;BBB - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 31.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 77.9 |
| Bank Loan Obligations | 9.1 |
| Preferred Securities | 3.7 |
| Common Stocks | 2.9 |
| Alternative Funds | 1.3 |
| Asset-Backed Securities | 0.5 |
| Preferred Stocks | 0.4 |
| U.S. Treasury Obligations | 0.2 |
| CMOs and Other Mortgage Related Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 77.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.1 |
| France | 1.8 |
| United Kingdom | 1.5 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Brazil | 0.5 |
| Ireland | 0.5 |
| Switzerland | 0.5 |
| Luxembourg | 0.5 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mesquite Energy Inc | 2.1<br>|
| EchoStar Corp | 1.4<br>|
| Fidelity Private Credit Company LLC | 1.3<br>|
| TransDigm Inc | 1.3<br>|
| Altice France SA | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| 1261229 BC Ltd | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Carnival Corp | 1.0<br>|
| Venture Global Plaquemines LNG LLC | 0.8<br>|
|  | 12.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img45_20251231_2.jpg)<br>| ![](img123329_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914144.101 358-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP High Income Portfolio<br> **VIP High Income Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $77  | 0.74% |

---

**What affected the Fund's performance this period?**

• U.S. high-yield bonds achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.24% and contributed to performance versus the benchmark, the ICE BofA US High Yield/US High Yield Constrained Blend Index, for 2025.

• By industry, security selection meaningfully contributed, especially within energy and telecommunications. Our picks in technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was Mesquite Energy (formerly Sanchez Energy), a non-benchmark holding that gained 138%. It was the fund's largest holdings at year-end.

• A second notable relative contributor was an overweight in EchoStar (+80%) An overweight in Altice France (+28%) also helped. Both EchoStar and Altice France were among the fund's top holdings at year end.

• In contrast, security selection in the utility, retail and services categories each modestly detracted for the year.

• The largest individual relative detractor was an overweight in Sunnova Energy (-100%). The second-biggest relative detractor was an overweight in New Fortress Energy (-59%). Non-benchmark exposure to Ambipar Lux (-73%), established in 2025, also hurt.

• Notable changes in positioning include increased exposure to the energy and financial services industries, as well as a lower allocation to telecommunications.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11437<br>| $12246<br>| $11805<br>| $13566<br>| $13925<br>| $14552<br>| $12870<br>| $14222<br>| $15462<br>| $17058<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11749<br>| $12628<br>| $12342<br>| $14120<br>| $14978<br>| $15779<br>| $14010<br>| $15897<br>| $17201<br>| $18664<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123330_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 10.32% | 4.14% | 5.49% |
| ICE® BofA® US High Yield Constrained Index | 8.50%<br>| 4.50%<br>| 6.44% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $824934089<br>|
| Number of Holdings | 781<br>|
| Total Advisory Fee | $5017919<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.2 |
| BBB | 3.4 |
| BB | 36.6 |
| B | 31.6 |
| CCC,CC,C | 15.1 |
| D | 0.2 |
| Not Rated | 5.8 |
| Equities | 3.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.2 |
| &nbsp;&nbsp;BBB - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 31.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 77.9 |
| Bank Loan Obligations | 9.1 |
| Preferred Securities | 3.7 |
| Common Stocks | 2.9 |
| Alternative Funds | 1.3 |
| Asset-Backed Securities | 0.5 |
| Preferred Stocks | 0.4 |
| U.S. Treasury Obligations | 0.2 |
| CMOs and Other Mortgage Related Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 77.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.1 |
| France | 1.8 |
| United Kingdom | 1.5 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Brazil | 0.5 |
| Ireland | 0.5 |
| Switzerland | 0.5 |
| Luxembourg | 0.5 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mesquite Energy Inc | 2.1<br>|
| EchoStar Corp | 1.4<br>|
| Fidelity Private Credit Company LLC | 1.3<br>|
| TransDigm Inc | 1.3<br>|
| Altice France SA | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| 1261229 BC Ltd | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Carnival Corp | 1.0<br>|
| Venture Global Plaquemines LNG LLC | 0.8<br>|
|  | 12.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img45_20251231_2.jpg)<br>| ![](img123330_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914145.101 492-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP High Income Portfolio<br> **VIP High Income Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $71  | 0.68% |

---

**What affected the Fund's performance this period?**

• U.S. high-yield bonds achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.24% and contributed to performance versus the benchmark, the ICE BofA US High Yield/US High Yield Constrained Blend Index, for 2025.

• By industry, security selection meaningfully contributed, especially within energy and telecommunications. Our picks in technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was Mesquite Energy (formerly Sanchez Energy), a non-benchmark holding that gained 138%. It was the fund's largest holdings at year-end.

• A second notable relative contributor was an overweight in EchoStar (+80%) An overweight in Altice France (+28%) also helped. Both EchoStar and Altice France were among the fund's top holdings at year end.

• In contrast, security selection in the utility, retail and services categories each modestly detracted for the year.

• The largest individual relative detractor was an overweight in Sunnova Energy (-100%). The second-biggest relative detractor was an overweight in New Fortress Energy (-59%). Non-benchmark exposure to Ambipar Lux (-73%), established in 2025, also hurt.

• Notable changes in positioning include increased exposure to the energy and financial services industries, as well as a lower allocation to telecommunications.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11464<br>| $12261<br>| $11831<br>| $13599<br>| $13971<br>| $14618<br>| $12942<br>| $14275<br>| $15567<br>| $17193<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11749<br>| $12628<br>| $12342<br>| $14120<br>| $14978<br>| $15779<br>| $14010<br>| $15897<br>| $17201<br>| $18664<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123331_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 10.45% | 4.24% | 5.57% |
| ICE® BofA® US High Yield Constrained Index | 8.50%<br>| 4.50%<br>| 6.44% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $824934089<br>|
| Number of Holdings | 781<br>|
| Total Advisory Fee | $5017919<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.2 |
| BBB | 3.4 |
| BB | 36.6 |
| B | 31.6 |
| CCC,CC,C | 15.1 |
| D | 0.2 |
| Not Rated | 5.8 |
| Equities | 3.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.2 |
| &nbsp;&nbsp;BBB - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 31.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 77.9 |
| Bank Loan Obligations | 9.1 |
| Preferred Securities | 3.7 |
| Common Stocks | 2.9 |
| Alternative Funds | 1.3 |
| Asset-Backed Securities | 0.5 |
| Preferred Stocks | 0.4 |
| U.S. Treasury Obligations | 0.2 |
| CMOs and Other Mortgage Related Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 77.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.1 |
| France | 1.8 |
| United Kingdom | 1.5 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Brazil | 0.5 |
| Ireland | 0.5 |
| Switzerland | 0.5 |
| Luxembourg | 0.5 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mesquite Energy Inc | 2.1<br>|
| EchoStar Corp | 1.4<br>|
| Fidelity Private Credit Company LLC | 1.3<br>|
| TransDigm Inc | 1.3<br>|
| Altice France SA | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| 1261229 BC Ltd | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Carnival Corp | 1.0<br>|
| Venture Global Plaquemines LNG LLC | 0.8<br>|
|  | 12.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img45_20251231_2.jpg)<br>| ![](img123331_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914142.101 1454-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP High Income Portfolio<br> **VIP High Income Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $67  | 0.64% |

---

**What affected the Fund's performance this period?**

• U.S. high-yield bonds achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, the fund's core investment in high-yield bonds gained 9.24% and contributed to performance versus the benchmark, the ICE BofA US High Yield/US High Yield Constrained Blend Index, for 2025.

• By industry, security selection meaningfully contributed, especially within energy and telecommunications. Our picks in technology & electronics also boosted the fund's relative result.

• The top individual relative contributor was Mesquite Energy (formerly Sanchez Energy), a non-benchmark holding that gained 138%. It was the fund's largest holdings at year-end.

• A second notable relative contributor was an overweight in EchoStar (+80%) An overweight in Altice France (+28%) also helped. Both EchoStar and Altice France were among the fund's top holdings at year end.

• In contrast, security selection in the utility, retail and services categories each modestly detracted for the year.

• The largest individual relative detractor was an overweight in Sunnova Energy (-100%). The second-biggest relative detractor was an overweight in New Fortress Energy (-59%). Non-benchmark exposure to Ambipar Lux (-73%), established in 2025, also hurt.

• Notable changes in positioning include increased exposure to the energy and financial services industries, as well as a lower allocation to telecommunications.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11461<br>| $12278<br>| $11853<br>| $13643<br>| $14018<br>| $14636<br>| $12971<br>| $14330<br>| $15616<br>| $17234<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $11749<br>| $12628<br>| $12342<br>| $14120<br>| $14978<br>| $15779<br>| $14010<br>| $15897<br>| $17201<br>| $18664<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123332_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 10.36% | 4.22% | 5.59% |
| ICE® BofA® US High Yield Constrained Index | 8.50%<br>| 4.50%<br>| 6.44% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $824934089<br>|
| Number of Holdings | 781<br>|
| Total Advisory Fee | $5017919<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 0.2 |
| BBB | 3.4 |
| BB | 36.6 |
| B | 31.6 |
| CCC,CC,C | 15.1 |
| D | 0.2 |
| Not Rated | 5.8 |
| Equities | 3.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 0.2 |
| &nbsp;&nbsp;BBB - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 36.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 31.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 5.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 77.9 |
| Bank Loan Obligations | 9.1 |
| Preferred Securities | 3.7 |
| Common Stocks | 2.9 |
| Alternative Funds | 1.3 |
| Asset-Backed Securities | 0.5 |
| Preferred Stocks | 0.4 |
| U.S. Treasury Obligations | 0.2 |
| CMOs and Other Mortgage Related Securities | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 77.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.8 |

---

---

| | |
|:---|:---|
| United States | 87.9 |
| Canada | 2.1 |
| France | 1.8 |
| United Kingdom | 1.5 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Brazil | 0.5 |
| Ireland | 0.5 |
| Switzerland | 0.5 |
| Luxembourg | 0.5 |
| Others | 4.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Mesquite Energy Inc | 2.1<br>|
| EchoStar Corp | 1.4<br>|
| Fidelity Private Credit Company LLC | 1.3<br>|
| TransDigm Inc | 1.3<br>|
| Altice France SA | 1.2<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| 1261229 BC Ltd | 1.0<br>|
| NRG Energy Inc | 1.0<br>|
| Carnival Corp | 1.0<br>|
| Venture Global Plaquemines LNG LLC | 0.8<br>|
|  | 12.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img45_20251231_2.jpg)<br>| ![](img123332_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914143.101 152-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Portfolio<br> **VIP Growth Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $86  | 0.80% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also hampered the fund's result, as did security selection and an overweight in health care.

• The biggest individual relative detractor was a stake in Broadcom (+1%). This was a position we established this period. It was one of the largest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+4%), which was among the biggest holdings. An underweight in Palantir Technologies (+135%) also detracted. This was a stake we established this period.

• In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in industrials. Security selection in financials, primarily within the financial services industry, and utilities also boosted the fund's relative result.

• A non-benchmark stake in SK Hynix gained 133% and was the top individual relative contributor. This was a position we established this period. The second-largest relative contributor was an overweight in GE Vernova (+101%). Another notable relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+50%). This period we decreased our stake in Taiwan Semiconductor Manufacturing. The stock was one of our largest holdings.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $10055<br>| $13556<br>| $13497<br>| $18083<br>| $25958<br>| $31903<br>| $24041<br>| $32668<br>| $42493<br>| $48711<br>|
| Russell 3000® Growth Index<br>| $10000 | $10739<br>| $13917<br>| $13622<br>| $18505<br>| $25585<br>| $32199<br>| $22872<br>| $32298<br>| $42781<br>| $50545<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123336_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 14.63% | 13.42% | 17.16% |
| Russell 3000® Growth Index | 18.15%<br>| 14.59%<br>| 17.59% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11475283239<br>|
| Number of Holdings | 145<br>|
| Total Advisory Fee | $61117552<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.6 |
| Communication Services | 13.4 |
| Consumer Discretionary | 11.3 |
| Financials | 8.1 |
| Health Care | 8.0 |
| Industrials | 7.4 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 0.9 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 0.8 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.9 |
| Canada | 1.7 |
| Korea (South) | 1.0 |
| China | 1.0 |
| Belgium | 0.9 |
| Netherlands | 0.4 |
| Germany | 0.4 |
| Brazil | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.4<br>|
| Microsoft Corp | 10.0<br>|
| Alphabet Inc Class A | 6.4<br>|
| Apple Inc | 5.5<br>|
| Amazon.com Inc | 5.2<br>|
| Broadcom Inc | 4.7<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Mastercard Inc Class A | 3.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img212_20251231_2.jpg)<br>| ![](img123336_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914185.101 357-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Portfolio<br> **VIP Growth Portfolio Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $70  | 0.65% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also hampered the fund's result, as did security selection and an overweight in health care.

• The biggest individual relative detractor was a stake in Broadcom (+1%). This was a position we established this period. It was one of the largest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+4%), which was among the biggest holdings. An underweight in Palantir Technologies (+135%) also detracted. This was a stake we established this period.

• In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in industrials. Security selection in financials, primarily within the financial services industry, and utilities also boosted the fund's relative result.

• A non-benchmark stake in SK Hynix gained 133% and was the top individual relative contributor. This was a position we established this period. The second-largest relative contributor was an overweight in GE Vernova (+101%). Another notable relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+50%). This period we decreased our stake in Taiwan Semiconductor Manufacturing. The stock was one of our largest holdings.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $10071<br>| $13596<br>| $13559<br>| $18192<br>| $26154<br>| $32191<br>| $24297<br>| $33066<br>| $43074<br>| $49450<br>|
| Russell 3000® Growth Index<br>| $10000 | $10739<br>| $13917<br>| $13622<br>| $18505<br>| $25585<br>| $32199<br>| $22872<br>| $32298<br>| $42781<br>| $50545<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123337_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 14.80% | 13.59% | 17.33% |
| Russell 3000® Growth Index | 18.15%<br>| 14.59%<br>| 17.59% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11475283239<br>|
| Number of Holdings | 145<br>|
| Total Advisory Fee | $61117552<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.6 |
| Communication Services | 13.4 |
| Consumer Discretionary | 11.3 |
| Financials | 8.1 |
| Health Care | 8.0 |
| Industrials | 7.4 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 0.9 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 0.8 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.9 |
| Canada | 1.7 |
| Korea (South) | 1.0 |
| China | 1.0 |
| Belgium | 0.9 |
| Netherlands | 0.4 |
| Germany | 0.4 |
| Brazil | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.4<br>|
| Microsoft Corp | 10.0<br>|
| Alphabet Inc Class A | 6.4<br>|
| Apple Inc | 5.5<br>|
| Amazon.com Inc | 5.2<br>|
| Broadcom Inc | 4.7<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Mastercard Inc Class A | 3.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img212_20251231_2.jpg)<br>| ![](img123337_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914186.101 472-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Portfolio<br> **VIP Growth Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $67  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also hampered the fund's result, as did security selection and an overweight in health care.

• The biggest individual relative detractor was a stake in Broadcom (+1%). This was a position we established this period. It was one of the largest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+4%), which was among the biggest holdings. An underweight in Palantir Technologies (+135%) also detracted. This was a stake we established this period.

• In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in industrials. Security selection in financials, primarily within the financial services industry, and utilities also boosted the fund's relative result.

• A non-benchmark stake in SK Hynix gained 133% and was the top individual relative contributor. This was a position we established this period. The second-largest relative contributor was an overweight in GE Vernova (+101%). Another notable relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+50%). This period we decreased our stake in Taiwan Semiconductor Manufacturing. The stock was one of our largest holdings.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10071<br>| $13599<br>| $13566<br>| $18204<br>| $26177<br>| $32229<br>| $24332<br>| $33120<br>| $43154<br>| $49557<br>|
| Russell 3000® Growth Index<br>| $10000 | $10739<br>| $13917<br>| $13622<br>| $18505<br>| $25585<br>| $32199<br>| $22872<br>| $32298<br>| $42781<br>| $50545<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123338_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 14.84% | 13.62% | 17.36% |
| Russell 3000® Growth Index | 18.15%<br>| 14.59%<br>| 17.59% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11475283239<br>|
| Number of Holdings | 145<br>|
| Total Advisory Fee | $61117552<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.6 |
| Communication Services | 13.4 |
| Consumer Discretionary | 11.3 |
| Financials | 8.1 |
| Health Care | 8.0 |
| Industrials | 7.4 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 0.9 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 0.8 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.9 |
| Canada | 1.7 |
| Korea (South) | 1.0 |
| China | 1.0 |
| Belgium | 0.9 |
| Netherlands | 0.4 |
| Germany | 0.4 |
| Brazil | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.4<br>|
| Microsoft Corp | 10.0<br>|
| Alphabet Inc Class A | 6.4<br>|
| Apple Inc | 5.5<br>|
| Amazon.com Inc | 5.2<br>|
| Broadcom Inc | 4.7<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Mastercard Inc Class A | 3.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img212_20251231_2.jpg)<br>| ![](img123338_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914183.101 1453-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Growth Portfolio<br> **VIP Growth Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $59  | 0.55% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the benchmark Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry, also hampered the fund's result, as did security selection and an overweight in health care.

• The biggest individual relative detractor was a stake in Broadcom (+1%). This was a position we established this period. It was one of the largest holdings at period end. The second-largest relative detractor was an overweight in Amazon.com (+4%), which was among the biggest holdings. An underweight in Palantir Technologies (+135%) also detracted. This was a stake we established this period.

• In contrast, the biggest contributors to performance versus the benchmark were picks and an overweight in industrials. Security selection in financials, primarily within the financial services industry, and utilities also boosted the fund's relative result.

• A non-benchmark stake in SK Hynix gained 133% and was the top individual relative contributor. This was a position we established this period. The second-largest relative contributor was an overweight in GE Vernova (+101%). Another notable relative contributor was a non-benchmark stake in Taiwan Semiconductor Manufacturing (+50%). This period we decreased our stake in Taiwan Semiconductor Manufacturing. The stock was one of our largest holdings.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10080<br>| $13621<br>| $13599<br>| $18265<br>| $26282<br>| $32383<br>| $24463<br>| $33328<br>| $43456<br>| $49940<br>|
| Russell 3000® Growth Index<br>| $10000 | $10739<br>| $13917<br>| $13622<br>| $18505<br>| $25585<br>| $32199<br>| $22872<br>| $32298<br>| $42781<br>| $50545<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123339_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 14.92% | 13.70% | 17.45% |
| Russell 3000® Growth Index | 18.15%<br>| 14.59%<br>| 17.59% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11475283239<br>|
| Number of Holdings | 145<br>|
| Total Advisory Fee | $61117552<br>|
| Portfolio Turnover | 81%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.6 |
| Communication Services | 13.4 |
| Consumer Discretionary | 11.3 |
| Financials | 8.1 |
| Health Care | 8.0 |
| Industrials | 7.4 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 0.9 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 0.8 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.7 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Taiwan | 2.9 |
| Canada | 1.7 |
| Korea (South) | 1.0 |
| China | 1.0 |
| Belgium | 0.9 |
| Netherlands | 0.4 |
| Germany | 0.4 |
| Brazil | 0.4 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.4<br>|
| Microsoft Corp | 10.0<br>|
| Alphabet Inc Class A | 6.4<br>|
| Apple Inc | 5.5<br>|
| Amazon.com Inc | 5.2<br>|
| Broadcom Inc | 4.7<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Mastercard Inc Class A | 3.5<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.8<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img212_20251231_2.jpg)<br>| ![](img123339_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914184.101 151-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Floating Rate High Income Portfolio<br> **VIP Floating Rate High Income Portfolio Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $72  | 0.70% |

---

**What affected the Fund's performance this period?**

• Leveraged loans posted a solid, income-driven gain in 2025. The category performed well early on, but declined in March and April, along with other risk assets, on concerns about the impact of a possible trade war on the economy. Loans then rebounded when the U.S. administration relaxed its stance on tariffs, and gained in the final months of the year despite the Federal Reserve cutting its benchmark interest rate in September, October and December.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans gained 6.24% and contributed to performance versus the benchmark, the Morningstar LSTA US Performing Loans Index, for the year.

• By industry, security selection was the primary detractor, especially within oil & gas. Security selection in food products also hurt, as did security selection and an underweight in health care.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-54%). A non-benchmark stake in Del Monte Foods returned -38% and was the second-largest relative detractor. Another notable relative detractor was an overweight in Cast & Crew (-28%).

• In contrast, the primary contributor to performance versus the benchmark was security selection in chemicals & plastics. Our picks in all telecom also boosted relative performance, along with our choices and an underweight in automotive.

• Not owning First Brands, a benchmark component that returned roughly -64%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Asurion (+11%). It was the fund's biggest holding.

• Notable changes in positioning include a higher allocation to all telecom.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $10916<br>| $11330<br>| $11296<br>| $12299<br>| $12642<br>| $13284<br>| $13223<br>| $14839<br>| $16080<br>| $16921<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $11036<br>| $11512<br>| $11581<br>| $12588<br>| $13029<br>| $13735<br>| $13629<br>| $15499<br>| $16918<br>| $17934<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123415_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 5.23% | 6.00% | 5.40% |
| Morningstar® LSTA® US Performing Loans | 6.01%<br>| 6.60%<br>| 6.02% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $423570633<br>|
| Number of Holdings | 557<br>|
| Total Advisory Fee | $2854087<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| BBB | 1.6 |
| BB | 19.6 |
| B | 59.1 |
| CCC,CC,C | 8.1 |
| D | 0.0 |
| Not Rated | 6.7 |
| Equities | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 19.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 59.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.5 |
| Corporate Bonds | 3.1 |
| Common Stocks | 1.1 |
| Alternative Funds | 0.7 |
| Asset-Backed Securities | 0.4 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |

---

---

| | |
|:---|:---|
| United States | 92.1 |
| United Kingdom | 2.8 |
| Canada | 1.3 |
| France | 1.2 |
| Netherlands | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.3 |
| Denmark | 0.2 |
| Switzerland | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| Altice France SA | 1.1<br>|
| MH Sub I LLC | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.0<br>|
| Lumen Technologies Inc | 1.0<br>|
|  | 14.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2638_20251231_2.jpg)<br>| ![](img123415_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914359.101 2639-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Floating Rate High Income Portfolio<br> **VIP Floating Rate High Income Portfolio Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $68  | 0.66% |

---

**What affected the Fund's performance this period?**

• Leveraged loans posted a solid, income-driven gain in 2025. The category performed well early on, but declined in March and April, along with other risk assets, on concerns about the impact of a possible trade war on the economy. Loans then rebounded when the U.S. administration relaxed its stance on tariffs, and gained in the final months of the year despite the Federal Reserve cutting its benchmark interest rate in September, October and December.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans gained 6.24% and contributed to performance versus the benchmark, the Morningstar LSTA US Performing Loans Index, for the year.

• By industry, security selection was the primary detractor, especially within oil & gas. Security selection in food products also hurt, as did security selection and an underweight in health care.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-54%). A non-benchmark stake in Del Monte Foods returned -38% and was the second-largest relative detractor. Another notable relative detractor was an overweight in Cast & Crew (-28%).

• In contrast, the primary contributor to performance versus the benchmark was security selection in chemicals & plastics. Our picks in all telecom also boosted relative performance, along with our choices and an underweight in automotive.

• Not owning First Brands, a benchmark component that returned roughly -64%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Asurion (+11%). It was the fund's biggest holding.

• Notable changes in positioning include a higher allocation to all telecom.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $10918<br>| $11334<br>| $11315<br>| $12310<br>| $12658<br>| $13316<br>| $13248<br>| $14876<br>| $16124<br>| $16983<br>|
| Morningstar® LSTA® US Performing Loans<br>| $10000 | $11036<br>| $11512<br>| $11581<br>| $12588<br>| $13029<br>| $13735<br>| $13629<br>| $15499<br>| $16918<br>| $17934<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10391<br>| $10816<br>| $10789<br>| $11791<br>| $12684<br>| $12544<br>| $10914<br>| $11588<br>| $11824<br>| $12721<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123416_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 5.33% | 6.06% | 5.44% |
| Morningstar® LSTA® US Performing Loans | 6.01%<br>| 6.60%<br>| 6.02% |
| Bloomberg U.S. Universal Bond Index | 7.58%<br>| 0.06%<br>| 2.44% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $423570633<br>|
| Number of Holdings | 557<br>|
| Total Advisory Fee | $2854087<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| BBB | 1.6 |
| BB | 19.6 |
| B | 59.1 |
| CCC,CC,C | 8.1 |
| D | 0.0 |
| Not Rated | 6.7 |
| Equities | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 19.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 59.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.5 |
| Corporate Bonds | 3.1 |
| Common Stocks | 1.1 |
| Alternative Funds | 0.7 |
| Asset-Backed Securities | 0.4 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |

---

---

| | |
|:---|:---|
| United States | 92.1 |
| United Kingdom | 2.8 |
| Canada | 1.3 |
| France | 1.2 |
| Netherlands | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.3 |
| Denmark | 0.2 |
| Switzerland | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| Altice France SA | 1.1<br>|
| MH Sub I LLC | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.0<br>|
| Lumen Technologies Inc | 1.0<br>|
|  | 14.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2638_20251231_2.jpg)<br>| ![](img123416_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914358.101 2638-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Equity-Income Portfolio℠<br> **VIP Equity-Income Portfolio℠ Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2  | $78  | 0.71% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the year, especially within industrials, where our stock picks in capital goods helped most. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as among energy stocks, further boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+135%). An overweight in GE Aerospace (+85%), where we decreased our stake this period, also helped. Another notable relative contributor was an out-of-index position in Taiwan Semiconductor Manufacturing (+55%). The stock was one of the fund's largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services. Picks and an overweight in consumer staples also hampered the fund's result. Investment choices in information technology, primarily within the semiconductors & semiconductor equipment industry, hurt as well.

• The biggest individual relative detractor this period was avoiding Micron Technology, a benchmark component that rose 240%. A lack of exposure so RTX, a benchmark component that gained roughly 61%, was another negative, as was an overweight in UnitedHealth (-33%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class 2<br>| $10000 | $11771<br>| $13260<br>| $12128<br>| $15415<br>| $16408<br>| $20445<br>| $19373<br>| $21384<br>| $24603<br>| $29215<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123423_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class 2 | 18.75% | 12.23% | 11.32% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6791674158<br>|
| Number of Holdings | 121<br>|
| Total Advisory Fee | $29859429<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Health Care | 12.4 |
| Industrials | 11.9 |
| Information Technology | 10.7 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.8 |
| Energy | 6.3 |
| Utilities | 5.6 |
| Materials | 2.8 |
| Real Estate | 2.0 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 2.7 |
| United Kingdom | 2.6 |
| Taiwan | 1.7 |
| Korea (South) | 1.5 |
| Netherlands | 0.9 |
| Japan | 0.5 |
| Italy | 0.4 |
| Germany | 0.4 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.7<br>|
| Alphabet Inc Class A | 3.6<br>|
| Exxon Mobil Corp | 2.8<br>|
| Wells Fargo & Co | 2.3<br>|
| Bank of America Corp | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Linde PLC | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Gilead Sciences Inc | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img211_20251231_2.jpg)<br>| ![](img123423_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914181.101 356-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Equity-Income Portfolio℠<br> **VIP Equity-Income Portfolio℠ Service Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class  | $61  | 0.56% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the year, especially within industrials, where our stock picks in capital goods helped most. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as among energy stocks, further boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+135%). An overweight in GE Aerospace (+85%), where we decreased our stake this period, also helped. Another notable relative contributor was an out-of-index position in Taiwan Semiconductor Manufacturing (+55%). The stock was one of the fund's largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services. Picks and an overweight in consumer staples also hampered the fund's result. Investment choices in information technology, primarily within the semiconductors & semiconductor equipment industry, hurt as well.

• The biggest individual relative detractor this period was avoiding Micron Technology, a benchmark component that rose 240%. A lack of exposure so RTX, a benchmark component that gained roughly 61%, was another negative, as was an overweight in UnitedHealth (-33%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Service Class<br>| $10000 | $11790<br>| $13300<br>| $12183<br>| $15511<br>| $16527<br>| $20630<br>| $19580<br>| $21643<br>| $24942<br>| $29661<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123424_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Service Class | 18.92% | 12.41% | 11.49% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6791674158<br>|
| Number of Holdings | 121<br>|
| Total Advisory Fee | $29859429<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Health Care | 12.4 |
| Industrials | 11.9 |
| Information Technology | 10.7 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.8 |
| Energy | 6.3 |
| Utilities | 5.6 |
| Materials | 2.8 |
| Real Estate | 2.0 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 2.7 |
| United Kingdom | 2.6 |
| Taiwan | 1.7 |
| Korea (South) | 1.5 |
| Netherlands | 0.9 |
| Japan | 0.5 |
| Italy | 0.4 |
| Germany | 0.4 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.7<br>|
| Alphabet Inc Class A | 3.6<br>|
| Exxon Mobil Corp | 2.8<br>|
| Wells Fargo & Co | 2.3<br>|
| Bank of America Corp | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Linde PLC | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Gilead Sciences Inc | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img211_20251231_2.jpg)<br>| ![](img123424_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914182.101 471-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Equity-Income Portfolio℠<br> **VIP Equity-Income Portfolio℠ Investor Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class  | $58  | 0.53% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the year, especially within industrials, where our stock picks in capital goods helped most. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as among energy stocks, further boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+135%). An overweight in GE Aerospace (+85%), where we decreased our stake this period, also helped. Another notable relative contributor was an out-of-index position in Taiwan Semiconductor Manufacturing (+55%). The stock was one of the fund's largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services. Picks and an overweight in consumer staples also hampered the fund's result. Investment choices in information technology, primarily within the semiconductors & semiconductor equipment industry, hurt as well.

• The biggest individual relative detractor this period was avoiding Micron Technology, a benchmark component that rose 240%. A lack of exposure so RTX, a benchmark component that gained roughly 61%, was another negative, as was an overweight in UnitedHealth (-33%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investor Class<br>| $10000 | $11793<br>| $13306<br>| $12192<br>| $15526<br>| $16547<br>| $20656<br>| $19618<br>| $21691<br>| $25000<br>| $29734<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123425_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Investor Class | 18.94% | 12.44% | 11.51% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6791674158<br>|
| Number of Holdings | 121<br>|
| Total Advisory Fee | $29859429<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Health Care | 12.4 |
| Industrials | 11.9 |
| Information Technology | 10.7 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.8 |
| Energy | 6.3 |
| Utilities | 5.6 |
| Materials | 2.8 |
| Real Estate | 2.0 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 2.7 |
| United Kingdom | 2.6 |
| Taiwan | 1.7 |
| Korea (South) | 1.5 |
| Netherlands | 0.9 |
| Japan | 0.5 |
| Italy | 0.4 |
| Germany | 0.4 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.7<br>|
| Alphabet Inc Class A | 3.6<br>|
| Exxon Mobil Corp | 2.8<br>|
| Wells Fargo & Co | 2.3<br>|
| Bank of America Corp | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Linde PLC | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Gilead Sciences Inc | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img211_20251231_2.jpg)<br>| ![](img123425_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914179.101 1452-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Equity-Income Portfolio℠<br> **VIP Equity-Income Portfolio℠ Initial Class true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class  | $50  | 0.46% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain in 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Value Index for the year, especially within industrials, where our stock picks in capital goods helped most. Investment choices in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, as well as among energy stocks, further boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Samsung Electronics (+135%). An overweight in GE Aerospace (+85%), where we decreased our stake this period, also helped. Another notable relative contributor was an out-of-index position in Taiwan Semiconductor Manufacturing (+55%). The stock was one of the fund's largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in communication services. Picks and an overweight in consumer staples also hampered the fund's result. Investment choices in information technology, primarily within the semiconductors & semiconductor equipment industry, hurt as well.

• The biggest individual relative detractor this period was avoiding Micron Technology, a benchmark component that rose 240%. A lack of exposure so RTX, a benchmark component that gained roughly 61%, was another negative, as was an overweight in UnitedHealth (-33%).

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to materials stocks.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

December 31, 2015 through December 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Initial Class<br>| $10000 | $11802<br>| $13323<br>| $12219<br>| $15572<br>| $16614<br>| $20750<br>| $19721<br>| $21821<br>| $25170<br>| $29957<br>|
| Russell 3000® Value Index<br>| $10000 | $11840<br>| $13402<br>| $12253<br>| $15470<br>| $15914<br>| $19952<br>| $18360<br>| $20499<br>| $23365<br>| $27036<br>|
| Russell 3000® Index<br>| $10000 | $11274<br>| $13656<br>| $12940<br>| $16954<br>| $20495<br>| $25754<br>| $20808<br>| $26209<br>| $32448<br>| $38012<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img123426_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Initial Class | 19.02% | 12.51% | 11.60% |
| Russell 3000® Value Index | 15.71%<br>| 11.18%<br>| 10.46% |
| Russell 3000® Index | 17.15%<br>| 13.15%<br>| 14.29% |

---

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6791674158<br>|
| Number of Holdings | 121<br>|
| Total Advisory Fee | $29859429<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.9 |
| Health Care | 12.4 |
| Industrials | 11.9 |
| Information Technology | 10.7 |
| Consumer Staples | 8.8 |
| Communication Services | 8.1 |
| Consumer Discretionary | 7.8 |
| Energy | 6.3 |
| Utilities | 5.6 |
| Materials | 2.8 |
| Real Estate | 2.0 |

---

Common Stocks 97.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20251231_AA.jpg) <br>|

---

Common Stocks - 97.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.7 <br>

---

| | |
|:---|:---|
| United States | 89.0 |
| Canada | 2.7 |
| United Kingdom | 2.6 |
| Taiwan | 1.7 |
| Korea (South) | 1.5 |
| Netherlands | 0.9 |
| Japan | 0.5 |
| Italy | 0.4 |
| Germany | 0.4 |
| France | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| JPMorgan Chase & Co | 3.7<br>|
| Alphabet Inc Class A | 3.6<br>|
| Exxon Mobil Corp | 2.8<br>|
| Wells Fargo & Co | 2.3<br>|
| Bank of America Corp | 2.1<br>|
| Walmart Inc | 2.0<br>|
| Linde PLC | 1.9<br>|
| Johnson & Johnson | 1.9<br>|
| Gilead Sciences Inc | 1.7<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img211_20251231_2.jpg)<br>| ![](img123426_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914180.101 150-TSRA-0226 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF DECEMBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| VIP Floating Rate High Income Portfolio<br> **VIP Floating Rate High Income Portfolio Service Class 2 true** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period April 30, 2025 to December 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $62  | 0.90% |

---

AExpenses for the full reporting period would be higher.

**What affected the Fund's performance this period?**

• Leveraged loans posted a solid, income-driven gain in 2025. The category performed well early on, but declined in March and April, along with other risk assets, on concerns about the impact of a possible trade war on the economy. Loans then rebounded when the U.S. administration relaxed its stance on tariffs, and gained in the final months of the year despite the Federal Reserve cutting its benchmark interest rate in September, October and December.

• Against this backdrop, the fund's core investment in floating-rate leveraged loans gained 6.24% and contributed to performance versus the benchmark, the Morningstar LSTA US Performing Loans Index, for the year.

• By industry, security selection was the primary detractor, especially within oil & gas. Security selection in food products also hurt, as did security selection and an underweight in health care.

• The biggest individual relative detractor was an overweight in New Fortress Energy (-54%). A non-benchmark stake in Del Monte Foods returned -38% and was the second-largest relative detractor. Another notable relative detractor was an overweight in Cast & Crew (-28%).

• In contrast, the primary contributor to performance versus the benchmark was security selection in chemicals & plastics. Our picks in all telecom also boosted relative performance, along with our choices and an underweight in automotive.

• Not owning First Brands, a benchmark component that returned roughly -64%, was the top individual relative contributor. A second notable relative contributor was an overweight in Altice France (+29%). The company was among the fund's largest holdings. Another notable relative contributor was an overweight in Asurion (+11%). It was the fund's biggest holding.

• Notable changes in positioning include a higher allocation to all telecom.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

April 30, 2025 through December 31, 2025.

Initial investment of $10,000.

---

| | |
|:---|:---|
| Service Class 2<br>| $10000 |
| Morningstar® LSTA® US Performing Loans<br>| $10000 |
| Bloomberg U.S. Universal Bond Index<br>| $10000 |
|  | 2025 |

---

![](img123557_1.jpg)

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of December 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $423570633<br>|
| Number of Holdings | 557<br>|
| Total Advisory Fee | $2854087<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of December 31, 2025)

---

| | |
|:---|:---|
| BBB | 1.6 |
| BB | 19.6 |
| B | 59.1 |
| CCC,CC,C | 8.1 |
| D | 0.0 |
| Not Rated | 6.7 |
| Equities | 1.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 19.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 59.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 90.5 |
| Corporate Bonds | 3.1 |
| Common Stocks | 1.1 |
| Alternative Funds | 0.7 |
| Asset-Backed Securities | 0.4 |
| Preferred Securities | 0.4 |
| Preferred Stocks | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20251231_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 90.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.7 |

---

---

| | |
|:---|:---|
| United States | 92.1 |
| United Kingdom | 2.8 |
| Canada | 1.3 |
| France | 1.2 |
| Netherlands | 0.6 |
| Grand Cayman (UK Overseas Ter) | 0.5 |
| Luxembourg | 0.3 |
| Denmark | 0.2 |
| Switzerland | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20251231_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.5&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Denmark - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| Altice France SA | 1.1<br>|
| MH Sub I LLC | 1.1<br>|
| X Corp | 1.1<br>|
| Polaris Newco LLC | 1.0<br>|
| Lumen Technologies Inc | 1.0<br>|
|  | 14.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since April 30, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to funddocuments@fmr.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2638_20251231_2.jpg)<br>| ![](img123557_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9919244.100 9075-TSRA-0226 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2025, Variable Insurance Products Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to VIP Value Portfolio (the "Fund"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Value Portfolio | &nbsp;&nbsp;$43500  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$12500  | &nbsp;&nbsp;$500  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Value Portfolio | &nbsp;&nbsp;$41400  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$12700  | &nbsp;&nbsp;$1000  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to VIP Equity-Income Portfolio, VIP Floating Rate High Income Portfolio, VIP Growth Portfolio, VIP High Income Portfolio, VIP Overseas Portfolio and VIP Stock Selector Portfolio (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Equity-Income Portfolio | &nbsp;&nbsp;$64900  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$11200  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP Floating Rate High Income Portfolio | &nbsp;&nbsp;$63100  | &nbsp;&nbsp;$2600  | &nbsp;&nbsp;$3800  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;VIP Growth Portfolio | &nbsp;&nbsp;$57200  | &nbsp;&nbsp;$2500  | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;VIP High Income Portfolio | &nbsp;&nbsp;$74400  | &nbsp;&nbsp;$3200  | &nbsp;&nbsp;$9800  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;VIP Overseas Portfolio | &nbsp;&nbsp;$60000  | &nbsp;&nbsp;$2700  | &nbsp;&nbsp;$12200  | &nbsp;&nbsp;$900  |
| &nbsp;&nbsp;VIP Stock Selector Portfolio | &nbsp;&nbsp;$38400  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$600  |

---

**<u>December 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;VIP Equity-Income Portfolio | &nbsp;&nbsp;$62400  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$10900  | &nbsp;&nbsp;$2000  |
| &nbsp;&nbsp;VIP Floating Rate High Income Portfolio | &nbsp;&nbsp;$62100  | &nbsp;&nbsp;$5400  | &nbsp;&nbsp;$10600  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;VIP Growth Portfolio | &nbsp;&nbsp;$55200  | &nbsp;&nbsp;$4900  | &nbsp;&nbsp;$8300  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;VIP High Income Portfolio | &nbsp;&nbsp;$72400  | &nbsp;&nbsp;$6500  | &nbsp;&nbsp;$9500  | &nbsp;&nbsp;$2200  |
| &nbsp;&nbsp;VIP Overseas Portfolio | &nbsp;&nbsp;$57600  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$11800  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;VIP Stock Selector Portfolio | &nbsp;&nbsp;$36700  | &nbsp;&nbsp;$3500  | &nbsp;&nbsp;$8500  | &nbsp;&nbsp;$1200  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u> <sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>December 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>December 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2445200  | &nbsp;&nbsp;$3362700  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13825100  | &nbsp;&nbsp;$15393100  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Variable Insurance Products:**

**VIP Value Portfolio**

**Annual Report**

**December 31, 2025**

![](img123116_1.jpg)

![](img123116_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPVAL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Value Portfolio](#Sub_Sec_Fund_151_VIPVAL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements151_VIPVAL-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPVAL-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPVAL-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPVAL-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPVAL-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPVAL-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPVAL-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Value Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 3.9%  |  |  |
| Consumer Discretionary - 1.1% |  |  |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Gildan Activewear Inc (a) | 108744 | 6796946 |
| Energy - 2.1% |  |  |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Canadian Natural Resources Ltd  | 142178 | 4815748 |
| Imperial Oil Ltd (a) | 81932 | 7078428 |
| TOTAL ENERGY |  | 11894176 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Methanex Corp (United States)  | 109625 | 4354305 |
| TOTAL CANADA |  | 23045427 |
| HONG KONG - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| Prudential PLC  | 316600 | 4870282 |
| PORTUGAL - 0.6%  |  |  |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Galp Energia SGPS SA  | 199000 | 3421442 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 49737 | 6193251 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (c)(d) | 65500 | 2109209 |
| UNITED STATES - 92.4%  |  |  |
| Communication Services - 6.0% |  |  |
| Interactive Media & Services - 5.3% |  |  |
| Alphabet Inc Class A  | 72800 | 22786401 |
| Meta Platforms Inc Class A  | 8459 | 5583701 |
| ZoomInfo Technologies Inc (b) | 300300 | 3054051 |
|  |  | 31424153 |
| Media - 0.7% |  |  |
| Nexstar Media Group Inc  | 22324 | 4532888 |
| TOTAL COMMUNICATION SERVICES |  | 35957041 |
| Consumer Discretionary - 9.4% |  |  |
| Diversified Consumer Services - 0.6% |  |  |
| Driven Brands Holdings Inc (a)(b) | 231400 | 3429348 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Hilton Grand Vacations Inc (b) | 98048 | 4387648 |
| Household Durables - 2.6% |  |  |
| PulteGroup Inc  | 35229 | 4130952 |
| Somnigroup International Inc  | 66864 | 5969618 |
| TopBuild Corp (b) | 12815 | 5346290 |
|  |  | 15446860 |
| Leisure Products - 1.6% |  |  |
| BRP Inc Subordinate Voting Shares  | 53500 | 3782868 |
| Hasbro Inc  | 68638 | 5628316 |
|  |  | 9411184 |
| Specialty Retail - 3.9% |  |  |
| Bath & Body Works Inc  | 198368 | 3983229 |
| Lithia Motors Inc Class A  | 18082 | 6009191 |
| Murphy USA Inc  | 15509 | 6258192 |
| Signet Jewelers Ltd (a) | 46800 | 3878784 |
| Upbound Group Inc  | 178234 | 3129789 |
|  |  | 23259185 |
| TOTAL CONSUMER DISCRETIONARY |  | 55934225 |
| Consumer Staples - 4.7% |  |  |
| Beverages - 1.4% |  |  |
| Keurig Dr Pepper Inc  | 179835 | 5037178 |
| Primo Brands Corp Class A  | 203900 | 3333765 |
|  |  | 8370943 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Dollar Tree Inc (b) | 48577 | 5975457 |
| Food Products - 2.3% |  |  |
| Bunge Global SA  | 57126 | 5088784 |
| Darling Ingredients Inc (b) | 147408 | 5306688 |
| Ingredion Inc  | 30900 | 3407034 |
|  |  | 13802506 |
| TOTAL CONSUMER STAPLES |  | 28148906 |
| Energy - 4.8% |  |  |
| Oil, Gas & Consumable Fuels - 4.8% |  |  |
| Core Natural Resources Inc  | 61024 | 5401234 |
| Exxon Mobil Corp  | 127636 | 15359716 |
| Phillips 66  | 24100 | 3109864 |
| Targa Resources Corp  | 26105 | 4816373 |
| TOTAL ENERGY |  | 28687187 |
| Financials - 19.2% |  |  |
| Banks - 6.5% |  |  |
| East West Bancorp Inc  | 93786 | 10540609 |
| First Citizens BancShares Inc/NC Class A  | 4249 | 9119119 |
| Wells Fargo & Co  | 197546 | 18411287 |
|  |  | 38071015 |
| Capital Markets - 3.1% |  |  |
| Ameriprise Financial Inc  | 11466 | 5622239 |
| Blue Owl Capital Inc Class A (a) | 282411 | 4219220 |
| LPL Financial Holdings Inc  | 11348 | 4053165 |
| Raymond James Financial Inc  | 30553 | 4906506 |
|  |  | 18801130 |
| Consumer Finance - 2.0% |  |  |
| OneMain Holdings Inc  | 107329 | 7250074 |
| SLM Corp  | 183000 | 4951979 |
|  |  | 12202053 |
| Financial Services - 4.3% |  |  |
| Apollo Global Management Inc  | 58701 | 8497557 |
| Global Payments Inc  | 48973 | 3790510 |
| NCR Atleos Corp (b) | 111925 | 4265462 |
| PennyMac Financial Services Inc  | 35287 | 4652238 |
| WEX Inc (b) | 27811 | 4143283 |
|  |  | 25349050 |
| Insurance - 3.3% |  |  |
| First American Financial Corp  | 22578 | 1387192 |
| Reinsurance Group of America Inc  | 38735 | 7881023 |
| Travelers Companies Inc/The  | 36619 | 10621708 |
|  |  | 19889923 |
| TOTAL FINANCIALS |  | 114313171 |
| Health Care - 13.6% |  |  |
| Biotechnology - 1.4% |  |  |
| Gilead Sciences Inc  | 66549 | 8168224 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Baxter International Inc  | 159300 | 3044223 |
| Becton Dickinson & Co  | 25692 | 4986046 |
| Lantheus Holdings Inc (b) | 60200 | 4006310 |
| QuidelOrtho Corp (a)(b) | 173825 | 4964442 |
|  |  | 17001021 |
| Health Care Providers & Services - 4.9% |  |  |
| Acadia Healthcare Co Inc (a)(b) | 188522 | 2675127 |
| Cigna Group/The  | 14967 | 4119367 |
| CVS Health Corp  | 150277 | 11925984 |
| Humana Inc  | 16246 | 4161088 |
| Molina Healthcare Inc (b) | 36173 | 6277462 |
|  |  | 29159028 |
| Life Sciences Tools & Services - 1.1% |  |  |
| ICON PLC (b) | 37826 | 6892654 |
| Pharmaceuticals - 3.4% |  |  |
| GSK PLC ADR  | 247880 | 12156036 |
| Roche Holding AG non-voting shares  | 19532 | 8066135 |
|  |  | 20222171 |
| TOTAL HEALTH CARE |  | 81443098 |
| Industrials - 13.0% |  |  |
| Air Freight & Logistics - 1.9% |  |  |
| FedEx Corp  | 19448 | 5617749 |
| GXO Logistics Inc (b) | 106137 | 5587052 |
|  |  | 11204801 |
| Building Products - 0.5% |  |  |
| UFP Industries Inc  | 30000 | 2731499 |
| Commercial Services & Supplies - 0.8% |  |  |
| Brink's Co/The  | 42727 | 4987523 |
| Electrical Equipment - 0.8% |  |  |
| Regal Rexnord Corp  | 34157 | 4792910 |
| Ground Transportation - 2.4% |  |  |
| Ryder System Inc  | 17700 | 3387603 |
| Saia Inc (b) | 12741 | 4160192 |
| U-Haul Holding Co Class N  | 74426 | 3478671 |
| XPO Inc (b) | 24919 | 3386741 |
|  |  | 14413207 |
| Machinery - 3.5% |  |  |
| Allison Transmission Holdings Inc  | 58251 | 5702773 |
| CNH Industrial NV Class A  | 219000 | 2019180 |
| Gates Industrial Corp PLC (b) | 171300 | 3677811 |
| Oshkosh Corp  | 43059 | 5409502 |
| Terex Corp  | 77323 | 4127502 |
|  |  | 20936768 |
| Professional Services - 2.4% |  |  |
| Amentum Holdings Inc (b) | 161560 | 4685240 |
| Concentrix Corp (a) | 58028 | 2412804 |
| First Advantage Corp (a)(b) | 191500 | 2782495 |
| KBR Inc  | 111500 | 4482300 |
|  |  | 14362839 |
| Trading Companies & Distributors - 0.7% |  |  |
| Herc Holdings Inc  | 29162 | 4327058 |
| TOTAL INDUSTRIALS |  | 77756605 |
| Information Technology - 7.3% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Arrow Electronics Inc (b) | 60712 | 6689248 |
| Avnet Inc  | 124747 | 5997836 |
|  |  | 12687084 |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| First Solar Inc (b) | 32815 | 8572262 |
| ON Semiconductor Corp (b) | 140100 | 7586415 |
|  |  | 16158677 |
| Technology Hardware, Storage & Peripherals - 2.4% |  |  |
| Western Digital Corp  | 84003 | 14471197 |
| TOTAL INFORMATION TECHNOLOGY |  | 43316958 |
| Materials - 3.5% |  |  |
| Chemicals - 1.4% |  |  |
| Corteva Inc  | 80200 | 5375806 |
| Mosaic Co/The  | 112500 | 2710125 |
|  |  | 8085931 |
| Containers & Packaging - 0.9% |  |  |
| Smurfit WestRock PLC  | 141769 | 5482207 |
| Metals & Mining - 1.2% |  |  |
| Constellium SE (b) | 211900 | 3994315 |
| Reliance Inc  | 12000 | 3466440 |
|  |  | 7460755 |
| TOTAL MATERIALS |  | 21028893 |
| Real Estate - 5.7% |  |  |
| Health Care REITs - 2.6% |  |  |
| Ventas Inc  | 99054 | 7664799 |
| Welltower Inc  | 41167 | 7641007 |
|  |  | 15305806 |
| Industrial REITs - 1.7% |  |  |
| EastGroup Properties Inc  | 26545 | 4728726 |
| Prologis Inc  | 41776 | 5333124 |
|  |  | 10061850 |
| Residential REITs - 0.8% |  |  |
| Sun Communities Inc  | 36402 | 4510572 |
| Specialized REITs - 0.6% |  |  |
| Equinix Inc  | 5400 | 4137264 |
| TOTAL REAL ESTATE |  | 34015492 |
| Utilities - 5.2% |  |  |
| Electric Utilities - 3.3% |  |  |
| Constellation Energy Corp  | 18341 | 6479325 |
| Evergy Inc  | 54200 | 3928958 |
| Eversource Energy  | 67125 | 4519526 |
| PG&E Corp  | 300614 | 4830867 |
|  |  | 19758676 |
| Independent Power and Renewable Electricity Producers - 0.9% |  |  |
| AES Corp/The  | 359528 | 5155632 |
| Multi-Utilities - 1.0% |  |  |
| Sempra  | 67741 | 5980853 |
| TOTAL UTILITIES |  | 30895161 |
| TOTAL UNITED STATES |  | 551496737 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $462,826,185) |  | <br> **591136348** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.79 | 5262255 | 5263308 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.77 | 24219262 | 24221684 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $29,485,502) |  |  | **29484992** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.0%**<br> (Cost $492,311,687)<br>| <br>**620621340** |
| **NET OTHER ASSETS (LIABILITIES) - (4.0)%**  | **(23707841)** |
| **NET ASSETS - 100.0%** | **596913499** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,109,209 or 0.4% of net assets.

(d) 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 $2,109,209 or 0.4% of net assets.

(e) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5521796 | 113702332 | 113960630 | 161736 | 320 | (510) | 5263308 | 5262255 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9677157 | 329849168 | 315304305 | 25442 | (336) | - | 24221684 | 24219262 | 0.1% |
| Total | 15198953 | 443551500 | 429264935 | 187178 | (16) | (510) | 29484992 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 38066250 | 35957041 | 2109209 | - |
| Consumer Discretionary | 62731171 | 62731171 | - | - |
| Consumer Staples | 28148906 | 28148906 | - | - |
| Energy | 44002805 | 44002805 | - | - |
| Financials | 125376704 | 120506422 | 4870282 | - |
| Health Care | 81443098 | 73376963 | 8066135 | - |
| Industrials | 77756605 | 77756605 | - | - |
| Information Technology | 43316958 | 43316958 | - | - |
| Materials | 25383198 | 25383198 | - | - |
| Real Estate | 34015492 | 34015492 | - | - |
| Utilities | 30895161 | 30895161 | - | - |
|  **Money Market Funds** | 29484992 | 29484992 | - | - |
| **Total Investments in Securities:** | 620621340 | 605575714 | 15045626 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $23,093,241) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $462,826,186) | $591136348 |  |
| Fidelity Central Funds (cost $29,485,502) | 29484992 |  |
| Total Investment in Securities (cost $492,311,688) |  | $620621340 |
| Foreign currency held at value (cost $12) |  | 12 |
| Receivable for fund shares sold |  | 743902 |
| Dividends receivable |  | 808591 |
| Distributions receivable from Fidelity Central Funds |  | 18565 |
| Prepaid expenses |  | 461 |
| **Total assets** |  | 622192871 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $667378 |  |
| Accrued management fee | 311344 |  |
| Distribution and service plan fees payable | 21338 |  |
| Other payables and accrued expenses | 57447 |  |
| Collateral on securities loaned | 24221865 |  |
| **Total liabilities** |  | 25279372 |
| **Net Assets**  |  | $596913499 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $462230961 |
| Total accumulated earnings (loss) |  | 134682538 |
| **Net Assets** |  | $596913499 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($164,866,613 ÷ 8,550,372 shares) |  | $19.28 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($256,159 ÷ 13,272 shares) |  | $19.30 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($103,164,903 ÷ 5,510,672 shares) |  | $18.72 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($328,625,824 ÷ 17,096,352 shares) |  | $19.22 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $11041403 |
| Income from Fidelity Central Funds (including $25,442 from security lending)  |  | 187178 |
| **Total income** |  | 11228581 |
| **Expenses** |  |  |
| Management fee | $3537720 |  |
| Distribution and service plan fees | 226252 |  |
| Custodian fees and expenses | 19699 |  |
| Independent trustees' fees and expenses | 2230 |  |
| Audit fees | 65087 |  |
| Legal | 2019 |  |
| Miscellaneous | 2295 |  |
| **Total expenses** |  | 3855302 |
| **Net Investment income (loss)** |  | 7373279 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 30905210 |  |
| Fidelity Central Funds | (16) |  |
| Foreign currency transactions | (11674) |  |
| Total net realized gain (loss) |  | 30893520 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 22671727 |  |
| Fidelity Central Funds  | (510) |  |
| Assets and liabilities in foreign currencies | 21715 |  |
| Total change in net unrealized appreciation (depreciation) |  | 22692932 |
| **Net gain (loss)** |  | 53586452 |
| **Net increase (decrease) in net assets resulting from operations** |  | $60959731 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7373279 | $6790959 |
| &nbsp;&nbsp;Net realized gain (loss) | 30893520<br>| 66552991<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 22692932 | (12549157)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 60959731<br>| 60794793<br>|
| Distributions to shareholders | (53185365)<br>| (62470728)<br>|
| Share transactions - net increase (decrease) | 19323596<br>| 54645571<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 27097962<br>| 52969636<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 569815537 | 516845901<br>|
| &nbsp;&nbsp;End of period | $596913499 | $569815537 |

---

**Financial Highlights** 

**VIP Value Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.00 | $19.11 | $16.73 | $18.28 | $15.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .26  | .22  | .23  | .31  |
| Net realized and unrealized gain (loss)  | 1.82  | 1.95  | 3.06  | (.96)  | 4.41  |
| Total from investment operations  | 2.08  | 2.21  | 3.28  | (.73)  | 4.72  |
| Distributions from net investment income  | (.27)  | (.27)  | (.24)  | (.23)  | (.32)  |
| Distributions from net realized gain  | (1.53)  | (2.05)  | (.67)  | (.59)  | (2.07)  |
| Total distributions  | (1.80)  | (2.32)  | (.90) C | (.82)  | (2.40) C |
| Net asset value, end of period  | $19.28 | $19.00 | $19.11 | $16.73 | $18.28 |
| **Total Return** D,E | 11.23% <br>| 11.37%  | 19.79%  | (4.11)%  | 30.07%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .61%  | .65%  | .64%  | .64%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .64%  | .64%  | .64%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .64%  | .64%  | .64%  |
| Net investment income (loss)  | 1.39%  | 1.31%  | 1.24%  | 1.32%  | 1.62%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $164867 | $149730 | $129716 | $121880 | $159917 |
| Portfolio turnover rate H | 52% <br>| 51%  | 51%  | 48%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.01 | $19.12 | $16.74 | $18.28 | $15.96 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .24  | .20  | .21  | .29  |
| Net realized and unrealized gain (loss)  | 1.83  | 1.94  | 3.07  | (.95)  | 4.40  |
| Total from investment operations  | 2.07  | 2.18  | 3.27  | (.74)  | 4.69  |
| Distributions from net investment income  | (.25)  | (.24)  | (.22)  | (.21)  | (.30)  |
| Distributions from net realized gain  | (1.53)  | (2.05)  | (.67)  | (.59)  | (2.07)  |
| Total distributions  | (1.78)  | (2.29)  | (.89)  | (.80)  | (2.37)  |
| Net asset value, end of period  | $19.30 | $19.01 | $19.12 | $16.74 | $18.28 |
| **Total Return** C,D | 11.14% <br>| 11.23%  | 19.67%  | (4.17)%  | 29.92%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .70%  | .70%  | .75%  | .74%  | .74%  |
| Expenses net of fee waivers, if any  | .70% <br>| .69%  | .74%  | .74%  | .74%  |
| Expenses net of all reductions, if any  | .70%  | .69%  | .74%  | .74%  | .74%  |
| Net investment income (loss)  | 1.29%  | 1.21%  | 1.14%  | 1.22%  | 1.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $256 | $255 | $281 | $240 | $337 |
| Portfolio turnover rate G | 52% <br>| 51%  | 51%  | 48%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.51 | $18.69 | $16.39 | $17.93 | $15.70 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .21  | .17  | .18  | .26  |
| Net realized and unrealized gain (loss)  | 1.77  | 1.89  | 2.99  | (.93)  | 4.33  |
| Total from investment operations  | 1.98  | 2.10  | 3.16  | (.75)  | 4.59  |
| Distributions from net investment income  | (.24)  | (.24)  | (.20)  | (.20)  | (.28)  |
| Distributions from net realized gain  | (1.53)  | (2.05)  | (.67)  | (.59)  | (2.07)  |
| Total distributions  | (1.77)  | (2.28) C | (.86) C | (.79)  | (2.36) C |
| Net asset value, end of period  | $18.72 | $18.51 | $18.69 | $16.39 | $17.93 |
| **Total Return** D,E | 10.95% <br>| 11.08%  | 19.47%  | (4.29)%  | 29.72%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .85%  | .86%  | .90%  | .89%  | .89%  |
| Expenses net of fee waivers, if any  | .85% <br>| .86%  | .89%  | .89%  | .89%  |
| Expenses net of all reductions, if any  | .85%  | .86%  | .89%  | .89%  | .89%  |
| Net investment income (loss)  | 1.14%  | 1.05%  | .99%  | 1.07%  | 1.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $103165 | $87336 | $65168 | $43667 | $26890 |
| Portfolio turnover rate H | 52% <br>| 51%  | 51%  | 48%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.94 | $19.06 | $16.69 | $18.23 | $15.92 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .25  | .21  | .22  | .29  |
| Net realized and unrealized gain (loss)  | 1.82  | 1.93  | 3.05  | (.95)  | 4.40  |
| Total from investment operations  | 2.06  | 2.18  | 3.26  | (.73)  | 4.69  |
| Distributions from net investment income  | (.25)  | (.25)  | (.22)  | (.22)  | (.31)  |
| Distributions from net realized gain  | (1.53)  | (2.05)  | (.67)  | (.59)  | (2.07)  |
| Total distributions  | (1.78)  | (2.30)  | (.89)  | (.81)  | (2.38)  |
| Net asset value, end of period  | $19.22 | $18.94 | $19.06 | $16.69 | $18.23 |
| **Total Return** C,D | 11.16% <br>| 11.25%  | 19.68%  | (4.13)%  | 29.98%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .68%  | .68%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .68% <br>| .68%  | .72%  | .72%  | .72%  |
| Expenses net of all reductions, if any  | .68%  | .68%  | .72%  | .72%  | .72%  |
| Net investment income (loss)  | 1.31%  | 1.23%  | 1.16%  | 1.24%  | 1.55%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $328626 | $332495 | $321682 | $317484 | $290021 |
| Portfolio turnover rate G | 52% <br>| 51%  | 51%  | 48%  | 68%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Value Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, losses deferred due to wash sales, and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $163385961 |
| **Gross unrealized depreciation**  | <u>(35428475)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$127957486</u> |
| **Tax Cost**  | <u>$492663854</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$6713257</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$127979196</u> |

---

The Fund intends to elect to defer to its next fiscal year $11,705 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $16868938 | $17023465 |
| **Long-term Capital Gains**  | <u>36316427</u> | <u>45447263</u> |
| **Total**  | <u>$53185365</u> | <u>$62470728</u> |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Value Portfolio** | 295069655 | 317972097 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**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 Company LLC (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** | $255 |
| **Service Class 2** | <u>225997</u> |
|  | <u>$226252</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Portfolio** | 7194 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Value Portfolio** | 52091459 | 55224363 | 3179809 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Portfolio** | 772 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Value Portfolio** | 2705 | - | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Portfolio** | 34052 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Value Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $14520162 | $16096705 |
| Service Class | 23227 | 29741 |
| Service Class 2 | 8840420 | 9458302 |
| Investor Class | <u>29801556</u> | <u>36885980</u> |
| Total  | <u>$53185365</u> | <u>$62470728</u> |

---

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Value Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 2211205 | 2372372 | $41393296 | $47055188 |
| Reinvestment of distributions  | 756797 | 820914 | 14516444 | 16096705 |
| Shares redeemed | <u>(2297921)</u> | <u>(2099435)</u> | <u>(43699201)</u> | <u>(42936822)</u> |
| Net increase (decrease) | <u>670081</u> | <u>1093851</u> | <u>$12210539</u> | <u>$20215071</u> |
| **Service Class** |  |  |  |  |
| Shares sold | - | - | $- | $7 |
| Reinvestment of distributions  | 785 | 982 | 15063 | 19226 |
| Shares redeemed | <u>(921)</u> | <u>(2249)</u> | <u>(17911)</u> | <u>(43703)</u> |
| Net increase (decrease) | <u>(136)</u> | <u>(1267)</u> | <u>$(2848)</u> | <u>$(24470)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1227299 | 1301642 | $22267823 | $25551678 |
| Reinvestment of distributions  | 474386 | 494318 | 8840420 | 9458302 |
| Shares redeemed | <u>(909745)</u> | <u>(564177)</u> | <u>(16470591)</u> | <u>(10860198)</u> |
| Net increase (decrease) | <u>791940</u> | <u>1231783</u> | <u>$14637652</u> | <u>$24149782</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 863176 | 2031471 | $16251440 | $39873563 |
| Reinvestment of distributions  | 1560423 | 1887999 | 29801556 | 36885980 |
| Shares redeemed | <u>(2880433)</u> | <u>(3243841)</u> | <u>(53574743)</u> | <u>(66454355)</u> |
| Net increase (decrease) | <u>(456834)</u> | <u>675629</u> | <u>$(7521747)</u> | <u>$10305188</u> |

---

**10. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| VIP Value Portfolio | 55% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Value Portfolio | 26% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and the Shareholders of VIP Value Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Value Portfolio (the "Fund"), a fund of Variable Insurance Products Fund, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 10, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $28,147,633, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $111,254 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Initial Class designates 0% and 74%; Service Class designates 0% and 80%; Service Class 2 designates 0% and 83%; and Investor Class designates 0% and 79% of the dividends distributed in February and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123116_4.jpg)<br>

1.768949.124 VIPVAL-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Overseas Portfolio**

**Annual Report**

**December 31, 2025**

![](img123122_1.jpg)

![](img123122_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPOVRS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Overseas Portfolio](#Sub_Sec_Fund_221_VIPOVRS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements221_VIPOVRS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPOVRS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPOVRS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPOVRS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPOVRS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPOVRS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPOVRS-ANN)** |

---

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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Overseas Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** | &nbsp;&nbsp;**Common Stocks - 98.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| KBC Group NV  | 218271 | 28536969 |
| CANADA - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Constellation Software Inc/Canada  | 3095 | 7444416 |
| Constellation Software Inc/Canada warrants 3/31/2040 (a)(c) | 13095 | 0 |
| TOTAL CANADA |  | 7444416 |
| CHINA - 1.5%  |  |  |
| Communication Services - 1.5% |  |  |
| Interactive Media & Services - 1.5% |  |  |
| Tencent Holdings Ltd  | 412800 | 31679733 |
| DENMARK - 2.5%  |  |  |
| Industrials - 2.0% |  |  |
| Air Freight & Logistics - 2.0% |  |  |
| DSV A/S  | 168800 | 42892859 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Novonesis Novozymes B Series B  | 179200 | 11498078 |
| TOTAL DENMARK |  | 54390937 |
| FRANCE - 11.4%  |  |  |
| Consumer Discretionary - 2.9% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Accor SA  | 265700 | 15056726 |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| Hermes International SCA  | 9854 | 24573653 |
| LVMH Moet Hennessy Louis Vuitton SE  | 29400 | 22159831 |
|  |  | 46733484 |
| TOTAL CONSUMER DISCRETIONARY |  | 61790210 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Danone SA  | 280900 | 25336925 |
| Industrials - 5.1% |  |  |
| Aerospace & Defense - 4.2% |  |  |
| Safran SA  | 160300 | 55835228 |
| Thales SA  | 124500 | 33585843 |
|  |  | 89421071 |
| Electrical Equipment - 0.9% |  |  |
| Legrand SA  | 141100 | 20976317 |
| TOTAL INDUSTRIALS |  | 110397388 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Alten SA  | 81381 | 6929042 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Air Liquide SA  | 213212 | 40074041 |
| TOTAL FRANCE |  | 244527606 |
| GERMANY - 9.6%  |  |  |
| Financials - 5.4% |  |  |
| Capital Markets - 1.6% |  |  |
| Deutsche Boerse AG  | 127839 | 33598824 |
| Insurance - 3.8% |  |  |
| Allianz SE  | 99686 | 46092543 |
| Hannover Rueck SE  | 116825 | 36547328 |
|  |  | 82639871 |
| TOTAL FINANCIALS |  | 116238695 |
| Health Care - 0.7% |  |  |
| Health Care Providers & Services - 0.7% |  |  |
| Fresenius SE & Co KGaA  | 277300 | 15961747 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| MTU Aero Engines AG  | 23800 | 9937656 |
| Information Technology - 1.8% |  |  |
| Software - 1.8% |  |  |
| SAP SE  | 158200 | 38437622 |
| Materials - 1.2% |  |  |
| Construction Materials - 1.2% |  |  |
| Heidelberg Materials AG  | 100000 | 25925704 |
| TOTAL GERMANY |  | 206501424 |
| INDIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| HDFC Bank Ltd  | 1738482 | 19175885 |
| INDONESIA - 0.6%  |  |  |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank Central Asia Tbk PT  | 25781900 | 12449994 |
| IRELAND - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 255800 | 22290688 |
| ITALY - 5.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 352600 | 9282012 |
| Financials - 3.9% |  |  |
| Banks - 3.9% |  |  |
| FinecoBank Banca Fineco SpA  | 805999 | 21028062 |
| Intesa Sanpaolo SpA  | 4090600 | 28266479 |
| UniCredit SpA  | 405419 | 33579519 |
| TOTAL FINANCIALS |  | 82874060 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GVS SpA (a)(d)(e) | 109736 | 501016 |
| Pharmaceuticals - 0.8% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 303219 | 17296888 |
| TOTAL HEALTH CARE |  | 17797904 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 90300 | 4964320 |
| TOTAL ITALY |  | 114918296 |
| JAPAN - 16.4%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 1.7% |  |  |
| Capcom Co Ltd  | 518888 | 12053271 |
| Nintendo Co Ltd  | 362400 | 24467280 |
| TOTAL COMMUNICATION SERVICES |  | 36520551 |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Food & Life Cos Ltd  | 109600 | 5536674 |
| Household Durables - 0.3% |  |  |
| Panasonic Holdings Corp  | 449704 | 5829981 |
| TOTAL CONSUMER DISCRETIONARY |  | 11366655 |
| Consumer Staples - 1.3% |  |  |
| Food Products - 1.3% |  |  |
| Ajinomoto Co Inc  | 1363100 | 28864930 |
| Financials - 1.8% |  |  |
| Insurance - 1.8% |  |  |
| Tokio Marine Holdings Inc  | 1050300 | 38825502 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Hoya Corp  | 288211 | 43579402 |
| Industrials - 6.1% |  |  |
| Industrial Conglomerates - 2.8% |  |  |
| Hitachi Ltd  | 1883300 | 58937287 |
| Machinery - 2.4% |  |  |
| Ebara Corp  | 503400 | 11839413 |
| Kawasaki Heavy Industries Ltd  | 59400 | 3936235 |
| Mitsubishi Heavy Industries Ltd  | 1439000 | 35129501 |
|  |  | 50905149 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 350000 | 14523749 |
| Trading Companies & Distributors - 0.2% |  |  |
| Sumitomo Corp  | 111000 | 3841988 |
| TOTAL INDUSTRIALS |  | 128208173 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TDK Corp  | 24500 | 346620 |
| IT Services - 1.2% |  |  |
| NEC Corp  | 577700 | 19583676 |
| TIS Inc  | 207974 | 6979822 |
|  |  | 26563498 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 151100 | 19106281 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 864100 | 18334830 |
| TOTAL INFORMATION TECHNOLOGY |  | 64351229 |
| TOTAL JAPAN |  | 351716442 |
| NETHERLANDS - 3.7%  |  |  |
| Information Technology - 3.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| ASM International NV  | 40993 | 24935366 |
| ASML Holding NV  | 50253 | 54148622 |
| TOTAL NETHERLANDS |  | 79083988 |
| SINGAPORE - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.7% |  |  |
| Sea Ltd Class A ADR (a) | 122000 | 15563540 |
| SPAIN - 7.5%  |  |  |
| Financials - 5.4% |  |  |
| Banks - 5.4% |  |  |
| Banco Santander SA  | 5502247 | 64764146 |
| CaixaBank SA  | 4164700 | 50918145 |
| TOTAL FINANCIALS |  | 115682291 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 2.1% |  |  |
| Iberdrola SA  | 2104800 | 45576067 |
| TOTAL SPAIN |  | 161258358 |
| SWEDEN - 2.5%  |  |  |
| Health Care - 0.4% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| AddLife AB B Shares  | 541224 | 9353037 |
| Industrials - 2.1% |  |  |
| Building Products - 1.1% |  |  |
| Assa Abloy AB B Shares  | 578300 | 22340224 |
| Machinery - 1.0% |  |  |
| Indutrade AB  | 844065 | 22040213 |
| TOTAL INDUSTRIALS |  | 44380437 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (a)(b)(c) | 27308 | 455712 |
| TOTAL SWEDEN |  | 54189186 |
| SWITZERLAND - 2.8%  |  |  |
| Financials - 2.4% |  |  |
| Capital Markets - 0.7% |  |  |
| Partners Group Holding AG  | 12450 | 15441080 |
| Insurance - 1.7% |  |  |
| Zurich Insurance Group AG  | 47920 | 36261193 |
| TOTAL FINANCIALS |  | 51702273 |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Galderma Group AG  | 40460 | 8238986 |
| TOTAL SWITZERLAND |  | 59941259 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 935600 | 46092042 |
| UNITED KINGDOM - 16.1%  |  |  |
| Consumer Discretionary - 3.3% |  |  |
| Hotels, Restaurants & Leisure - 3.3% |  |  |
| Compass Group PLC  | 1234739 | 39122769 |
| InterContinental Hotels Group PLC  | 229500 | 32251364 |
| TOTAL CONSUMER DISCRETIONARY |  | 71374133 |
| Consumer Staples - 1.5% |  |  |
| Tobacco - 1.5% |  |  |
| British American Tobacco PLC  | 586700 | 33326093 |
| Financials - 3.5% |  |  |
| Banks - 2.4% |  |  |
| NatWest Group PLC  | 5892400 | 51689796 |
| Capital Markets - 1.1% |  |  |
| 3i Group PLC  | 531600 | 23310042 |
| TOTAL FINANCIALS |  | 74999838 |
| Industrials - 5.9% |  |  |
| Aerospace & Defense - 3.7% |  |  |
| BAE Systems PLC  | 924500 | 21277420 |
| Rolls-Royce Holdings PLC  | 3763900 | 58211396 |
|  |  | 79488816 |
| Professional Services - 1.3% |  |  |
| Intertek Group PLC  | 188300 | 11741666 |
| RELX PLC  | 409735 | 16506920 |
|  |  | 28248586 |
| Trading Companies & Distributors - 0.9% |  |  |
| Diploma PLC  | 261158 | 18639878 |
| TOTAL INDUSTRIALS |  | 126377280 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Halma PLC  | 541400 | 25819621 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| SSE PLC  | 481000 | 14101917 |
| TOTAL UNITED KINGDOM |  | 345998882 |
| UNITED STATES - 12.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Spotify Technology SA (a) | 7000 | 4064970 |
| Financials - 1.7% |  |  |
| Financial Services - 0.5% |  |  |
| Visa Inc Class A  | 31100 | 10907081 |
| Insurance - 1.2% |  |  |
| Marsh & McLennan Cos Inc  | 135376 | 25114956 |
| TOTAL FINANCIALS |  | 36022037 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.7% |  |  |
| Alcon AG  | 179250 | 14320086 |
| Industrials - 5.4% |  |  |
| Building Products - 0.4% |  |  |
| Trane Technologies PLC  | 22948 | 8931361 |
| Commercial Services & Supplies - 1.5% |  |  |
| Waste Connections Inc  | 186000 | 32620976 |
| Electrical Equipment - 2.7% |  |  |
| Schneider Electric SE  | 203400 | 55645209 |
| Professional Services - 0.8% |  |  |
| Experian PLC  | 396936 | 17896487 |
| TOTAL INDUSTRIALS |  | 115094033 |
| Materials - 4.5% |  |  |
| Chemicals - 1.4% |  |  |
| Linde PLC  | 70868 | 30217406 |
| Construction Materials - 3.1% |  |  |
| CRH PLC  | 267900 | 33433920 |
| Holcim AG  | 335150 | 32626959 |
|  |  | 66060879 |
| TOTAL MATERIALS |  | 96278285 |
| TOTAL UNITED STATES |  | 265779411 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,438,592,971) |  | <br> **2121539056** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $21,387,045)<br>| 3.79 | 21382211 | **21386488** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $1,459,980,016)<br>| <br>**2142925544** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **8207089** |
| **NET ASSETS - 100.0%** | **2151132633** |

---

**Legend**

(a) Non-income producing.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $455,712 or 0.0% of net assets.

(c) Level 3 security.

(d) 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 $501,016 or 0.0% of net assets.

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $501,016 or 0.0% of net assets.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Kry International Ab | 5/14/2021 - 10/30/2024 | 1805777 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | - | 511208047 | 489822557 | 1024970 | 1555 | (557) | 21386488 | 21382211 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 91804201 | 91802803 | 44454 | (1398) | - | - | - | 0.0% |
| Total | - | 603012248 | 581625360 | 1069424 | 157 | (557) | 21386488 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 72265254 | 4064970 | 68200284 | - |
| Consumer Discretionary | 169376550 | 70012605 | 99363945 | - |
| Consumer Staples | 87527948 | 62191023 | 25336925 | - |
| Financials | 576507544 | 156751361 | 419756183 | - |
| Health Care | 109251162 | 101012176 | 8238986 | - |
| Industrials | 604542834 | 263296301 | 341246533 | - |
| Information Technology | 268613672 | 91691943 | 176466017 | 455712 |
| Materials | 173776108 | 75149404 | 98626704 | - |
| Utilities | 59677984 | - | 59677984 | - |
|  **Money Market Funds** | 21386488 | 21386488 | - | - |
| **Total Investments in Securities:** | 2142925544 | 845556271 | 1296913561 | 455712 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,438,592,971) | $2121539056 |  |
| Fidelity Central Funds (cost $21,387,045) | 21386488 |  |
| Total Investment in Securities (cost $1,459,980,016) |  | $2142925544 |
| Cash |  | 21571 |
| Foreign currency held at value (cost $900,837) |  | 899789 |
| Receivable for investments sold |  | 290837 |
| Receivable for fund shares sold |  | 3859029 |
| Dividends receivable |  | 1070622 |
| Reclaims receivable |  | 8191827 |
| Distributions receivable from Fidelity Central Funds |  | 75796 |
| Prepaid expenses |  | 1808 |
| Other receivables |  | 84502 |
| **Total assets** |  | 2157421325 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1355213 |  |
| Payable for fund shares redeemed | 1514942 |  |
| Accrued management fee | 1281001 |  |
| Distribution and service plan fees payable | 91042 |  |
| Deferred taxes | 1953203 |  |
| Other payables and accrued expenses | 93291 |  |
| **Total liabilities** |  | 6288692 |
| **Net Assets**  |  | $2151132633 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1459298593 |
| Total accumulated earnings (loss) |  | 691834040 |
| **Net Assets** |  | $2151132633 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,112,809,212 ÷ 40,430,154 shares) |  | $27.52 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($188,343,263 ÷ 6,894,067 shares) |  | $27.32 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($365,619,937 ÷ 13,480,158 shares) |  | $27.12 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($484,360,221 ÷ 17,685,239 shares) |  | $27.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $40721295 |
| Income from Fidelity Central Funds (including $44,454 from security lending)  |  | 1069424 |
| Income before foreign taxes withheld |  | $41790719 |
| Less foreign taxes withheld |  | (4431863) |
| **Total income** |  | 37358856 |
| **Expenses** |  |  |
| Management fee | $15379392 |  |
| Distribution and service plan fees | 1077362 |  |
| Custodian fees and expenses | 107210 |  |
| Independent trustees' fees and expenses | 8252 |  |
| Audit fees | 137211 |  |
| Legal | 3799 |  |
| Interest | 14665 |  |
| Miscellaneous | 7546 |  |
| **Total expenses** |  | 16735437 |
| **Net Investment income (loss)** |  | 20623419 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,703)  | 205950844 |  |
| Fidelity Central Funds | 157 |  |
| Foreign currency transactions | (122589) |  |
| Total net realized gain (loss) |  | 205828412 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,671,764)  | 153962844 |  |
| Fidelity Central Funds  | (557) |  |
| Assets and liabilities in foreign currencies | 985977 |  |
| Total change in net unrealized appreciation (depreciation) |  | 154948264 |
| **Net gain (loss)** |  | 360776676 |
| **Net increase (decrease) in net assets resulting from operations** |  | $381400095 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $20623419 | $19723229 |
| &nbsp;&nbsp;Net realized gain (loss) | 205828412<br>| 103187487<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 154948264 | (33929165)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 381400095<br>| 88981551<br>|
| Distributions to shareholders | (220241746)<br>| (119458785)<br>|
| Share transactions - net increase (decrease) | 116446420<br>| 74761412<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 277604769<br>| 44284178<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1873527864 | 1829243686<br>|
| &nbsp;&nbsp;End of period | $2151132633 | $1873527864 |

---

**Financial Highlights** 

**VIP Overseas Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.47 | $25.83 | $21.70 | $29.28 | $26.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .30  | .26  | .25  | .15  |
| Net realized and unrealized gain (loss)  | 4.83  | 1.07  | 4.19  | (7.37)  | 4.91  |
| Total from investment operations  | 5.13  | 1.37  | 4.45  | (7.12)  | 5.06  |
| Distributions from net investment income  | (.47)  | (.46)  | (.26)  | (.25)  | (.14) C |
| Distributions from net realized gain  | (2.61)  | (1.27)  | (.07)  | (.21)  | (2.16) C |
| Total distributions  | (3.08)  | (1.73)  | (.32) D | (.46)  | (2.30)  |
| Net asset value, end of period  | $27.52 | $25.47 | $25.83 | $21.70 | $29.28 |
| **Total Return** E,F | 20.39% <br>| 5.01%  | 20.55%  | (24.48)%  | 19.70%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .72%  | .74%  | .77%  | .77%  | .77%  |
| Expenses net of fee waivers, if any  | .72% <br>| .74%  | .76%  | .77%  | .77%  |
| Expenses net of all reductions, if any  | .72%  | .74%  | .76%  | .77%  | .77%  |
| Net investment income (loss)  | 1.04%  | 1.09%  | 1.09%  | 1.10%  | .51%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1112809 | $989941 | $944202 | $798673 | $1034416 |
| Portfolio turnover rate I | 50% <br>| 40%  | 31%  | 33%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Overseas Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.31 | $25.68 | $21.58 | $29.13 | $26.40 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .27  | .27  | .24  | .23  | .12  |
| Net realized and unrealized gain (loss)  | 4.80  | 1.08  | 4.16  | (7.35)  | 4.88  |
| Total from investment operations  | 5.07  | 1.35  | 4.40  | (7.12)  | 5.00  |
| Distributions from net investment income  | (.45)  | (.45)  | (.23)  | (.23)  | (.11) C |
| Distributions from net realized gain  | (2.61)  | (1.27)  | (.07)  | (.21)  | (2.16) C |
| Total distributions  | (3.06)  | (1.72)  | (.30)  | (.43) D | (2.27)  |
| Net asset value, end of period  | $27.32 | $25.31 | $25.68 | $21.58 | $29.13 |
| **Total Return** E,F | 20.28% <br>| 4.95%  | 20.41%  | (24.58)%  | 19.57%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .82%  | .84%  | .87%  | .87%  | .87%  |
| Expenses net of fee waivers, if any  | .82% <br>| .84%  | .86%  | .87%  | .87%  |
| Expenses net of all reductions, if any  | .82%  | .84%  | .86%  | .87%  | .87%  |
| Net investment income (loss)  | .94%  | .99%  | .99%  | 1.00%  | .41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $188343 | $162251 | $141807 | $125827 | $168369 |
| Portfolio turnover rate I | 50% <br>| 40%  | 31%  | 33%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Overseas Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.15 | $25.51 | $21.44 | $28.94 | $26.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .23  | .20  | .19  | .07  |
| Net realized and unrealized gain (loss)  | 4.76  | 1.07  | 4.13  | (7.29)  | 4.86  |
| Total from investment operations  | 4.98  | 1.30  | 4.33  | (7.10)  | 4.93  |
| Distributions from net investment income  | (.40)  | (.39)  | (.19)  | (.19)  | (.08) C |
| Distributions from net realized gain  | (2.61)  | (1.27)  | (.07)  | (.21)  | (2.16) C |
| Total distributions  | (3.01)  | (1.66)  | (.26)  | (.40)  | (2.24)  |
| Net asset value, end of period  | $27.12 | $25.15 | $25.51 | $21.44 | $28.94 |
| **Total Return** D,E | 20.05% <br>| 4.81%  | 20.22%  | (24.68)%  | 19.39%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .97%  | .99%  | 1.02%  | 1.02%  | 1.02%  |
| Expenses net of fee waivers, if any  | .97% <br>| .98%  | 1.01%  | 1.02%  | 1.02%  |
| Expenses net of all reductions, if any  | .97%  | .98%  | 1.01%  | 1.02%  | 1.02%  |
| Net investment income (loss)  | .79%  | .84%  | .84%  | .85%  | .26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $365620 | $321413 | $327991 | $306315 | $398271 |
| Portfolio turnover rate H | 50% <br>| 40%  | 31%  | 33%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Overseas Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.36 | $25.71 | $21.61 | $29.16 | $26.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .28  | .24  | .23  | .12  |
| Net realized and unrealized gain (loss)  | 4.81  | 1.07  | 4.16  | (7.34)  | 4.90  |
| Total from investment operations  | 5.09  | 1.35  | 4.40  | (7.11)  | 5.02  |
| Distributions from net investment income  | (.45)  | (.43)  | (.24)  | (.23)  | (.12) C |
| Distributions from net realized gain  | (2.61)  | (1.27)  | (.07)  | (.21)  | (2.16) C |
| Total distributions  | (3.06)  | (1.70)  | (.30) D | (.44)  | (2.28)  |
| Net asset value, end of period  | $27.39 | $25.36 | $25.71 | $21.61 | $29.16 |
| **Total Return** E,F | 20.32% <br>| 4.97%  | 20.41%  | (24.54)%  | 19.63%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .80%  | .81%  | .84%  | .84%  | .85%  |
| Expenses net of fee waivers, if any  | .80% <br>| .81%  | .84%  | .84%  | .84%  |
| Expenses net of all reductions, if any  | .80%  | .81%  | .84%  | .84%  | .84%  |
| Net investment income (loss)  | .97%  | 1.01%  | 1.02%  | 1.02%  | .43%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $484360 | $399923 | $415244 | $372398 | $511358 |
| Portfolio turnover rate I | 50% <br>| 40%  | 31%  | 33%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Overseas Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $694847076 |
| **Gross unrealized depreciation**  | <u>(23839908)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$671007168</u> |
| **Tax Cost**  | <u>$1471918376</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$32499192</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$671618767</u> |

---

The Fund intends to elect to defer to its next fiscal year $10,330,717 of ordinary losses recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $32481447 | $32315789 |
| **Long-term Capital Gains**  | <u>187760299</u> | <u>87142996</u> |
| **Total**  | <u>$220241746</u> | <u>$119458785</u> |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Overseas Portfolio** | 1036558020 | 1139070723 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .72 |
| **Service Class** | .72 |
| **Service Class 2** | .72 |
| **Investor Class** | .80 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .71 |
| **Service Class** | .71 |
| **Service Class 2** | .71 |
| **Investor Class** | .78 |

---

**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 Company LLC (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** | $179819 |
| **Service Class 2** | <u>897543</u> |
|  | <u>$1077362</u> |

---

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Overseas Portfolio** | $9235 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Overseas Portfolio** | 157 |

---

**Interfund Lending Program.** 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 LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Overseas Portfolio** | Borrower | 8356071 | 4.44% | 14435 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Overseas Portfolio** | 23862690 | 32340325 | 6026630 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Overseas Portfolio** | 2827 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Overseas Portfolio** | 4716 | - | - |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **VIP Overseas Portfolio** | 572000 | 4.83% | 230 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Overseas Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $114730971 | $63286352 |
| Service Class | 19155396 | 10448546 |
| Service Class 2 | 37245278 | 20119858 |
| Investor Class | <u>49110101</u> | <u>25604029</u> |
| Total  | <u>$220241746</u> | <u>$119458785</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Overseas Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 7884528 | 7177165 | $222103562 | $198958466 |
| Reinvestment of distributions  | 4212534 | 2369341 | 114730971 | 63286352 |
| Shares redeemed | <u>(10528189)</u> | <u>(7246670)</u> | <u>(300910567)</u> | <u>(199722639)</u> |
| Net increase (decrease) | <u>1568873</u> | <u>2299836</u> | <u>$35923966</u> | <u>$62522179</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 631526 | 1799520 | $18030815 | $51339474 |
| Reinvestment of distributions  | 708458 | 393632 | 19155396 | 10448546 |
| Shares redeemed | <u>(856191)</u> | <u>(1304083)</u> | <u>(23969202)</u> | <u>(35949449)</u> |
| Net increase (decrease) | <u>483793</u> | <u>889069</u> | <u>$13217009</u> | <u>$25838571</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1634035 | 967939 | $45650173 | $26360079 |
| Reinvestment of distributions  | 1387277 | 763040 | 37245278 | 20119858 |
| Shares redeemed | <u>(2323435)</u> | <u>(1805849)</u> | <u>(65366138)</u> | <u>(48736646)</u> |
| Net increase (decrease) | <u>697877</u> | <u>(74870)</u> | <u>$17529313</u> | <u>$(2256709)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 3710975 | 1565499 | $104399261 | $44429166 |
| Reinvestment of distributions  | 1811592 | 963006 | 49110101 | 25604029 |
| Shares redeemed | <u>(3605566)</u> | <u>(2909061)</u> | <u>(103733230)</u> | <u>(81375824)</u> |
| Net increase (decrease) | <u>1917001</u> | <u>(380556)</u> | <u>$49776132</u> | <u>$(11342629)</u> |

---

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| VIP Overseas Portfolio | 18 | 1 | 15 |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Overseas Portfolio | 40 |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP Overseas Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Overseas Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 11, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $201,300,525, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $707,774 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class, Service Class, Service Class 2 and Investor Class designate 3% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income**  | **Taxes** |
| **Insert Fund Name** |  |  |  |
| Initial Class | 12/10/2025 | $0.4721 | $0.0497 |
| Service Class | 12/10/2025 | $0.4520 | $0.0497 |
| Service Class 2 | 12/10/2025 | $0.4068 | $0.0497 |
| Investor Class | 12/10/2025 | $0.4529 | $0.0497 |

---

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123122_4.jpg)<br>

1.540205.128 VIPOVRS-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP High Income Portfolio**

**Annual Report**

**December 31, 2025**

![](img123131_1.jpg)

![](img123131_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP High Income Portfolio](#Sub_Sec_Fund_45_VIPHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements45_VIPHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPHI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPHI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPHI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPHI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPHI-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP High Income Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.3%** | &nbsp;&nbsp;**Alternative Funds - 1.3%** | &nbsp;&nbsp;**Alternative Funds - 1.3%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (n)(o)<br>(Cost $11,166,214)<br>| 1146536 | **10646045** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (d)(f)(g) | 250000 | 250833 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 9.608% 10/25/2037 (d)(f)(g) | 175000 | 175662 |
| TOTAL BAILIWICK OF JERSEY |  | 426495 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1074% 10/22/2037 (d)(f)(g) | 100000 | 99324 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (d)(f)(g) | 125000 | 125096 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.1545% 7/15/2039 (d)(f)(g) | 250000 | 252565 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 10.6344% 10/20/2037 (d)(f)(g) | 100000 | 100410 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.12% 7/21/2038 (d)(f)(g) | 250000 | 256598 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (d)(f)(g) | 100000 | 100031 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.4545% 10/15/2036 (d)(f)(g) | 308000 | 309856 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (d)(f)(g) | 200000 | 201407 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 9.9045% 7/15/2037 (d)(f)(g) | 100000 | 101291 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 7/20/2036 (d)(f)(g) | 100000 | 100675 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.1344% 10/20/2037 (d)(f)(g) | 125000 | 125933 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.389% 2/20/2038 (d)(f)(g) | 245000 | 245378 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.4844% 10/20/2037 (d)(f)(g) | 121000 | 122020 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (d)(f)(g) | 100000 | 98931 |
| Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (d)(f)(g) | 1000000 | 1011720 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.6045% 1/15/2033 (d)(f)(g) | 250000 | 248329 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (d)(f)(g) | 125000 | 127673 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 3627237 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,024,000) |  | <br> **4053732** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 9.1%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.1%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.1836% 5/23/2030 (e)(f)(g) | 557204 | 559989 |
| FRANCE - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Altice France SA Tranche B13 1LN, term loan CME Term SOFR 1 month Index + 5.375%, 9.3603% 5/14/2029 (e)(f)(g) | 1405433 | 1390507 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (e)(f)(g) | 1988161 | 1985258 |
| TOTAL FRANCE |  | 3375765 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Altice Financing SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9045% 10/31/2027 (e)(f)(g) | 468795 | 345403 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9219% 10/1/2032 (e)(f)(g) | 1015000 | 1006119 |
| TOTAL LUXEMBOURG |  | 1351522 |
| NETHERLANDS - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9336% 8/30/2028 (e)(f)(g) | 2560721 | 1168329 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (e)(f)(g) | 2060756 | 1678651 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3224% 2/7/2028 (e)(f)(g) | 1186876 | 1190342 |
| UNITED STATES - 8.0%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Level 3 Financing Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1142% 3/29/2032 (e)(f)(g) | 280000 | 280630 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.1806% 4/16/2029 (e)(f)(g) | 793899 | 788937 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.1806% 4/15/2030 (e)(f)(g) | 714509 | 709643 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 10/6/2032 (e)(f)(g) | 1235000 | 1238088 |
|  |  | 3017298 |
| Media - 0.2% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2719% 6/18/2029 (e)(f)(g) | 1296447 | 1206370 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.9161% 12/31/2030 (e)(f)(g) | 1182023 | 1069139 |
|  |  | 2275509 |
| TOTAL COMMUNICATION SERVICES |  | 5292807 |
| Consumer Discretionary - 1.9% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 1/28/2032 (e)(f)(g) | 279300 | 280347 |
| Broadline Retail - 0.1% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/23/2032 (e)(f)(g) | 791610 | 795568 |
| Diversified Consumer Services - 0.5% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0217% 3/4/2028 (e)(f)(g) | 3955927 | 3041119 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (e)(f) | 1076910 | 1082294 |
|  |  | 4123413 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/29/2029 (e)(f)(g) | 471327 | 471087 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9336% 6/1/2028 (e)(f)(g) | 2273046 | 2057107 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (e)(f)(g) | 2263596 | 2174003 |
|  |  | 4702197 |
| Household Durables - 0.3% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0661% 6/29/2028 (e)(f)(g) | 874313 | 812814 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (e)(f)(g) | 2040000 | 2041020 |
|  |  | 2853834 |
| Specialty Retail - 0.3% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5839% 6/6/2031 (e)(f)(g) | 2730770 | 2556957 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7339% 6/6/2031 (e)(f)(g) | 114712 | 114483 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (e)(f)(g) | 85000 | 85407 |
|  |  | 2756847 |
| TOTAL CONSUMER DISCRETIONARY |  | 15512206 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6719% 9/20/2030 (e)(f)(g) | 1216950 | 1186526 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 12/30/2027 (e)(f)(g) | 536510 | 536955 |
| Mesquite Energy Inc 1LN, term loan 0% (c)(e)(f)(h) | 658000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (c)(e)(f)(g)(h) | 1525908 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g) | 4526218 | 1846698 |
| TOTAL ENERGY |  | 2383653 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.0% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.6506% 2/3/2032 (e)(f)(g) | 159200 | 159300 |
| Financial Services - 0.7% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (e)(f)(g) | 785000 | 762431 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 7/31/2031 (e)(f)(g) | 1133571 | 1116693 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 7/31/2031 (e)(f)(g) | 758100 | 751626 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4661% 2/16/2032 (e)(f)(g) | 1030000 | 1017774 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.389% 2/20/2032 (e)(f)(g) | 1621850 | 1628694 |
|  |  | 5277218 |
| Insurance - 0.0% |  |  |
| Alliant Hldgs Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/19/2031 (e)(f)(g) | 103759 | 103965 |
| TOTAL FINANCIALS |  | 5540483 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 1/15/2031 (e)(f)(g) | 1174100 | 1184667 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 8/23/2032 (e)(f)(g) | 1047375 | 1046066 |
|  |  | 2230733 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC Tranche Initial Exchange Term Loans 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.6719% 6/28/2029 (c)(e)(f)(g) | 450884 | 360707 |
| Pharmaceuticals - 0.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9661% 10/8/2030 (e)(f)(g) | 4254248 | 4146318 |
| TOTAL HEALTH CARE |  | 6737758 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 8/20/2032 (e)(f)(g) | 857850 | 861754 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.3538% 8/1/2030 (e)(f)(g) | 386147 | 351042 |
|  |  | 1212796 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 9/13/2032 (e)(f)(g) | 110000 | 110756 |
| TOTAL INDUSTRIALS |  | 1323552 |
| Information Technology - 2.0% |  |  |
| Communications Equipment - 0.2% |  |  |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.857% 12/17/2029 (e)(f)(g) | 2420000 | 2421137 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 7/12/2032 (e)(f)(g) | 35000 | 35000 |
| IT Services - 1.0% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (e)(f)(g) | 1256579 | 1194869 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (e)(f) | 1020731 | 839551 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (e) | 1550000 | 1543351 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (e)(f)(g) | 4373988 | 4292763 |
|  |  | 7870534 |
| Software - 0.8% |  |  |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 12/11/2028 (e)(f)(g) | 1296155 | 1299163 |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/20/2032 (e)(f)(g)(i) | 825000 | 822055 |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 10.9732% 9/13/2029 (c)(e)(f)(g) | 567375 | 567374 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.852% 6/2/2028 (e)(f)(g) | 1268196 | 1221121 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6719% 8/31/2028 (e)(f)(g) | 962551 | 966622 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (e)(f)(g) | 649484 | 649744 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (e) | 846723 | 887823 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 10.8454% 6/28/2030 (e)(f)(g) | 169150 | 166704 |
|  |  | 6580606 |
| TOTAL INFORMATION TECHNOLOGY |  | 16907277 |
| Materials - 1.3% |  |  |
| Chemicals - 1.1% |  |  |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 10/15/2032 (e)(f)(g) | 1015000 | 1001044 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (e)(f)(g) | 1256248 | 1205106 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.6969% 7/3/2028 (e)(f)(g) | 1232604 | 1075866 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7339% 3/15/2029 (e)(f)(g) | 1207974 | 1161818 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.0661% 4/2/2029 (e)(f)(g) | 1103840 | 772688 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (e)(f)(g) | 2088916 | 2070116 |
| Olympus Water US Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9219% 11/3/2032 (e)(f)(g) | 95000 | 94347 |
| Scih Salt Hldgs Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5218% 1/31/2029 (e)(f)(g) | 29850 | 29893 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1914% 9/30/2031 (e)(f)(g) | 1639859 | 1262183 |
| Tronox Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 0% 4/4/2029 (e)(f)(g)(f)(i) | 425000 | 345665 |
|  |  | 9018726 |
| Containers & Packaging - 0.2% |  |  |
| BradyPlus Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 12/13/2032 (e)(f)(g)(i) | 1165000 | 1151405 |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8911% 4/13/2029 (e)(f)(g) | 210718 | 210754 |
|  |  | 1362159 |
| TOTAL MATERIALS |  | 10380885 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2161% 3/29/2030 (e)(f)(g) | 755376 | 759153 |
| TOTAL UNITED STATES |  | 66024300 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $79,270,757) |  | <br> **75348898** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Hilton USA Trust Series 2016-HHV Class F, 4.3333% 11/5/2038 (d)(f) | 475000 | 465676 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.0655% 7/15/2038 (d)(f)(g) | 1111000 | 1107937 |
| TOTAL UNITED STATES |  | 1573613 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $1,496,357) |  | <br> **1573613** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 2.9%** | &nbsp;&nbsp;**Common Stocks - 2.9%** | &nbsp;&nbsp;**Common Stocks - 2.9%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (c) | 74146 | 1117960 |
| Altice France Holding SA rights (b)(c)(d) | 1308 | 14403 |
| TOTAL FRANCE |  | 1132363 |
| TANZANIA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Helios Towers PLC (b) | 372600 | 826697 |
| UNITED STATES - 2.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Warner Bros Discovery Inc (b) | 43000 | 1239260 |
| Media - 0.0% |  |  |
| EW Scripps Co/The Class A (b) | 41800 | 166782 |
| TOTAL COMMUNICATION SERVICES |  | 1406042 |
| Energy - 2.2% |  |  |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Hess Midstream LP Class A  | 27300 | 941850 |
| Mesquite Energy Inc (b)(c) | 82533 | 16971215 |
| TOTAL ENERGY |  | 17913065 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Cano Health LLC (b)(c) | 65803 | 860045 |
| Cano Health LLC warrants (b)(c) | 2914 | 10607 |
| Surgery Partners Inc (b) | 17800 | 275010 |
| TOTAL HEALTH CARE |  | 1145662 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| GTT Communications Inc (b)(c) | 23507 | 799003 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ON Semiconductor Corp (b) | 11000 | 595650 |
| TOTAL INFORMATION TECHNOLOGY |  | 1394653 |
| TOTAL UNITED STATES |  | 21859422 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,304,182) |  | <br> **23818482** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 2.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 2.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Media - 0.8% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind (f) | 2088216 | 6974642 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 1931000 | 1807416 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Travere Therapeutics Inc 2.25% 3/1/2029  | 976000 | 1387872 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| MKS Inc 1.25% 6/1/2030  | 1320000 | 1683660 |
| ON Semiconductor Corp 0% 5/1/2027 (k) | 283000 | 336911 |
| Wolfspeed Inc 2.5% 6/15/2031 (d) | 170000 | 251813 |
| Wolfspeed Inc 2.5% 6/15/2031  | 149000 | 220706 |
|  |  | 2493090 |
| Software - 0.5% |  |  |
| Riot Platforms Inc 0.75% 1/15/2030  | 1668000 | 1882755 |
| Strategy Inc 0% 12/1/2029 (k) | 1702000 | 1393257 |
| Terawulf Inc 0% 5/1/2032 (d)(k) | 1122000 | 970530 |
|  |  | 4246542 |
| TOTAL INFORMATION TECHNOLOGY |  | 6739632 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 585000 | 601146 |
| TOTAL UNITED STATES |  | 17510708 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $11,861,389) |  | <br> **17510708** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Acrisure Holdings Inc Series A-2 (c)<br>(Cost $1,183,990)<br>| 49169 | **1339363** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 75.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ANGOLA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Azule Energy Finance Plc 8.125% 1/23/2030 (d) | 555000 | 555669 |
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Fortescue Treasury Pty Ltd 4.375% 4/1/2031 (d) | 283000 | 273696 |
| Fortescue Treasury Pty Ltd 4.5% 9/15/2027 (d) | 422000 | 420949 |
| Mineral Resources Ltd 7% 4/1/2031 (d) | 440000 | 458834 |
| Mineral Resources Ltd 8% 11/1/2027 (d) | 395000 | 403413 |
| Mineral Resources Ltd 9.25% 10/1/2028 (d) | 675000 | 708413 |
| TOTAL AUSTRALIA |  | 2265305 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Aston Martin Capital Holdings Ltd 10% 3/31/2029 (d) | 655000 | 609639 |
| BRAZIL - 0.5%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Ambipar Lux Sarl 9.875% (d)(h) | 2345000 | 522044 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (d) | 2520000 | 2527875 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (d)(f) | 1369661 | 1393202 |
| TOTAL MATERIALS |  | 3921077 |
| TOTAL BRAZIL |  | 4443121 |
| CANADA - 2.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| TELUS Corp 6.375% 6/9/2056 (f) | 830000 | 831377 |
| TELUS Corp 6.625% 10/15/2055 (f) | 395000 | 403075 |
| TELUS Corp 6.625% 6/9/2056 (f) | 665000 | 664350 |
| TELUS Corp 7% 10/15/2055 (f) | 785000 | 817169 |
| TOTAL COMMUNICATION SERVICES |  | 2715971 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (d) | 580000 | 571736 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (d) | 1950000 | 1857188 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (d) | 435000 | 432257 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (d) | 780000 | 794185 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (d) | 2060000 | 2114758 |
| TOTAL CONSUMER DISCRETIONARY |  | 5770124 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (d) | 215000 | 141363 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (f) | 281000 | 300352 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Bausch Health Cos Inc 11% 9/30/2028 (d) | 272000 | 281748 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (d) | 285000 | 199500 |
| TOTAL HEALTH CARE |  | 481248 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Bombardier Inc 6.75% 6/15/2033 (d) | 390000 | 412224 |
| Bombardier Inc 7% 6/1/2032 (d) | 625000 | 660401 |
| Bombardier Inc 7.25% 7/1/2031 (d) | 790000 | 841862 |
|  |  | 1914487 |
| Commercial Services & Supplies - 0.3% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (d) | 2260000 | 2368984 |
| TOTAL INDUSTRIALS |  | 4283471 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Open Text Holdings Inc 4.125% 12/1/2031 (d) | 1110000 | 1035523 |
| Open Text Holdings Inc 4.125% 2/15/2030 (d) | 1080000 | 1032287 |
| TOTAL INFORMATION TECHNOLOGY |  | 2067810 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Methanex Corp 5.65% 12/1/2044  | 372000 | 332546 |
| Metals & Mining - 0.1% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (d) | 800000 | 830357 |
| TOTAL MATERIALS |  | 1162903 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| TransAlta Corp 5.875% 2/1/2034  | 780000 | 785390 |
| TOTAL CANADA |  | 17708632 |
| COLOMBIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Canacol Energy Ltd 5.75% (d)(h) | 3195000 | 896293 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (d)(m) | 505000 | 350975 |
| TOTAL ENERGY |  | 1247268 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (d) | 1365000 | 1267608 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU 8.499% 6/30/2032 (d) | 395000 | 409220 |
| TOTAL UTILITIES |  | 1676828 |
| TOTAL COLOMBIA |  | 2924096 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| GENMAB A/S/GENMAB FINANCE LLC 6.25% 12/15/2032 (d) | 820000 | 840170 |
| GENMAB A/S/GENMAB FINANCE LLC 7.25% 12/15/2033 (d) | 315000 | 331912 |
| TOTAL DENMARK |  | 1172082 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (d) | 770000 | 807043 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (d) | 1270000 | 1247434 |
| TOTAL FINLAND |  | 2054477 |
| FRANCE - 1.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Altice France SA 6.5% 10/15/2031 (d) | 1917549 | 1820829 |
| Altice France SA 6.5% 4/15/2032 (d) | 2560582 | 2454784 |
| Altice France SA 6.875% 10/15/2030 (d) | 611033 | 592575 |
| Altice France SA 6.875% 7/15/2032 (d) | 1965482 | 1884778 |
| TOTAL COMMUNICATION SERVICES |  | 6752966 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (d) | 930000 | 987458 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Iliad Holding SAS 7% 4/15/2032 (d) | 755000 | 779033 |
| TOTAL FRANCE |  | 8519457 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (d) | 175000 | 172930 |
| ZF North America Capital Inc 7.5% 3/24/2031 (d) | 815000 | 823767 |
| TOTAL CONSUMER DISCRETIONARY |  | 996697 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (d)(m) | 1230000 | 1230289 |
| TOTAL GERMANY |  | 2226986 |
| GHANA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (d) | 376000 | 372240 |
| Kosmos Energy Ltd 7.5% 3/1/2028 (d) | 1030000 | 690100 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (d) | 355000 | 200575 |
| TOTAL GHANA |  | 1262915 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (d) | 1235000 | 1280756 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (d) | 785000 | 728975 |
| IRELAND - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Consumer Finance - 0.1% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (f) | 465000 | 479640 |
| Financial Services - 0.4% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (d) | 970000 | 1006070 |
| GGAM Finance Ltd 8% 2/15/2027 (d) | 1565000 | 1600557 |
| GGAM Finance Ltd 8% 6/15/2028 (d) | 1040000 | 1101328 |
|  |  | 3707955 |
| TOTAL IRELAND |  | 4187595 |
| ISRAEL - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (d)(p) | 340000 | 335327 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 700000 | 734656 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 1240000 | 1286158 |
| TOTAL HEALTH CARE |  | 2020814 |
| TOTAL ISRAEL |  | 2356141 |
| LUXEMBOURG - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (d) | 1900000 | 1317232 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Altice France Lux 3 / Altice Holdings 1 10% 1/15/2033 (d) | 313000 | 286920 |
| TOTAL COMMUNICATION SERVICES |  | 1604152 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Breakwater Energy Holdings Sarl 9.25% 11/15/2030 (d) | 395000 | 413626 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Herens Holdco Sarl 4.75% 5/15/2028 (d) | 195000 | 169314 |
| TOTAL LUXEMBOURG |  | 2187092 |
| NETHERLANDS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Ziggo BV 4.875% 1/15/2030 (d) | 435000 | 411175 |
| NORWAY - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (d) | 550000 | 571975 |
| TGS ASA 8.5% 1/15/2030 (d) | 1070000 | 1117234 |
| TOTAL NORWAY |  | 1689209 |
| PANAMA - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (d) | 1885000 | 1910919 |
| Wireless Telecommunication Services - 0.2% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (d) | 1615000 | 1663992 |
| TOTAL PANAMA |  | 3574911 |
| PERU - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Volcan Cia Minera SAA 8.5% 10/28/2032 (d) | 645000 | 661854 |
| SOUTH AFRICA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (d) | 1845000 | 1661459 |
| SPAIN - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (d) | 370000 | 365410 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (d) | 1130000 | 1095862 |
| TOTAL SPAIN |  | 1461272 |
| SWITZERLAND - 0.3%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (d) | 280000 | 282061 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (d) | 275000 | 284427 |
| TOTAL INDUSTRIALS |  | 566488 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (d) | 1170000 | 827190 |
| Consolidated Energy Finance SA 6.5% 5/15/2026 (d) | 1015000 | 980781 |
| TOTAL MATERIALS |  | 1807971 |
| TOTAL SWITZERLAND |  | 2374459 |
| TANZANIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (d) | 510000 | 527534 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (d) | 860000 | 864231 |
| UNITED KINGDOM - 1.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (d) | 2040000 | 1888915 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (d) | 850000 | 868029 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (d) | 3280000 | 3564612 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (d)(m) | 255000 | 248201 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (d) | 485000 | 335924 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (d) | 1805000 | 1807976 |
| TOTAL UNITED KINGDOM |  | 8713657 |
| UNITED STATES - 66.1%  |  |  |
| Communication Services - 6.9% |  |  |
| Diversified Telecommunication Services - 2.3% |  |  |
| APLD ComputeCo LLC 9.25% 12/15/2030 (d) | 3865000 | 3791180 |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (d) | 1105000 | 1078487 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (d) | 1855000 | 1812985 |
| Cipher Compute LLC 7.125% 11/15/2030 (d) | 725000 | 738400 |
| Flash Compute LLC 7.25% 12/31/2030 (d) | 1995000 | 1976572 |
| Level 3 Financing Inc 4.875% 6/15/2029 (d) | 595000 | 578638 |
| Level 3 Financing Inc 6.875% 6/30/2033 (d) | 2450000 | 2507031 |
| Level 3 Financing Inc 7% 3/31/2034 (d) | 1805000 | 1860182 |
| Level 3 Financing Inc 8.5% 1/15/2036 (d) | 830000 | 849906 |
| Windstream Services LLC 7.5% 10/15/2033 (d)(m) | 1690000 | 1732432 |
| WULF Compute LLC 7.75% 10/15/2030 (d) | 2015000 | 2075951 |
|  |  | 19001764 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/15/2034 (d) | 795000 | 818549 |
| Media - 4.5% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (d)(m) | 1370000 | 1164876 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (d) | 1350000 | 1240448 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032 (m) | 2620000 | 2351548 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (d) | 1530000 | 1440513 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (d)(m) | 1975000 | 1805036 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (d) | 905000 | 897839 |
| Clear Channel Outdoor Holdings Inc 7.125% 2/15/2031 (d) | 790000 | 827243 |
| Clear Channel Outdoor Holdings Inc 7.5% 3/15/2033 (d) | 1190000 | 1256987 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (d) | 340000 | 337603 |
| CMG Media Corp 8.875% 6/18/2029 (d) | 270000 | 231946 |
| CSC Holdings LLC 3.375% 2/15/2031 (d) | 2605000 | 1577479 |
| CSC Holdings LLC 4.125% 12/1/2030 (d) | 3020000 | 1851875 |
| CSC Holdings LLC 4.5% 11/15/2031 (d) | 2045000 | 1247450 |
| CSC Holdings LLC 4.625% 12/1/2030 (d) | 1195000 | 426843 |
| CSC Holdings LLC 5.375% 2/1/2028 (d) | 675000 | 489730 |
| CSC Holdings LLC 5.5% 4/15/2027 (d) | 450000 | 385839 |
| DISH DBS Corp 5.125% 6/1/2029  | 770000 | 683378 |
| DISH DBS Corp 7.75% 7/1/2026  | 1915000 | 1891691 |
| DISH Network Corp 11.75% 11/15/2027 (d) | 1155000 | 1202101 |
| EchoStar Corp 10.75% 11/30/2029  | 2759657 | 3051632 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (f) | 2164497 | 2217459 |
| EW Scripps Co/The 9.875% 8/15/2030 (d) | 2620000 | 2616563 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (d)(m) | 410000 | 413355 |
| TEGNA Inc 4.625% 3/15/2028  | 240000 | 237532 |
| TEGNA Inc 5% 9/15/2029  | 425000 | 421258 |
| Univision Communications Inc 7.375% 6/30/2030 (d) | 150000 | 152467 |
| Univision Communications Inc 8% 8/15/2028 (d) | 1165000 | 1206561 |
| Univision Communications Inc 8.5% 7/31/2031 (d) | 2040000 | 2131043 |
| Univision Communications Inc 9.375% 8/1/2032 (d) | 1580000 | 1698205 |
| Warnermedia Holdings Inc 4.279% 3/15/2032  | 360000 | 316015 |
| Warnermedia Holdings Inc 5.05% 3/15/2042  | 1165000 | 819869 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  | 325000 | 214126 |
|  |  | 36806510 |
| TOTAL COMMUNICATION SERVICES |  | 56626823 |
| Consumer Discretionary - 9.9% |  |  |
| Automobile Components - 0.7% |  |  |
| American Axle & Manufacturing Inc 6.375% 10/15/2032 (d) | 620000 | 631444 |
| American Axle & Manufacturing Inc 7.75% 10/15/2033 (d)(m) | 1175000 | 1196830 |
| Clarios Global LP / Clarios US Finance Co 6.75% 9/15/2032 (d) | 910000 | 943663 |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (d) | 1760000 | 1837106 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (d) | 205000 | 210202 |
| Patrick Industries Inc 6.375% 11/1/2032 (d) | 1195000 | 1226009 |
|  |  | 6045254 |
| Automobiles - 0.2% |  |  |
| Nissan Motor Acceptance Co LLC 2.45% 9/15/2028 (d)(m) | 135000 | 124850 |
| Nissan Motor Acceptance Co LLC 5.55% 9/13/2029 (d) | 230000 | 229186 |
| Nissan Motor Acceptance Co LLC 6.125% 9/30/2030 (d) | 415000 | 415058 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (d) | 785000 | 771701 |
|  |  | 1540795 |
| Broadline Retail - 0.5% |  |  |
| Match Group Holdings II LLC 4.125% 8/1/2030 (d) | 580000 | 548977 |
| Match Group Holdings II LLC 5% 12/15/2027 (d) | 167000 | 166639 |
| Saks Global Enterprises LLC 11% 12/15/2029 (d) | 2298260 | 149386 |
| Wayfair LLC 6.75% 11/15/2032 (d) | 520000 | 534602 |
| Wayfair LLC 7.25% 10/31/2029 (d)(m) | 935000 | 975831 |
| Wayfair LLC 7.75% 9/15/2030 (d)(m) | 2025000 | 2157559 |
|  |  | 4532994 |
| Diversified Consumer Services - 1.2% |  |  |
| Service Corp International/US 4% 5/15/2031 (m) | 1022000 | 976835 |
| Service Corp International/US 4.625% 12/15/2027  | 167000 | 166784 |
| Service Corp International/US 5.125% 6/1/2029  | 365000 | 367409 |
| Service Corp International/US 5.75% 10/15/2032  | 1420000 | 1445192 |
| Sotheby's 7.375% 10/15/2027 (d) | 3150000 | 3131565 |
| StoneMor Inc 8.5% 5/15/2029 (d) | 1165000 | 1138650 |
| TKC Holdings Inc 10.5% 5/15/2029 (d) | 1530000 | 1572214 |
| TKC Holdings Inc 6.875% 5/15/2028 (d) | 1290000 | 1302576 |
|  |  | 10101225 |
| Hotels, Restaurants & Leisure - 4.6% |  |  |
| Acushnet Co 5.625% 12/1/2033 (d) | 535000 | 541011 |
| Aramark Services Inc 5% 2/1/2028 (d) | 775000 | 774886 |
| Caesars Entertainment Inc 6% 10/15/2032 (d)(m) | 585000 | 568882 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (d) | 2145000 | 2197390 |
| Caesars Entertainment Inc 7% 2/15/2030 (d) | 875000 | 906200 |
| Carnival Corp 5.125% 5/1/2029 (d) | 565000 | 571266 |
| Carnival Corp 5.75% 3/15/2030 (d) | 790000 | 812445 |
| Carnival Corp 5.75% 8/1/2032 (d) | 795000 | 815893 |
| Carnival Corp 5.875% 6/15/2031 (d) | 2040000 | 2107125 |
| Carnival Corp 6.125% 2/15/2033 (d) | 945000 | 975797 |
| Carnival Corp 6.65% 1/15/2028  | 175000 | 181936 |
| Carnival Corp 7% 8/15/2029 (d) | 1535000 | 1611191 |
| Churchill Downs Inc 5.75% 4/1/2030 (d) | 2370000 | 2393081 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (d) | 1847000 | 1793867 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (d) | 2715000 | 2581354 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (d) | 800000 | 742624 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (d) | 295000 | 286534 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (d) | 1615000 | 1546169 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (d) | 680000 | 684670 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (d) | 870000 | 890371 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (d) | 785000 | 807597 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (d) | 1530000 | 1568230 |
| Life Time Inc 6% 11/15/2031 (d) | 1595000 | 1634095 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (d) | 575000 | 412719 |
| NCL Finance Ltd 6.125% 3/15/2028 (d) | 370000 | 380560 |
| Royal Caribbean Cruises Ltd 5.375% 1/15/2036  | 820000 | 823433 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (d) | 835000 | 853635 |
| Station Casinos LLC 4.5% 2/15/2028 (d)(m) | 750000 | 743803 |
| Station Casinos LLC 6.625% 3/15/2032 (d) | 1540000 | 1576441 |
| Viking Cruises Ltd 5.875% 10/15/2033 (d) | 1620000 | 1645050 |
| Viking Cruises Ltd 9.125% 7/15/2031 (d) | 275000 | 294481 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (d) | 370000 | 370587 |
| VOC Escrow Ltd 5% 2/15/2028 (d) | 510000 | 509981 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (d)(m) | 815000 | 833318 |
| Yum! Brands Inc 3.625% 3/15/2031  | 365000 | 345289 |
| Yum! Brands Inc 4.75% 1/15/2030 (d) | 882000 | 882701 |
| Yum! Brands Inc 5.375% 4/1/2032 (m) | 290000 | 293627 |
|  |  | 36958239 |
| Household Durables - 1.0% |  |  |
| Century Communities Inc 6.625% 9/15/2033 (d) | 805000 | 814015 |
| LGI Homes Inc 7% 11/15/2032 (d) | 1925000 | 1840054 |
| LGI Homes Inc 8.75% 12/15/2028 (d) | 580000 | 604979 |
| New Home Co Inc/The 8.5% 11/1/2030 (d) | 720000 | 741494 |
| Newell Brands Inc 6.375% 9/15/2027  | 230000 | 231253 |
| Somnigroup International Inc 3.875% 10/15/2031 (d) | 870000 | 813181 |
| TopBuild Corp 4.125% 2/15/2032 (d) | 800000 | 759786 |
| TopBuild Corp 5.625% 1/31/2034 (d) | 1305000 | 1320121 |
| Whirlpool Corp 6.125% 6/15/2030 (m) | 440000 | 439465 |
| Whirlpool Corp 6.5% 6/15/2033 (m) | 1010000 | 979403 |
|  |  | 8543751 |
| Specialty Retail - 1.6% |  |  |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 565000 | 556973 |
| Asbury Automotive Group Inc 5% 2/15/2032 (d) | 580000 | 563643 |
| Bath & Body Works Inc 6.625% 10/1/2030 (d) | 430000 | 439631 |
| Bath & Body Works Inc 6.694% 1/15/2027  | 375000 | 382064 |
| Bath & Body Works Inc 6.95% 3/1/2033 (m) | 330000 | 327652 |
| Carvana Co 10.25% 5/1/2030 (d) | 85000 | 90950 |
| Carvana Co 4.875% 9/1/2029 (d) | 525000 | 483263 |
| Carvana Co 5.5% 4/15/2027 (d) | 622000 | 609560 |
| Carvana Co 5.875% 10/1/2028 (d) | 305000 | 292800 |
| Carvana Co 9% 6/1/2030 pay-in-kind (d)(f) | 597877 | 626656 |
| Carvana Co 9% 6/1/2031 pay-in-kind (d)(f) | 818391 | 923496 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (d) | 740000 | 761455 |
| LBM Acquisition LLC 6.25% 1/15/2029 (d) | 555000 | 499495 |
| LBM Acquisition LLC 9.5% 6/15/2031 (d) | 1750000 | 1824270 |
| Michaels Cos Inc/The 5.25% 5/1/2028 (d) | 375000 | 360509 |
| Park River Holdings Inc 8% 3/15/2031 (d) | 305000 | 314453 |
| SGUS LLC 11% 12/15/2029 (d) | 2518558 | 931866 |
| Staples Inc 10.75% 9/1/2029 (d) | 2725000 | 2709142 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (d)(m) | 225000 | 238123 |
| White Cap Supply Holdings LLC 7.375% 11/15/2030 (d) | 240000 | 248262 |
|  |  | 13184263 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Crocs Inc 4.125% 8/15/2031 (d) | 717000 | 662378 |
| Crocs Inc 4.25% 3/15/2029 (d) | 167000 | 161617 |
|  |  | 823995 |
| TOTAL CONSUMER DISCRETIONARY |  | 81730516 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.2% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (d) | 1930000 | 1939329 |
| Consumer Staples Distribution & Retail - 1.6% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (d) | 1662000 | 1596173 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (d) | 1200000 | 1190100 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.5% 3/31/2031 (d) | 730000 | 737697 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 5.75% 3/31/2034 (d) | 410000 | 411658 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (d) | 380000 | 390633 |
| C&S Group Enterprises LLC 5% 12/15/2028 (d) | 1345000 | 1244890 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (d) | 1232000 | 1293229 |
| Performance Food Group Inc 4.25% 8/1/2029 (d) | 400000 | 391073 |
| Performance Food Group Inc 5.5% 10/15/2027 (d) | 125000 | 125184 |
| Performance Food Group Inc 6.125% 9/15/2032 (d) | 1460000 | 1505126 |
| US Foods Inc 5.75% 4/15/2033 (d)(m) | 3120000 | 3178014 |
| US Foods Inc 7.25% 1/15/2032 (d) | 750000 | 788343 |
|  |  | 12852120 |
| Food Products - 0.9% |  |  |
| Darling Ingredients Inc 6% 6/15/2030 (d) | 680000 | 691105 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (d) | 705000 | 735246 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (d) | 1100000 | 1152818 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (d) | 820000 | 793199 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (d) | 830000 | 790722 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 1385000 | 1279456 |
| Post Holdings Inc 4.625% 4/15/2030 (d)(m) | 1125000 | 1095485 |
| Post Holdings Inc 6.25% 10/15/2034 (d) | 360000 | 361998 |
| Post Holdings Inc 6.25% 2/15/2032 (d) | 305000 | 313380 |
| Post Holdings Inc 6.375% 3/1/2033 (d)(m) | 575000 | 580750 |
|  |  | 7794159 |
| TOTAL CONSUMER STAPLES |  | 22585608 |
| Energy - 8.9% |  |  |
| Energy Equipment & Services - 1.6% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (d) | 305000 | 306750 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (d) | 1240000 | 1278881 |
| Kodiak Gas Services LLC 6.5% 10/1/2033 (d) | 400000 | 408485 |
| Kodiak Gas Services LLC 6.75% 10/1/2035 (d) | 805000 | 827708 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (d) | 1150000 | 1196405 |
| Nabors Industries Inc 8.875% 8/15/2031 (d)(m) | 340000 | 329831 |
| Nabors Industries Ltd 7.5% 1/15/2028 (d) | 1790000 | 1789722 |
| Transocean International Ltd 7.875% 10/15/2032 (d) | 155000 | 161882 |
| Transocean International Ltd 8.25% 5/15/2029 (d) | 2205000 | 2222318 |
| Transocean International Ltd 8.5% 5/15/2031 (d) | 850000 | 841947 |
| USA Compression Partners LP / USA Compression Finance Corp 6.25% 10/1/2033 (d) | 915000 | 925971 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (d) | 915000 | 947127 |
| Valaris Ltd 8.375% 4/30/2030 (d) | 390000 | 405781 |
| WBI Operating LLC 6.25% 10/15/2030 (d) | 810000 | 814884 |
| WBI Operating LLC 6.5% 10/15/2033 (d) | 810000 | 806932 |
|  |  | 13264624 |
| Oil, Gas & Consumable Fuels - 7.3% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 10/15/2033 (d) | 810000 | 814892 |
| California Resources Corp 8.25% 6/15/2029 (d) | 2020000 | 2112881 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (d) | 755000 | 785067 |
| CNX Resources Corp 7.25% 3/1/2032 (d)(m) | 1530000 | 1597167 |
| CNX Resources Corp 7.375% 1/15/2031 (d)(m) | 385000 | 398676 |
| Comstock Resources Inc 5.875% 1/15/2030 (d) | 1225000 | 1191503 |
| Comstock Resources Inc 6.75% 3/1/2029 (d) | 1585000 | 1588520 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (d) | 1420000 | 1404832 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (d) | 925000 | 991109 |
| CVR Energy Inc 8.5% 1/15/2029 (d) | 1895000 | 1947771 |
| DBR Land Holdings LLC 6.25% 12/1/2030 (d) | 965000 | 987079 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (d) | 1315000 | 1322547 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (d) | 915000 | 959070 |
| DT Midstream Inc 4.125% 6/15/2029 (d) | 935000 | 922674 |
| DT Midstream Inc 4.375% 6/15/2031 (d) | 365000 | 357350 |
| Energy Transfer LP 6.5% 2/15/2056 (f) | 905000 | 902006 |
| Energy Transfer LP 6.75% 2/15/2056 (f) | 400000 | 401527 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029  | 1220000 | 1236135 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (d) | 295000 | 300381 |
| Harvest Midstream I LP 7.5% 5/15/2032 (d) | 1430000 | 1490609 |
| Harvest Midstream I LP 7.5% 9/1/2028 (d) | 645000 | 654644 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (d) | 1155000 | 1129689 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (d) | 1855000 | 1878023 |
| Howard Midstream Energy Partners LLC 6.625% 1/15/2034 (d) | 900000 | 924601 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (d) | 770000 | 812484 |
| Kinetik Holdings LP 5.875% 6/15/2030 (d) | 890000 | 897974 |
| Kinetik Holdings LP 6.625% 12/15/2028 (d) | 1285000 | 1323135 |
| Matador Resources Co 6.25% 4/15/2033 (d) | 400000 | 400532 |
| Matador Resources Co 6.5% 4/15/2032 (d) | 1070000 | 1085156 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (d) | 570000 | 545775 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (d) | 860000 | 807166 |
| Northern Oil & Gas Inc 7.875% 10/15/2033 (d) | 1345000 | 1309565 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (d) | 1705000 | 1721360 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (d)(m) | 1710000 | 1646795 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (d)(m) | 1700000 | 1748870 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (d) | 1010000 | 1013788 |
| Permian Resources Operating LLC 7% 1/15/2032 (d) | 1670000 | 1732625 |
| Prairie Acquiror LP 9% 8/1/2029 (d) | 1040000 | 1081000 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (d) | 250000 | 245859 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (d) | 1010000 | 1007792 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (d) | 665000 | 701788 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (d) | 225000 | 232598 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030 (m) | 910000 | 888638 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 620000 | 608696 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 500000 | 501221 |
| Sunoco LP 5.625% 3/15/2031 (d)(m) | 805000 | 810898 |
| Sunoco LP 6.25% 7/1/2033 (d) | 805000 | 824576 |
| Sunoco LP 6.625% 8/15/2032 (d) | 1385000 | 1423526 |
| Sunoco LP 7.25% 5/1/2032 (d) | 480000 | 507521 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (d) | 1542000 | 1542831 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (d) | 975000 | 970441 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6.75% 3/15/2034 (d) | 400000 | 399990 |
| Venture Global Calcasieu Pass LLC 3.875% 8/15/2029 (d) | 310000 | 290607 |
| Venture Global LNG Inc 7% 1/15/2030 (d)(m) | 235000 | 226170 |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (d) | 860000 | 875776 |
| Venture Global Plaquemines LNG LLC 6.5% 1/15/2034 (d) | 1565000 | 1602936 |
| Venture Global Plaquemines LNG LLC 6.5% 6/15/2034 (d) | 940000 | 960476 |
| Venture Global Plaquemines LNG LLC 6.75% 1/15/2036 (d) | 1485000 | 1521071 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (d) | 1390000 | 1501896 |
|  |  | 60070285 |
| TOTAL ENERGY |  | 73334909 |
| Financials - 7.0% |  |  |
| Capital Markets - 1.1% |  |  |
| Broadstreet Partners Group LLC 5.875% 4/15/2029 (d) | 870000 | 868636 |
| Coinbase Global Inc 3.375% 10/1/2028 (d) | 840000 | 800221 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (d) | 1305000 | 1341695 |
| Hightower Holding LLC 6.75% 4/15/2029 (d) | 625000 | 622477 |
| Hightower Holding LLC 9.125% 1/31/2030 (d) | 1455000 | 1541249 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (d) | 560000 | 551522 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (d) | 1105000 | 1124404 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (d) | 1020000 | 1064672 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (d) | 1090000 | 1141755 |
|  |  | 9056631 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc 6.7% 2/14/2033 (m) | 685000 | 715927 |
| OneMain Finance Corp 6.125% 5/15/2030 (m) | 475000 | 484304 |
| OneMain Finance Corp 6.625% 5/15/2029  | 330000 | 341796 |
| OneMain Finance Corp 6.75% 3/15/2032  | 315000 | 323478 |
| OneMain Finance Corp 6.75% 9/15/2033  | 830000 | 840482 |
| OneMain Finance Corp 7.125% 11/15/2031 (m) | 385000 | 401878 |
| OneMain Finance Corp 7.125% 9/15/2032 (m) | 535000 | 555822 |
| OneMain Finance Corp 7.5% 5/15/2031  | 845000 | 889066 |
| PRA Group Inc 5% 10/1/2029 (d) | 255000 | 239798 |
|  |  | 4792551 |
| Financial Services - 2.3% |  |  |
| Block Inc 3.5% 6/1/2031  | 715000 | 672039 |
| Block Inc 5.625% 8/15/2030 (d) | 745000 | 760140 |
| Block Inc 6% 8/15/2033 (d) | 590000 | 605699 |
| Block Inc 6.5% 5/15/2032  | 1525000 | 1585788 |
| CrossCountry Intermediate HoldCo LLC 6.5% 10/1/2030 (d) | 815000 | 831297 |
| CrossCountry Intermediate HoldCo LLC 6.75% 12/1/2032 (d) | 655000 | 665628 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (d) | 1250000 | 1250000 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 1980000 | 1708326 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 680000 | 649996 |
| NFE Financing LLC 12% (d)(h) | 1041914 | 301374 |
| PennyMac Financial Services Inc 6.75% 2/15/2034 (d) | 955000 | 987209 |
| Rocket Cos Inc 6.125% 8/1/2030 (d) | 945000 | 976826 |
| Rocket Cos Inc 6.375% 8/1/2033 (d) | 1255000 | 1308487 |
| Rocket Cos Inc 6.5% 8/1/2029 (d) | 1160000 | 1196410 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (d) | 1185000 | 1223503 |
| UWM Holdings LLC 6.25% 3/15/2031 (d) | 405000 | 404354 |
| UWM Holdings LLC 6.625% 2/1/2030 (d) | 595000 | 602485 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (d) | 765000 | 784832 |
| WEX Inc 6.5% 3/15/2033 (d) | 925000 | 946886 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (d) | 1670000 | 1753115 |
|  |  | 19214394 |
| Insurance - 2.7% |  |  |
| Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (d)(m) | 290000 | 282806 |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (d) | 635000 | 627255 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (d) | 390000 | 401742 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (d) | 150000 | 156247 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (d) | 630000 | 654415 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (d) | 535000 | 559845 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (d) | 1110000 | 1109023 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (d) | 1780000 | 1834624 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (d) | 1145000 | 1151726 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (d) | 570000 | 580360 |
| AmWINS Group Inc 4.875% 6/30/2029 (d) | 1980000 | 1947221 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (d) | 1450000 | 1464477 |
| Asurion LLC and Asurion Co-Issuer Inc 8% 12/31/2032 (d) | 1240000 | 1286638 |
| Athene Holding Ltd 6.875% 6/28/2055 (f) | 1650000 | 1648730 |
| HUB International Ltd 5.625% 12/1/2029 (d) | 500000 | 499916 |
| HUB International Ltd 7.25% 6/15/2030 (d) | 2210000 | 2320334 |
| HUB International Ltd 7.375% 1/31/2032 (d) | 1175000 | 1233226 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (d) | 1630000 | 1689084 |
| Ryan Specialty LLC 5.875% 8/1/2032 (d) | 1790000 | 1828965 |
| USI Inc/NY 7.5% 1/15/2032 (d) | 740000 | 775578 |
|  |  | 22052212 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Starwood Property Trust Inc 5.25% 10/15/2028 (d) | 410000 | 412981 |
| Starwood Property Trust Inc 6.5% 10/15/2030 (d) | 780000 | 813223 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (d) | 1110000 | 1157850 |
|  |  | 2384054 |
| TOTAL FINANCIALS |  | 57499842 |
| Health Care - 5.5% |  |  |
| Biotechnology - 0.0% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (d) | 480000 | 430334 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (d) | 830000 | 793692 |
| Avantor Funding Inc 4.625% 7/15/2028 (d) | 548000 | 545022 |
| Hologic Inc 3.25% 2/15/2029 (d) | 500000 | 492786 |
| Insulet Corp 6.5% 4/1/2033 (d) | 375000 | 390895 |
| Medline Borrower LP 3.875% 4/1/2029 (d) | 2555000 | 2494470 |
| Medline Borrower LP 5.25% 10/1/2029 (d) | 970000 | 975244 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (d) | 1540000 | 1591992 |
|  |  | 7284101 |
| Health Care Providers & Services - 3.3% |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (d)(m) | 860000 | 868603 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (d) | 2405000 | 2142579 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (d) | 875000 | 821794 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (d) | 625000 | 500768 |
| CHS/Community Health Systems Inc 6.875% 4/15/2029 (d) | 235000 | 209149 |
| CHS/Community Health Systems Inc 9.75% 1/15/2034 (d) | 1195000 | 1255143 |
| CVS Health Corp 6.75% 12/10/2054 (f) | 465000 | 485632 |
| CVS Health Corp 7% 3/10/2055 (f) | 1870000 | 1961720 |
| DaVita Inc 3.75% 2/15/2031 (d) | 440000 | 406504 |
| DaVita Inc 4.625% 6/1/2030 (d) | 1655000 | 1609306 |
| DaVita Inc 6.75% 7/15/2033 (d) | 1345000 | 1394621 |
| HealthEquity Inc 4.5% 10/1/2029 (d) | 1275000 | 1252553 |
| Humana Inc 5.875% 3/1/2033  | 730000 | 766804 |
| Molina Healthcare Inc 3.875% 11/15/2030 (d) | 855000 | 793347 |
| Molina Healthcare Inc 3.875% 5/15/2032 (d) | 390000 | 354189 |
| Molina Healthcare Inc 6.25% 1/15/2033 (d) | 940000 | 958297 |
| Molina Healthcare Inc 6.5% 2/15/2031 (d) | 1725000 | 1771627 |
| National Mentor Holdings Inc 10.5% 12/15/2030 (d) | 1160000 | 1166146 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (d) | 615000 | 622053 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 735000 | 724023 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 745000 | 730975 |
| Tenet Healthcare Corp 4.625% 6/15/2028  | 1320000 | 1322452 |
| Tenet Healthcare Corp 5.5% 11/15/2032 (d) | 1065000 | 1079602 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 2275000 | 2327993 |
| Tenet Healthcare Corp 6.75% 5/15/2031  | 240000 | 249722 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (d) | 1220000 | 1229046 |
|  |  | 27004648 |
| Health Care Technology - 0.4% |  |  |
| IQVIA Inc 6.25% 6/1/2032 (d) | 1930000 | 2016692 |
| IQVIA Inc 6.5% 5/15/2030 (d) | 1515000 | 1571647 |
|  |  | 3588339 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (d) | 665000 | 642079 |
| Charles River Laboratories International Inc 4% 3/15/2031 (d) | 170000 | 161075 |
|  |  | 803154 |
| Pharmaceuticals - 0.8% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (d) | 4016000 | 4176708 |
| Jazz Securities DAC 4.375% 1/15/2029 (d) | 810000 | 798912 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (d) | 415000 | 404390 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (d)(m) | 895000 | 741235 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (d) | 380000 | 341802 |
|  |  | 6463047 |
| TOTAL HEALTH CARE |  | 45573623 |
| Industrials - 9.4% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| ATI Inc 4.875% 10/1/2029  | 720000 | 718820 |
| ATI Inc 5.875% 12/1/2027  | 770000 | 770902 |
| BWX Technologies Inc 4.125% 6/30/2028 (d) | 2000000 | 1969161 |
| Carpenter Technology Corp 5.625% 3/1/2034 (d) | 1130000 | 1147769 |
| Moog Inc 4.25% 12/15/2027 (d) | 400000 | 396166 |
| TransDigm Inc 6% 1/15/2033 (d) | 2350000 | 2405155 |
| TransDigm Inc 6.25% 1/31/2034 (d)(m) | 265000 | 274985 |
| TransDigm Inc 6.375% 3/1/2029 (d) | 2420000 | 2492600 |
| TransDigm Inc 6.375% 5/31/2033 (d) | 3360000 | 3447787 |
| TransDigm Inc 6.75% 1/31/2034 (d) | 1360000 | 1416691 |
|  |  | 15040036 |
| Air Freight & Logistics - 0.3% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (d)(m) | 1980000 | 2062869 |
| Building Products - 0.9% |  |  |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (d) | 1225000 | 1252649 |
| Builders FirstSource Inc 4.25% 2/1/2032 (d) | 1270000 | 1209309 |
| Builders FirstSource Inc 6.75% 5/15/2035 (d) | 1005000 | 1050742 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (d)(m) | 1460000 | 1131347 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (d) | 1935000 | 2015326 |
| Masterbrand Inc 7% 7/15/2032 (d) | 395000 | 409232 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (d)(m) | 590000 | 571477 |
|  |  | 7640082 |
| Commercial Services & Supplies - 2.7% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (d) | 1115000 | 1160912 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (d) | 795000 | 837834 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (d) | 1365000 | 1343039 |
| Artera Services LLC 8.5% 2/15/2031 (d) | 4670000 | 3877693 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (d)(m) | 1855000 | 1819092 |
| Clean Harbors Inc 5.75% 10/15/2033 (d) | 410000 | 420579 |
| Clean Harbors Inc 6.375% 2/1/2031 (d) | 910000 | 936503 |
| CoreCivic Inc 8.25% 4/15/2029  | 1530000 | 1608446 |
| GEO Group Inc/The 10.25% 4/15/2031  | 1535000 | 1680339 |
| GEO Group Inc/The 8.625% 4/15/2029  | 750000 | 788852 |
| GFL Environmental Inc 6.75% 1/15/2031 (d) | 555000 | 582290 |
| Madison IAQ LLC 4.125% 6/30/2028 (d) | 400000 | 393042 |
| Madison IAQ LLC 5.875% 6/30/2029 (d) | 1320000 | 1311981 |
| Neptune Bidco US Inc 10.375% 5/15/2031 (d) | 1395000 | 1430351 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (d) | 2870000 | 2870000 |
| Waste Pro USA Inc 7% 2/1/2033 (d) | 390000 | 401432 |
| Williams Scotsman Inc 6.625% 4/15/2030 (d) | 550000 | 568473 |
|  |  | 22030858 |
| Construction & Engineering - 0.4% |  |  |
| AECOM 6% 8/1/2033 (d) | 1580000 | 1619279 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (d) | 1295000 | 1302304 |
|  |  | 2921583 |
| Electrical Equipment - 0.0% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (d) | 433000 | 422475 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (d)(m) | 155000 | 160399 |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (d)(m) | 380000 | 392387 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (d) | 1155000 | 1191097 |
| XPO Inc 6.25% 6/1/2028 (d) | 205000 | 209024 |
| XPO Inc 7.125% 2/1/2032 (d)(m) | 975000 | 1025494 |
| XPO Inc 7.125% 6/1/2031 (d)(m) | 345000 | 359728 |
|  |  | 3338129 |
| Machinery - 0.5% |  |  |
| Allison Transmission Inc 5.875% 12/1/2033 (d) | 820000 | 831941 |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(f) | 1070000 | 1181048 |
| Enpro Inc 6.125% 6/1/2033 (d) | 1160000 | 1196999 |
| Mueller Water Products Inc 4% 6/15/2029 (d) | 1277000 | 1241821 |
|  |  | 4451809 |
| Passenger Airlines - 0.1% |  |  |
| American Airlines Inc 7.25% 2/15/2028 (d) | 145000 | 148234 |
| American Airlines Inc 8.5% 5/15/2029 (d)(m) | 455000 | 475881 |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (d) | 410000 | 413059 |
|  |  | 1037174 |
| Professional Services - 1.1% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (d) | 1560000 | 1644371 |
| CACI International Inc 6.375% 6/15/2033 (d) | 1505000 | 1557191 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5% 5/1/2028 (d) | 1745000 | 1619807 |
| ION Platform Finance US Inc / ION Platform Finance SARL 5.75% 5/15/2028 (d) | 778000 | 733636 |
| ION Platform Finance US Inc / ION Platform Finance SARL 9% 8/1/2029 (d) | 330000 | 324898 |
| Science Applications International Corp 4.875% 4/1/2028 (d) | 630000 | 628328 |
| Science Applications International Corp 5.875% 11/1/2033 (d) | 1225000 | 1241832 |
| TriNet Group Inc 3.5% 3/1/2029 (d) | 415000 | 392158 |
| TriNet Group Inc 7.125% 8/15/2031 (d) | 590000 | 608167 |
|  |  | 8750388 |
| Trading Companies & Distributors - 1.2% |  |  |
| FTAI Aviation Investors LLC 5.875% 4/15/2033 (d) | 480000 | 487767 |
| FTAI Aviation Investors LLC 7% 6/15/2032 (d)(m) | 385000 | 404732 |
| FTAI Aviation Investors LLC 7.875% 12/1/2030 (d)(m) | 1090000 | 1159111 |
| Herc Holdings Inc 5.75% 3/15/2031 (d) | 550000 | 558164 |
| Herc Holdings Inc 6% 3/15/2034 (d) | 505000 | 511729 |
| Herc Holdings Inc 7% 6/15/2030 (d) | 1145000 | 1205031 |
| Herc Holdings Inc 7.25% 6/15/2033 (d)(m) | 1100000 | 1166423 |
| QXO Building Products Inc 6.75% 4/30/2032 (d) | 780000 | 814647 |
| Synergy Infrastructure Holdings LLC 7.875% 12/1/2030 (d) | 390000 | 404322 |
| United Rentals North America Inc 5.375% 11/15/2033 (d) | 490000 | 489653 |
| United Rentals North America Inc 6% 12/15/2029 (d) | 365000 | 374987 |
| United Rentals North America Inc 6.125% 3/15/2034 (d) | 1925000 | 2005221 |
|  |  | 9581787 |
| TOTAL INDUSTRIALS |  | 77277190 |
| Information Technology - 4.7% |  |  |
| Communications Equipment - 0.1% |  |  |
| Viasat Inc 6.5% 7/15/2028 (d) | 730000 | 709740 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Coherent Corp 5% 12/15/2029 (d) | 1990000 | 1983267 |
| Lightning Power LLC 7.25% 8/15/2032 (d) | 515000 | 547626 |
| Sensata Technologies Inc 3.75% 2/15/2031 (d) | 365000 | 342543 |
| TTM Technologies Inc 4% 3/1/2029 (d) | 1640000 | 1601676 |
|  |  | 4475112 |
| IT Services - 1.3% |  |  |
| Ahead DB Holdings LLC 6.625% 5/1/2028 (d) | 1580000 | 1590231 |
| ASGN Inc 4.625% 5/15/2028 (d) | 635000 | 623954 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d) | 1990000 | 1989267 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (d)(m) | 660000 | 660443 |
| CoreWeave Inc 9% 2/1/2031 (d) | 1610000 | 1475597 |
| CoreWeave Inc 9.25% 6/1/2030 (d) | 2640000 | 2454600 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (d) | 1232000 | 1181343 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (d) | 322000 | 322877 |
| Sabre GLBL Inc 11.125% 7/15/2030 (d)(m) | 760000 | 630093 |
|  |  | 10928405 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Entegris Inc 3.625% 5/1/2029 (d) | 630000 | 605212 |
| Entegris Inc 5.95% 6/15/2030 (d) | 2980000 | 3039631 |
| ON Semiconductor Corp 3.875% 9/1/2028 (d) | 827000 | 808688 |
| Wolfspeed Inc 7% 6/15/2031 pay-in-kind (f) | 189665 | 151732 |
| Wolfspeed Inc 9.875% 6/23/2030 pay-in-kind (d)(f) | 390155 | 423318 |
|  |  | 5028581 |
| Software - 1.9% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (d) | 1840000 | 1864082 |
| Cloud Software Group Inc 6.625% 8/15/2033 (d) | 250000 | 247764 |
| Cloud Software Group Inc 9% 9/30/2029 (d) | 2425000 | 2525664 |
| Elastic NV 4.125% 7/15/2029 (d) | 1205000 | 1167002 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (d) | 160000 | 163144 |
| Fair Isaac Corp 5.25% 5/15/2026 (d) | 167000 | 167209 |
| Fair Isaac Corp 6% 5/15/2033 (d) | 1795000 | 1843729 |
| Gen Digital Inc 6.25% 4/1/2033 (d) | 980000 | 1010606 |
| Gen Digital Inc 7.125% 9/30/2030 (d)(m) | 340000 | 351096 |
| Rackspace Finance LLC 3.5% 5/15/2028 (d) | 815325 | 297594 |
| SS&C Technologies Inc 5.5% 9/30/2027 (d) | 270000 | 270244 |
| SS&C Technologies Inc 6.5% 6/1/2032 (d) | 655000 | 681471 |
| UKG Inc 6.875% 2/1/2031 (d) | 945000 | 970716 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 3265000 | 3475451 |
|  |  | 15035772 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (d) | 755000 | 773781 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (d) | 930000 | 958705 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (d) | 345000 | 365851 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (d) | 415000 | 441212 |
|  |  | 2539549 |
| TOTAL INFORMATION TECHNOLOGY |  | 38717159 |
| Materials - 5.7% |  |  |
| Chemicals - 3.0% |  |  |
| Advancion Sciences Inc 9.25% 11/1/2026 pay-in-kind (d)(f) | 2843675 | 2481106 |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (d) | 890000 | 938608 |
| Axalta Coating Systems LLC 3.375% 2/15/2029 (d)(m) | 330000 | 317218 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (m) | 630000 | 633150 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (m) | 460000 | 457587 |
| Celanese US Holdings LLC 7% 2/15/2031  | 990000 | 1014070 |
| Celanese US Holdings LLC 7.375% 2/15/2034  | 825000 | 838176 |
| Chemours Co/The 4.625% 11/15/2029 (d)(m) | 2025000 | 1831063 |
| Chemours Co/The 5.75% 11/15/2028 (d) | 1705000 | 1658130 |
| CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (d) | 1029000 | 1031795 |
| Inversion Escrow Issuer LLC 6.75% 8/1/2032 (d) | 960000 | 956291 |
| LSB Industries Inc 6.25% 10/15/2028 (d) | 620000 | 619011 |
| Methanex US Operations Inc 6.25% 3/15/2032 (d)(m) | 635000 | 653841 |
| Olin Corp 6.625% 4/1/2033 (d)(m) | 790000 | 784050 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (d) | 740000 | 718329 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (d) | 330000 | 321117 |
| Olympus Water US Holding Corp 7.25% 2/15/2033 (d) | 1630000 | 1638055 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (d)(m) | 770000 | 787716 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (d) | 1510000 | 1510367 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (d) | 1340000 | 1345762 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (d) | 2635000 | 2508219 |
| WR Grace Holdings LLC 6.625% 8/15/2032 (d) | 795000 | 805152 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (d) | 295000 | 302089 |
|  |  | 24150902 |
| Construction Materials - 0.3% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (d) | 1525000 | 1587342 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (d) | 770000 | 823617 |
| VM Consolidated Inc 5.5% 4/15/2029 (d) | 400000 | 400100 |
|  |  | 2811059 |
| Containers & Packaging - 1.7% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (d) | 2540000 | 2391120 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6.25% 1/30/2031 (d) | 605000 | 618779 |
| Ball Corp 2.875% 8/15/2030  | 365000 | 337481 |
| Ball Corp 3.125% 9/15/2031  | 405000 | 372727 |
| Ball Corp 5.5% 9/15/2033  | 1195000 | 1218174 |
| Ball Corp 6% 6/15/2029  | 440000 | 452271 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (d) | 1460000 | 1485476 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (d) | 635000 | 652954 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (d)(m) | 1520000 | 1545352 |
| Crown Americas LLC / Crown Americas Capital Corp 5.875% 6/1/2033 (d)(m) | 1940000 | 1984230 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (d) | 1180000 | 1181007 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (d)(m) | 435000 | 411200 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (d)(m) | 1435000 | 1461794 |
|  |  | 14112565 |
| Metals & Mining - 0.7% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (d) | 300000 | 318751 |
| Alumina Pty Ltd 6.375% 9/15/2032 (d) | 2370000 | 2461068 |
| Cleveland-Cliffs Inc 6.875% 11/1/2029 (d)(m) | 400000 | 414285 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (d) | 560000 | 574000 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (d)(m) | 400000 | 416013 |
| Cleveland-Cliffs Inc 7.625% 1/15/2034 (d) | 400000 | 418008 |
| Commercial Metals Co 3.875% 2/15/2031  | 440000 | 417803 |
| Commercial Metals Co 4.125% 1/15/2030  | 575000 | 558316 |
| Commercial Metals Co 5.75% 11/15/2033 (d) | 410000 | 419238 |
|  |  | 5997482 |
| TOTAL MATERIALS |  | 47072008 |
| Real Estate - 1.5% |  |  |
| Diversified REITs - 0.4% |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (d) | 360000 | 334814 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (d) | 1870000 | 1795792 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (d) | 585000 | 576249 |
| Vornado Realty LP 3.4% 6/1/2031  | 885000 | 802924 |
|  |  | 3509779 |
| Health Care REITs - 0.3% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (d) | 800000 | 787628 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 232000 | 168685 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 1782000 | 1720311 |
|  |  | 2676624 |
| Hotel & Resort REITs - 0.2% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (d) | 820000 | 800716 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (d)(m) | 300000 | 307917 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (d)(m) | 840000 | 873210 |
|  |  | 1981843 |
| Real Estate Management & Development - 0.3% |  |  |
| Howard Hughes Corp/The 4.125% 2/1/2029 (d) | 555000 | 539328 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (d) | 455000 | 433201 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (d) | 562000 | 565388 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (d) | 650000 | 668780 |
|  |  | 2206697 |
| Specialized REITs - 0.3% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (d) | 365000 | 347939 |
| Iron Mountain Inc 6.25% 1/15/2033 (d) | 320000 | 322677 |
| Millrose Properties Inc 6.375% 8/1/2030 (d) | 950000 | 972063 |
| SBA Communications Corp 3.125% 2/1/2029  | 1077000 | 1030199 |
| SBA Communications Corp 3.875% 2/15/2027  | 167000 | 165742 |
|  |  | 2838620 |
| TOTAL REAL ESTATE |  | 13213563 |
| Utilities - 3.9% |  |  |
| Electric Utilities - 3.0% |  |  |
| American Electric Power Co Inc 5.8% 3/15/2056 (f) | 820000 | 814064 |
| American Electric Power Co Inc 6.05% 3/15/2056 (f) | 820000 | 805674 |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (d) | 170000 | 154517 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (d) | 1200000 | 1120666 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (d) | 585000 | 583725 |
| Edison International 7.875% 6/15/2054 (f) | 785000 | 824055 |
| Edison International 8.125% 6/15/2053 (f) | 230000 | 239320 |
| Hawaiian Electric Co Inc 6% 10/1/2033 (d) | 590000 | 598221 |
| NRG Energy Inc 3.625% 2/15/2031 (d) | 525000 | 490603 |
| NRG Energy Inc 5.25% 6/15/2029 (d) | 1405000 | 1408784 |
| NRG Energy Inc 5.75% 1/15/2034 (d) | 995000 | 1005348 |
| NRG Energy Inc 5.75% 7/15/2029 (d) | 1075000 | 1069738 |
| NRG Energy Inc 6% 1/15/2036 (d) | 2040000 | 2067016 |
| NRG Energy Inc 6.25% 11/1/2034 (d) | 1360000 | 1396740 |
| PG&E Corp 7.375% 3/15/2055 (f) | 2992000 | 3116141 |
| Sierra Pacific Power Co 6.2% 12/15/2055 (f) | 1615000 | 1600549 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (d) | 1480000 | 1461418 |
| Vistra Operations Co LLC 5% 7/31/2027 (d) | 167000 | 167384 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (d) | 1455000 | 1455632 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (d) | 1170000 | 1232502 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (d) | 670000 | 709649 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (d)(m) | 505000 | 517429 |
| XPLR Infrastructure Operating Partners LP 7.75% 4/15/2034 (d) | 955000 | 970559 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (d)(m) | 445000 | 467086 |
|  |  | 24276820 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| Alpha Generation LLC 6.25% 1/15/2034 (d) | 1215000 | 1225907 |
| Alpha Generation LLC 6.75% 10/15/2032 (d) | 1670000 | 1728767 |
| Sunnova Energy Corp 5.875% (c)(d)(h) | 2255000 | 5637 |
| Talen Energy Supply LLC 6.25% 2/1/2034 (d) | 1235000 | 1259594 |
| Talen Energy Supply LLC 6.5% 2/1/2036 (d) | 1650000 | 1706248 |
|  |  | 5926153 |
| Multi-Utilities - 0.2% |  |  |
| Sempra 6.375% 4/1/2056 (f) | 1600000 | 1633321 |
| TOTAL UTILITIES |  | 31836294 |
| TOTAL UNITED STATES |  | 545467535 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd 7.25% 2/15/2034 (d) | 445000 | 467831 |
| First Quantum Minerals Ltd 8% 3/1/2033 (d) | 855000 | 913095 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (d) | 260000 | 273406 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (d) | 1423000 | 1498419 |
| TOTAL ZAMBIA |  | 3152751 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $619,692,066) |  | <br> **625042985** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Compass Diversified Holdings Series C, 7.875%  | 4560 | 82764 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Strategy Inc 11% (j) | 22100 | 2183381 |
| TOTAL UNITED STATES |  | 2266145 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,089,758) |  | <br> **2266145** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 3.7%** | &nbsp;&nbsp;**Preferred Securities - 3.7%** | &nbsp;&nbsp;**Preferred Securities - 3.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA 6.875% (d)(f)(l) | 995000 | 1002493 |
| BNP Paribas SA 7.45% (d)(f)(l) | 1100000 | 1152064 |
| TOTAL FRANCE |  | 2154557 |
| UNITED KINGDOM - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Barclays PLC 7.625% (f)(l) | 1180000 | 1263276 |
| HSBC Holdings PLC 7.05% (f)(l) | 1545000 | 1614152 |
| TOTAL UNITED KINGDOM |  | 2877428 |
| UNITED STATES - 3.1%  |  |  |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Energy Transfer LP Series G, 7.125% (f)(l) | 1560000 | 1611183 |
| Mesquite Energy Inc 7.25% (c)(h)(l) | 5722000 | 572 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.2234% (f)(g)(l) | 2060000 | 2087961 |
| Sunoco LP 7.875% (d)(f)(l) | 2570000 | 2698800 |
| TOTAL ENERGY |  | 6398516 |
| Financials - 2.2% |  |  |
| Banks - 1.5% |  |  |
| Bank of America Corp 5.875% (f)(l)(m) | 1360000 | 1407097 |
| Bank of America Corp 6.25% (f)(l) | 1980000 | 2033628 |
| Citigroup Inc 6.625% (f)(l) | 1655000 | 1688588 |
| Citigroup Inc 6.75% (f)(l) | 555000 | 569735 |
| Citigroup Inc 6.875% (f)(l) | 2370000 | 2483490 |
| Citigroup Inc 6.95% (f)(l) | 395000 | 410741 |
| Citigroup Inc 7.125% (f)(l) | 1135000 | 1180477 |
| JPMorgan Chase & Co 6.5% (f)(l) | 1575000 | 1662194 |
| Wells Fargo & Co 7.625% (f)(l)(m) | 385000 | 412030 |
|  |  | 11847980 |
| Capital Markets - 0.3% |  |  |
| Charles Schwab Corp/The 4% (f)(l) | 870000 | 815215 |
| Goldman Sachs Group Inc/The 6.125% (f)(l) | 395000 | 403986 |
| Goldman Sachs Group Inc/The 6.85% (f)(l) | 1400000 | 1493407 |
|  |  | 2712608 |
| Consumer Finance - 0.4% |  |  |
| Ally Financial Inc 4.7% (f)(l)(m) | 2630000 | 2618387 |
| Ally Financial Inc 4.7% (f)(l)(m) | 1110000 | 1061789 |
|  |  | 3680176 |
| TOTAL FINANCIALS |  | 18240764 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Air Lease Corp 4.125% (f)(l) | 850000 | 831414 |
| TOTAL UNITED STATES |  | 25470694 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $33,736,114) |  | <br> **30502679** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (q) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Notes 3.75% 5/31/2030 <br>(Cost $1,600,580)<br>| 3.66 | 1595000 | **1598925** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (r) | 3.79 | 21264691 | 21268944 |
| Fidelity Securities Lending Cash Central Fund (r)(s) | 3.77 | 43533056 | 43537410 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $64,807,250) |  |  | **64806354** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.1%**<br> (Cost $839,232,657)<br>| <br>**858507929** |
| **NET OTHER ASSETS (LIABILITIES) - (4.1)%**  | **(33573840)** |
| **NET ASSETS - 100.0%** | **824934089** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |
| CBOT 5Y US Treasury Notes Contracts (United States) | 49 | 3/2026 | 5350953 | (13094) |
| The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. | The notional amount of long futures as a percentage of Net Assets is 0.6%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security.

(d) 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 $556,783,983 or 67.5% of net assets.

(e) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(h) Non-income producing - Security is in default.

(i) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(j) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(k) Zero coupon bond which is issued at a discount.

(l) Security is perpetual in nature with no stated maturity date.

(m) Security or a portion of the security is on loan at period end.

(n) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,646,045 or 1.3% of net assets.

(o) Affiliated fund.

(p) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $335,327 or 0.0% of net assets.

(q) 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.

(r) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(s) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 6/6/2022 - 12/31/2025 | 11310490 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9446852 | 295192522 | 283369880 | 765503 | 346 | (896) | 21268944 | 21264691 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 59502238 | 307456500 | 323421550 | 150733 | 222 | - | 43537410 | 43533056 | 0.1% |
| Total | 68949090 | 602649022 | 606791430 | 916236 | 568 | (896) | 64806354 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**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 fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 12874932 | 2118386 | 3773354 | 1688963 | (228052) | (156443) | 10646045 | 1146536 |
|  | 12874932 | 2118386 | 3773354 | 1688963 | (228052) | (156443) | 10646045 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 10646045 | - | 10646045 | - |
|  **Asset-Backed Securities** | 4053732 | - | 4053732 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 9013975 | - | 9013975 | - |
| Consumer Discretionary | 15512206 | - | 15512206 | - |
| Consumer Staples | 1186526 | - | 1186526 | - |
| Energy | 3573995 | - | 3573995 | - |
| Financials | 6546602 | - | 6546602 | - |
| Health Care | 6737758 | - | 6377051 | 360707 |
| Industrials | 1323552 | - | 1323552 | - |
| Information Technology | 16907277 | - | 16339903 | 567374 |
| Materials | 12619525 | - | 12619525 | - |
| Utilities | 1927482 | - | 1927482 | - |
|  **Commercial Mortgage Securities** | 1573613 | - | 1573613 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3365102 | 2232739 | - | 1132363 |
| Energy | 17913065 | 941850 | - | 16971215 |
| Health Care | 1145662 | 275010 | - | 870652 |
| Information Technology | 1394653 | 595650 | - | 799003 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 6974642 | - | 6974642 | - |
| Financials | 1807416 | - | 1807416 | - |
| Health Care | 1387872 | - | 1387872 | - |
| Information Technology | 6739632 | - | 6739632 | - |
| Utilities | 601146 | - | 601146 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 1339363 | - | - | 1339363 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 75965347 | - | 75965347 | - |
| Consumer Discretionary | 90782048 | - | 90782048 | - |
| Consumer Staples | 22726971 | - | 22726971 | - |
| Energy | 83691345 | - | 83691345 | - |
| Financials | 63747226 | - | 63747226 | - |
| Health Care | 49861378 | - | 49861378 | - |
| Industrials | 83879482 | - | 83879482 | - |
| Information Technology | 41312503 | - | 41312503 | - |
| Materials | 62660772 | - | 62660772 | - |
| Real Estate | 13213563 | - | 13213563 | - |
| Utilities | 37202350 | - | 37196713 | 5637 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 82764 | 82764 | - | - |
| Information Technology | 2183381 | 2183381 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 6398516 | - | 6397944 | 572 |
| Financials | 23272749 | - | 23272749 | - |
| Industrials | 831414 | - | 831414 | - |
|  **U.S. Treasury Obligations** | 1598925 | - | 1598925 | - |
|  **Money Market Funds** | 64806354 | 64806354 | - | - |
| **Total Investments in Securities:** | 858507929 | 71117748 | 765343295 | 22046886 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (13094) | (13094) | - | - |
| Total Liabilities | (13094) | (13094) | - | - |
| **Total Derivative Instruments:** | (13094) | (13094) | - | - |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Bank Loan Obligations** | 2798134 | 53478 | (136909) | 450884 | (2245469) | 7963 | - | - | 928081 | (116235) |
| **Common Stocks** | 9064288 | - | 9387442 | 1321503 | - | - | - | - | 19773233 | 9387442 |
| **Convertible Preferred Stocks** | - | - | 155373 | 1183990 | - | - | - | - | 1339363 | 155373 |
| **Preferred Securities** | - | - | (5279736) | 5280308 | - | - | - | - | 572 | (5279736) |
| **Non-Convertible Corporate Bonds** | 1342689 | (419436) | 3986980 | 384601 | (6742404) | (84289) | 1537496 | - | 5637 | (1403750) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | - | (13094) |
| **Total Interest Rate Risk**  | - | (13094) |
| **Total Value of Derivatives** | - | (13094) |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $41,879,884) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $763,259,193) | $783055530 |  |
| Fidelity Central Funds (cost $64,807,250) | 64806354 |  |
| Other affiliated issuers (cost $11,166,214) | 10646045 |  |
| Total Investment in Securities (cost $839,232,657) |  | $858507929 |
| Segregated cash with brokers for derivative instruments |  | 70000 |
| Cash |  | 89652 |
| Receivable for investments sold |  | 4264983 |
| Receivable for fund shares sold |  | 1005069 |
| Interest receivable |  | 11452942 |
| Distributions receivable from Fidelity Central Funds |  | 69201 |
| Prepaid expenses |  | 644 |
| Other receivables |  | 407 |
| **Total assets** |  | 875460827 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6190549 |  |
| Payable for fund shares redeemed | 234597 |  |
| Accrued management fee | 435570 |  |
| Distribution and service plan fees payable | 36914 |  |
| Payable for daily variation margin on futures contracts | 10719 |  |
| Other payables and accrued expenses | 81201 |  |
| Collateral on securities loaned | 43537188 |  |
| **Total liabilities** |  | 50526738 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $824934089 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $971775177 |
| Total accumulated earnings (loss) |  | (146841088) |
| **Net Assets** |  | $824934089 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($240,867,448 ÷ 49,339,194 shares) |  | $4.88 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($43,110,492 ÷ 8,901,961 shares) |  | $4.84 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($161,510,402 ÷ 35,065,515 shares) |  | $4.61 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($379,445,747 ÷ 78,454,665 shares) |  | $4.84 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $1250739 |
| Affiliated issuers |  | 1635566 |
| Interest  |  | 53591297 |
| Income from Fidelity Central Funds (including $150,733 from security lending)  |  | 916236 |
| **Total income** |  | 57393838 |
| **Expenses** |  |  |
| Management fee | $5115001 |  |
| Distribution and service plan fees | 425849 |  |
| Custodian fees and expenses | 16956 |  |
| Independent trustees' fees and expenses | 3098 |  |
| Audit fees | 94707 |  |
| Legal | 23615 |  |
| Interest | 4901 |  |
| Miscellaneous | 5603 |  |
| Total expenses before reductions | 5689730 |  |
| Expense reductions | (114108) |  |
| Total expenses after reductions |  | 5575622 |
| **Net Investment income (loss)** |  | 51818216 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 62777 |  |
| Fidelity Central Funds | 568 |  |
| Other affiliated issuers | (228052) |  |
| Foreign currency transactions | 8355 |  |
| Futures contracts | 50390 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 53397 |  |
| Total net realized gain (loss) |  | (52565) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 25570813 |  |
| Fidelity Central Funds  | (896) |  |
| Other affiliated issuers  | (156443) |  |
| Futures contracts | (13094) |  |
| Total change in net unrealized appreciation (depreciation) |  | 25400380 |
| **Net gain (loss)** |  | 25347815 |
| **Net increase (decrease) in net assets resulting from operations** |  | $77166031 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $51818216 | $50391196 |
| &nbsp;&nbsp;Net realized gain (loss) | (52565)<br>| (15918448)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 25400380 | 31098697<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 77166031<br>| 65571445<br>|
| Distributions to shareholders | (52658643)<br>| (46744062)<br>|
| Share transactions - net increase (decrease) | 22168686<br>| (10705545)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 46676074<br>| 8121838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 778258015 | 770136177<br>|
| &nbsp;&nbsp;End of period | $824934089 | $778258015 |

---

**Financial Highlights** 

**VIP High Income Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.72 | $4.60 | $4.41 | $5.25 | $5.31 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .326  | .313  | .281  | .251  | .245  |
| Net realized and unrealized gain (loss)  | .161  | .102  | .175  | (.842)  | (.016)  |
| Total from investment operations  | .487  | .415  | .456  | (.591)  | .229  |
| Distributions from net investment income  | (.327)  | (.295)  | (.266)  | (.249)  | (.289)  |
| Total distributions  | (.327)  | (.295)  | (.266)  | (.249)  | (.289)  |
| Net asset value, end of period  | $4.88 | $4.72 | $4.60 | $4.41 | $5.25 |
| **Total Return** C,D | 10.36% <br>| 8.97%  | 10.48%  | (11.37)%  | 4.41%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .65%  | .66%  | .68%  | .72%  | .67%  |
| Expenses net of fee waivers, if any  | .64% <br>| .65%  | .67%  | .71%  | .66%  |
| Expenses net of all reductions, if any  | .63%  | .64%  | .67%  | .71%  | .66%  |
| Net investment income (loss)  | 6.64%  | 6.55%  | 6.15%  | 5.22%  | 4.57%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $240867 | $229560 | $239269 | $235522 | $312771 |
| Portfolio turnover rate G | 81% <br>| 42%  | 48%  | 32%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.68 | $4.56 | $4.37 | $5.21 | $5.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .319  | .305  | .274  | .244  | .238  |
| Net realized and unrealized gain (loss)  | .162  | .095  | .179  | (.840)  | (.007)  |
| Total from investment operations  | .481  | .400  | .453  | (.596)  | .231  |
| Distributions from net investment income  | (.321)  | (.280)  | (.263)  | (.244)  | (.281)  |
| Total distributions  | (.321)  | (.280)  | (.263)  | (.244)  | (.281)  |
| Net asset value, end of period  | $4.84 | $4.68 | $4.56 | $4.37 | $5.21 |
| **Total Return** C,D | 10.32% <br>| 8.72%  | 10.50%  | (11.56)%  | 4.50%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .75%  | .75%  | .78%  | .81%  | .77%  |
| Expenses net of fee waivers, if any  | .74% <br>| .74%  | .77%  | .81%  | .76%  |
| Expenses net of all reductions, if any  | .73%  | .74%  | .77%  | .81%  | .76%  |
| Net investment income (loss)  | 6.54%  | 6.46%  | 6.05%  | 5.12%  | 4.47%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $43110 | $43831 | $64790 | $43707 | $53927 |
| Portfolio turnover rate G | 81% <br>| 42%  | 48%  | 32%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.47 | $4.38 | $4.21 | $5.03 | $5.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .297  | .286  | .257  | .228  | .222  |
| Net realized and unrealized gain (loss)  | .161  | .094  | .168  | (.809)  | (.009)  |
| Total from investment operations  | .458  | .380  | .425  | (.581)  | .213  |
| Distributions from net investment income  | (.318)  | (.290)  | (.255)  | (.239)  | (.273)  |
| Total distributions  | (.318)  | (.290)  | (.255)  | (.239)  | (.273)  |
| Net asset value, end of period  | $4.61 | $4.47 | $4.38 | $4.21 | $5.03 |
| **Total Return** C,D | 10.31% <br>| 8.62%  | 10.24%  | (11.67)%  | 4.29%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .90%  | .91%  | .93%  | .96%  | .92%  |
| Expenses net of fee waivers, if any  | .89% <br>| .90%  | .92%  | .96%  | .91%  |
| Expenses net of all reductions, if any  | .89%  | .90%  | .92%  | .96%  | .91%  |
| Net investment income (loss)  | 6.39%  | 6.30%  | 5.90%  | 4.97%  | 4.32%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $161510 | $156357 | $128067 | $127406 | $166773 |
| Portfolio turnover rate G | 81% <br>| 42%  | 48%  | 32%  | 66%  |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Calculated based on average shares outstanding during the period.*

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, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.68 | $4.56 | $4.38 | $5.22 | $5.27 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .321  | .309  | .278  | .248  | .242  |
| Net realized and unrealized gain (loss)  | .165  | .106  | .167  | (.840)  | (.004)  |
| Total from investment operations  | .486  | .415  | .445  | (.592)  | .238  |
| Distributions from net investment income  | (.326)  | (.295)  | (.265)  | (.248)  | (.288)  |
| Total distributions  | (.326)  | (.295)  | (.265)  | (.248)  | (.288)  |
| Net asset value, end of period  | $4.84 | $4.68 | $4.56 | $4.38 | $5.22 |
| **Total Return** C,D | 10.45% <br>| 9.05%  | 10.30%  | (11.46)%  | 4.63%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .69%  | .70%  | .71%  | .75%  | .70%  |
| Expenses net of fee waivers, if any  | .68% <br>| .69%  | .70%  | .75%  | .70%  |
| Expenses net of all reductions, if any  | .67%  | .68%  | .70%  | .75%  | .70%  |
| Net investment income (loss)  | 6.60%  | 6.51%  | 6.12%  | 5.19%  | 4.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $379446 | $348510 | $338010 | $336906 | $441896 |
| Portfolio turnover rate G | 81% <br>| 42%  | 48%  | 32%  | 66%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP High Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations, preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $928081  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Discounted cash flow  | Yield  | 10.6% | Decrease |
|  |  | Indicative market price  | Evaluated bid  | $80.00 | Increase |
| Common Stocks | $19773233  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 6.5 - 7.8 / 7.0 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% | Increase |
|  |  |  | Term  | 3.5 | Increase |
|  |  |  | Volatility  | 60.0% | Increase |
|  |  | Discounted cash flow  | Discount rate  | 8.6% - 25.0% / 8.6% | Decrease |
|  |  |  | Term  | 0.5 - 3.0 / 1.6 | Increase |
|  |  |  | Probability rate  | 5.0% - 30.0% / 18.0% | Increase |
| Convertible Preferred Stocks | $1339363  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 19.5 | Increase |
| Non-Convertible Corporate Bonds | $5637  | Indicative market price  | Evaluated bid  | $0.25  | Increase |
| Preferred Securities | $572  | Indicative market price  | Evaluated bid  | $0.01  | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, futures contracts, market discount, defaulted bonds, certain conversion ratio adjustments, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $49531739 |
| **Gross unrealized depreciation**  | <u>(23834058)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$25697681</u> |
| **Tax Cost**  | <u>$832810248</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(172538770)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$25697681</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(49840858) |
| Long-term | <u>(122697912)</u> |
| **Total capital loss carryforward** | <u>$(172538770)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $52658643 | $46744062 |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **VIP High Income Portfolio** | Fidelity Private Credit Company LLC | 1100010 |

---

**5. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures 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.

Derivatives were used to increase returns and 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

<br> Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**6. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP High Income Portfolio** | 599350132 | 595133488 |

---

**7. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

**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 Company LLC (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** | $43108 |
| **Service Class 2** | <u>382741</u> |
|  | <u>$425849</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP High Income Portfolio** | 129 |

---

**Interfund Lending Program.** 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 LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP High Income Portfolio**. | Borrower | 19274500 | 4.58% | 4901 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP High Income Portfolio** | - | 1213586 | 279744 |

---

**8. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP High Income Portfolio** | 1072 |

---

**9. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP High Income Portfolio** | 15360 | - | - |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2027. During the period, this waiver reduced the Fund's management fee by $97,082.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $17,026.

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP High Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $15648191 | $13658357 |
| Service Class | 2712306 | 2500065 |
| Service Class 2 | 10442188 | 9839737 |
| Investor Class | <u>23855958</u> | <u>20745903</u> |
| Total  | <u>$52658643</u> | <u>$46744062</u> |

---

**12. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP High Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 7350868 | 4541977 | $36580763 | $21979321 |
| Reinvestment of distributions  | 3220875 | 2870141 | 15647107 | 13658357 |
| Shares redeemed | <u>(9911280)</u> | <u>(10755831)</u> | <u>(48567365)</u> | <u>(52214040)</u> |
| Net increase (decrease) | <u>660463</u> | <u>(3343713)</u> | <u>$3660505</u> | <u>$(16576362)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 755983 | 940380 | $3686082 | $4560148 |
| Reinvestment of distributions  | 562971 | 529870 | 2712306 | 2500065 |
| Shares redeemed | <u>(1783599)</u> | <u>(6321936)</u> | <u>(8684946)</u> | <u>(30874434)</u> |
| Net increase (decrease) | <u>(464645)</u> | <u>(4851686)</u> | <u>$(2286558)</u> | <u>$(23814221)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 14463895 | 14991891 | $66617316 | $69337250 |
| Reinvestment of distributions  | 2280809 | 2181760 | 10442188 | 9839737 |
| Shares redeemed | <u>(16669368)</u> | <u>(11432312)</u> | <u>(75582438)</u> | <u>(51665017)</u> |
| Net increase (decrease) | <u>75336</u> | <u>5741339</u> | <u>$1477066</u> | <u>$27511970</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 10780945 | 5777065 | $52198541 | $27767030 |
| Reinvestment of distributions  | 4962166 | 4396178 | 23855958 | 20745500 |
| Shares redeemed | <u>(11824923)</u> | <u>(9692502)</u> | <u>(56736826)</u> | <u>(46339462)</u> |
| Net increase (decrease) | <u>3918188</u> | <u>480741</u> | <u>$19317673</u> | <u>$2173068</u> |

---

**13. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP High Income Portfolio**. | 50 | 1 | 10 |

---

**14. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP High Income Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP High Income Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 0.66% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $52,456,661 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123131_4.jpg)<br>

1.540029.128 VIPHI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Growth Portfolio**

**Annual Report**

**December 31, 2025**

![](img123133_1.jpg)

![](img123133_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPGRWT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth Portfolio](#Sub_Sec_Fund_212_VIPGRWT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements212_VIPGRWT-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPGRWT-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPGRWT-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGRWT-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGRWT-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGRWT-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGRWT-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Growth Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 5100 | 8395314 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 367100 | 102935839 |
| BRAZIL - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (d) | 4682 | 9430765 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (d) | 579971 | 9708715 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA ADR  | 1929000 | 25134870 |
| TOTAL BRAZIL |  | 44274350 |
| CANADA - 1.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (United States) (d) | 497700 | 80114769 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 372500 | 63149925 |
| Franco-Nevada Corp  | 267500 | 55448927 |
| TOTAL MATERIALS |  | 118598852 |
| TOTAL CANADA |  | 198713621 |
| CHINA - 1.0%  |  |  |
| Communication Services - 0.8% |  |  |
| Interactive Media & Services - 0.8% |  |  |
| Tencent Holdings Ltd  | 1168400 | 89667152 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Alibaba Group Holding Ltd ADR  | 140500 | 20594490 |
| TOTAL CHINA |  | 110261642 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Auto1 Group SE (d) | 1576700 | 50585203 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 20000 | 757400 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (b)(d) | 2212268 | 22 |
| KOREA (SOUTH) - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| SK Hynix Inc  | 245000 | 110902803 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE ADR (d) | 60347 | 50748810 |
| TAIWAN - 2.9%  |  |  |
| Information Technology - 2.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Chroma ATE Inc  | 305000 | 7539391 |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1069904 | 325133127 |
| TOTAL TAIWAN |  | 332672518 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (d) | 11300 | 5144664 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (d) | 59400 | 12773376 |
| UNITED STATES - 89.6%  |  |  |
| Communication Services - 12.6% |  |  |
| Entertainment - 2.1% |  |  |
| Live Nation Entertainment Inc (d) | 219800 | 31321500 |
| Netflix Inc (d) | 1997090 | 187247159 |
| ROBLOX Corp Class A (d) | 251174 | 20352629 |
| Spotify Technology SA (d) | 1400 | 812994 |
|  |  | 239734282 |
| Interactive Media & Services - 10.5% |  |  |
| Alphabet Inc Class A  | 2362776 | 739548888 |
| Epic Games Inc (b)(c)(d) | 5869 | 3815378 |
| Meta Platforms Inc Class A  | 706500 | 466353585 |
|  |  | 1209717851 |
| TOTAL COMMUNICATION SERVICES |  | 1449452133 |
| Consumer Discretionary - 10.5% |  |  |
| Automobiles - 2.4% |  |  |
| Tesla Inc (d) | 623143 | 280239870 |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (d) | 2547480 | 588009334 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (d) | 69600 | 12214800 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Airbnb Inc Class A (d) | 62600 | 8496072 |
| Hilton Worldwide Holdings Inc  | 205991 | 59170915 |
| Viking Holdings Ltd (d) | 999049 | 71342089 |
|  |  | 139009076 |
| Household Durables - 0.8% |  |  |
| Blu Homes Inc (b)(c)(d) | 14533890 | 4506 |
| DR Horton Inc (e) | 286307 | 41236797 |
| Lennar Corp Class A  | 45100 | 4636280 |
| SharkNinja Inc (d) | 380500 | 42577950 |
|  |  | 88455533 |
| Specialty Retail - 0.8% |  |  |
| AutoZone Inc (d) | 6000 | 20349000 |
| Lowe's Cos Inc  | 35700 | 8609412 |
| Ross Stores Inc  | 80600 | 14519284 |
| Williams-Sonoma Inc  | 279372 | 49893045 |
|  |  | 93370741 |
| TOTAL CONSUMER DISCRETIONARY |  | 1201299354 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Costco Wholesale Corp  | 91500 | 78904110 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 417100 | 43678712 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 322500 | 51729000 |
| TOTAL CONSUMER STAPLES |  | 174311822 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| APA Corp  | 825603 | 20194249 |
| Cheniere Energy Inc  | 126026 | 24498194 |
| EQT Corp  | 319900 | 17146640 |
| TOTAL ENERGY |  | 61839083 |
| Financials - 8.0% |  |  |
| Banks - 0.9% |  |  |
| Bank of America Corp  | 1797900 | 98884500 |
| US Bancorp  | 167100 | 8916456 |
|  |  | 107800956 |
| Capital Markets - 2.3% |  |  |
| Cboe Global Markets Inc  | 210000 | 52710000 |
| Charles Schwab Corp/The  | 588500 | 58797035 |
| Coinbase Global Inc Class A (d) | 92700 | 20963178 |
| Gemini Space Station Inc Class A (e) | 9500 | 94240 |
| Morgan Stanley  | 762003 | 135278393 |
| Wealthfront Corp (d) | 81600 | 1108944 |
|  |  | 268951790 |
| Consumer Finance - 0.6% |  |  |
| Capital One Financial Corp  | 275000 | 66648999 |
| Financial Services - 4.2% |  |  |
| Apollo Global Management Inc  | 519600 | 75217296 |
| Mastercard Inc Class A  | 707979 | 404171052 |
|  |  | 479388348 |
| TOTAL FINANCIALS |  | 922790093 |
| Health Care - 6.7% |  |  |
| Biotechnology - 2.0% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(d) | 1781700 | 17817 |
| Adamas Pharmaceuticals Inc rights (b)(d) | 1781700 | 18 |
| Alnylam Pharmaceuticals Inc (d) | 291824 | 116043814 |
| Blueprint Medicines Corp rights (b)(d) | 36400 | 0 |
| Cogent Biosciences Inc (d) | 288000 | 10229760 |
| Cytokinetics Inc (d) | 89000 | 5655060 |
| Gilead Sciences Inc  | 143800 | 17650012 |
| Insmed Inc (d) | 392445 | 68301128 |
| Legend Biotech Corp ADR (d) | 426557 | 9273349 |
| Moderna Inc (d) | 243000 | 7166070 |
|  |  | 234337028 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Edwards Lifesciences Corp (d) | 799200 | 68131800 |
| Insulet Corp (d) | 187900 | 53408696 |
| Medline Inc Class A  | 652100 | 27388200 |
| Penumbra Inc (d) | 130301 | 40511884 |
|  |  | 189440580 |
| Health Care Providers & Services - 0.3% |  |  |
| CVS Health Corp  | 449800 | 35696128 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (d) | 122500 | 27345675 |
| Pharmaceuticals - 2.5% |  |  |
| Crinetics Pharmaceuticals Inc (d) | 19700 | 917035 |
| Eli Lilly & Co  | 266587 | 286495717 |
|  |  | 287412752 |
| TOTAL HEALTH CARE |  | 774232163 |
| Industrials - 7.3% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Anduril Industries Inc Class B (b)(c) | 1299 | 59312 |
| Anduril Industries Inc Class C (b)(c) | 1 | 46 |
| Beta Technologies Inc Class A (d) | 61100 | 1723631 |
| Boeing Co (d) | 348288 | 75620291 |
| GE Aerospace  | 209400 | 64501482 |
|  |  | 141904762 |
| Air Freight & Logistics - 0.1% |  |  |
| CH Robinson Worldwide Inc  | 46800 | 7523568 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 227222 | 88434802 |
| Construction & Engineering - 0.5% |  |  |
| Dycom Industries Inc (d) | 106700 | 36053930 |
| EMCOR Group Inc  | 37300 | 22819767 |
|  |  | 58873697 |
| Electrical Equipment - 1.6% |  |  |
| GE Vernova Inc  | 189925 | 124129282 |
| Nextpower Inc Class A (d) | 708800 | 61743568 |
|  |  | 185872850 |
| Machinery - 2.0% |  |  |
| Cummins Inc  | 136771 | 69814757 |
| Deere & Co  | 71100 | 33102027 |
| Parker-Hannifin Corp  | 63300 | 55638168 |
| Westinghouse Air Brake Technologies Corp  | 333797 | 71248970 |
|  |  | 229803922 |
| Passenger Airlines - 0.1% |  |  |
| Delta Air Lines Inc  | 205800 | 14282520 |
| Trading Companies & Distributors - 1.0% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 311757 | 69800676 |
| United Rentals Inc  | 52532 | 42515198 |
|  |  | 112315874 |
| TOTAL INDUSTRIALS |  | 839011995 |
| Information Technology - 40.2% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc (d) | 187100 | 24515712 |
| Lumentum Holdings Inc (d) | 119500 | 44046505 |
|  |  | 68562217 |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Amphenol Corp Class A  | 894534 | 120887325 |
| Coherent Corp (d) | 345895 | 63841840 |
| Corning Inc  | 199700 | 17485732 |
|  |  | 202214897 |
| Semiconductors & Semiconductor Equipment - 19.9% |  |  |
| Advanced Micro Devices Inc (d) | 115500 | 24735480 |
| Broadcom Inc  | 1548176 | 535823714 |
| First Solar Inc (d) | 234700 | 61310681 |
| Lam Research Corp  | 161323 | 27615271 |
| Marvell Technology Inc  | 756200 | 64261876 |
| Micron Technology Inc  | 121700 | 34734397 |
| NVIDIA Corp  | 8153476 | 1520623274 |
| SiTime Corp (d) | 15600 | 5509764 |
|  |  | 2274614457 |
| Software - 12.4% |  |  |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 2365967 | 1372261 |
| Cadence Design Systems Inc (d) | 132800 | 41510624 |
| Datadog Inc Class A (d) | 372100 | 50601879 |
| Microsoft Corp  | 2354088 | 1138484039 |
| Oracle Corp  | 322602 | 62878356 |
| Palantir Technologies Inc Class A (d) | 368800 | 65554200 |
| Synopsys Inc (d) | 132100 | 62050012 |
| Via Transportation Inc Class A (d) | 11100 | 322010 |
|  |  | 1422773381 |
| Technology Hardware, Storage & Peripherals - 5.5% |  |  |
| Apple Inc  | 2316932 | 629881134 |
| TOTAL INFORMATION TECHNOLOGY |  | 4598046086 |
| Materials - 0.8% |  |  |
| Chemicals - 0.5% |  |  |
| Corteva Inc  | 606000 | 40620180 |
| Sherwin-Williams Co/The  | 62600 | 20284278 |
|  |  | 60904458 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 42400 | 12093328 |
| Metals & Mining - 0.2% |  |  |
| Alcoa Corp  | 345400 | 18354556 |
| TOTAL MATERIALS |  | 91352342 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 418300 | 32368054 |
| Real Estate Management & Development - 0.3% |  |  |
| Zillow Group Inc Class C (d) | 461800 | 31503996 |
| TOTAL REAL ESTATE |  | 63872050 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.7% |  |  |
| Constellation Energy Corp  | 54800 | 19359196 |
| NRG Energy Inc  | 363800 | 57931512 |
|  |  | 77290708 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 152000 | 24522160 |
| TOTAL UTILITIES |  | 101812868 |
| TOTAL UNITED STATES |  | 10278019989 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,030,115,062) |  | <br> **11306185551** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (b)(c)(f)<br>(Cost $1,940,200)<br>| 1940200 | **1251622** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 1016 | 1672478 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 184 | 302890 |
| TOTAL AUSTRALIA |  | 1975368 |
| UNITED STATES - 0.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 61700 | 735464 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 198400 | 378944 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 205955 | 9403905 |
| Anduril Industries Inc Series G (b)(c) | 12300 | 561618 |
|  |  | 9965523 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series H (b)(c) | 102700 | 5778340 |
| TOTAL INDUSTRIALS |  | 15743863 |
| Information Technology - 0.7% |  |  |
| IT Services - 0.3% |  |  |
| X.Ai Holdings Corp Series C (b)(c) | 356400 | 26893944 |
| Software - 0.4% |  |  |
| Anthropic PBC Series F (b)(c) | 44800 | 10451840 |
| Asapp Inc Series C (b)(c)(d) | 654971 | 700819 |
| Asapp Inc Series D (b)(c)(d) | 4123720 | 3505162 |
| Databricks Inc Series K (b)(c) | 42300 | 8037000 |
| OpenAI Group Pbc Series A-2 (b)(c) | 32535 | 15534812 |
|  |  | 38229633 |
| TOTAL INFORMATION TECHNOLOGY |  | 65123577 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 137249 | 1637381 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 171560 | 2046711 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 48240 | 575502 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 96064 | 1146044 |
| TOTAL MATERIALS |  | 5405638 |
| TOTAL UNITED STATES |  | 87387486 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $74,855,307) |  | <br> **89362854** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (b)(c)(f)<br>(Cost $2,538,700)<br>| 2538700 | **2375969** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 3.79 | 66969196 | 66982590 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 3.77 | 562474 | 562531 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $67,546,241) |  |  | **67545121** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $7,176,995,510)<br>| <br>**11466721117** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **8562122** |
| **NET ASSETS - 100.0%** | **11475283239** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $106,637,262 or 0.9% of net assets.

(d) Non-income producing.

(e) Security or a portion of the security is on loan at period end.

(f) Security is perpetual in nature with no stated maturity date.

(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/2024 | 787341 |
| Anduril Industries Inc Class B | 6/16/2025 | 53107 |
| Anduril Industries Inc Class C | 6/16/2025 | 40 |
| Anduril Industries Inc Series F | 8/7/2024 | 4476761 |
| Anduril Industries Inc Series G | 4/17/2025 | 502858 |
| Anthropic PBC Series F | 8/18/2025 | 6315348 |
| Asapp Inc Series C | 4/30/2021 | 4320909 |
| Asapp Inc Series D | 8/29/2023 | 15923746 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 2 |
| Blu Homes Inc | 5/21/2020 | 25137 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 8395314 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 1083728 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 196265 |
| Databricks Inc Series K | 9/8/2025 | 6345000 |
| ElevateBio LLC Series C | 3/9/2021 | 832288 |
| Epic Games Inc | 3/29/2021 | 5194065 |
| Illuminated Holdings Inc 15% | 6/14/2023 | 1940200 |
| Illuminated Holdings Inc 15% | 9/27/2023 | 2538700 |
| Illuminated Holdings Inc Series C2 | 7/7/2020 | 3431225 |
| Illuminated Holdings Inc Series C3 | 7/7/2020 | 5146800 |
| Illuminated Holdings Inc Series C4 | 1/8/2021 | 1736640 |
| Illuminated Holdings Inc Series C5 | 6/16/2021 | 4149965 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 6112033 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 7716060 |
| Zipline International Inc Series H | 12/3/2025 | 5778340 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 157994350 | 2097424422 | 2188430247 | 5555790 | (4814) | (1121) | 66982590 | 66969196 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 9880953 | 479121615 | 488439976 | 1273190 | (61) | - | 562531 | 562474 | 0.0% |
| Total | 167875303 | 2576546037 | 2676870223 | 6828980 | (4875) | (1121) | 67545121 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1539119285 | 1445636755 | 89667152 | 3815378 |
| Consumer Discretionary | 1294683188 | 1294678682 | - | 4506 |
| Consumer Staples | 174311822 | 174311822 | - | - |
| Energy | 61839083 | 61839083 | - | - |
| Financials | 933256208 | 933256208 | - | - |
| Health Care | 927916834 | 927898977 | - | 17857 |
| Industrials | 839011995 | 838952637 | - | 59358 |
| Information Technology | 5135276154 | 5014605776 | 110902803 | 9767575 |
| Materials | 235086064 | 235086064 | - | - |
| Real Estate | 63872050 | 63872050 | - | - |
| Utilities | 101812868 | 101812868 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 1251622 | - | - | 1251622 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 735464 | - | - | 735464 |
| Health Care | 378944 | - | - | 378944 |
| Industrials | 15743863 | - | - | 15743863 |
| Information Technology | 67098945 | - | - | 67098945 |
| Materials | 5405638 | - | - | 5405638 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 2375969 | - | - | 2375969 |
|  **Money Market Funds** | 67545121 | 67545121 | - | - |
| **Total Investments in Securities:** | 11466721117 | 11159496043 | 200569955 | 106655119 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $525,338) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,109,449,269) | $11399175996 |  |
| Fidelity Central Funds (cost $67,546,241) | 67545121 |  |
| Total Investment in Securities (cost $7,176,995,510) |  | $11466721117 |
| Cash |  | 237131 |
| Foreign currency held at value (cost $1,693,118) |  | 1690830 |
| Receivable for investments sold |  | 12983653 |
| Receivable for fund shares sold |  | 1713400 |
| Dividends receivable |  | 3063521 |
| Interest receivable |  | 562627 |
| Distributions receivable from Fidelity Central Funds |  | 233673 |
| Prepaid expenses |  | 9133 |
| Other receivables |  | 26987 |
| **Total assets** |  | 11487242072 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $186399 |  |
| Payable for fund shares redeemed | 5252458 |  |
| Accrued management fee | 5252157 |  |
| Distribution and service plan fees payable | 634902 |  |
| Other payables and accrued expenses | 91067 |  |
| Collateral on securities loaned | 541850 |  |
| **Total liabilities** |  | 11958833 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $11475283239 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7207794088 |
| Total accumulated earnings (loss) |  | 4267489151 |
| **Net Assets** |  | $11475283239 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,823,975,646 ÷ 59,588,806 shares) |  | $97.74 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,751,230,832 ÷ 18,132,986 shares) |  | $96.58 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,342,326,323 ÷ 25,214,486 shares) |  | $92.90 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,557,750,438 ÷ 16,143,235 shares) |  | $96.50 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $59539934 |
| Interest  |  | 294115 |
| Income from Fidelity Central Funds (including $1,273,190 from security lending)  |  | 6828980 |
| **Total income** |  | 66663029 |
| **Expenses** |  |  |
| Management fee | $61117552 |  |
| Distribution and service plan fees | 7467251 |  |
| Custodian fees and expenses | 56011 |  |
| Independent trustees' fees and expenses | 43220 |  |
| Audit fees | 123396 |  |
| Legal | 14233 |  |
| Interest | 4880 |  |
| Miscellaneous | 41387 |  |
| Total expenses before reductions | 68867930 |  |
| Expense reductions | (7398) |  |
| Total expenses after reductions |  | 68860532 |
| **Net Investment income (loss)** |  | (2197503) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,549)  | 1347175869 |  |
| Fidelity Central Funds | (4875) |  |
| Foreign currency transactions | (205310) |  |
| Total net realized gain (loss) |  | 1346965684 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 190659581 |  |
| Fidelity Central Funds  | (1121) |  |
| Assets and liabilities in foreign currencies | 14722 |  |
| Total change in net unrealized appreciation (depreciation) |  | 190673182 |
| **Net gain (loss)** |  | 1537638866 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1535441363 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(2197503) | $(12564516) |
| &nbsp;&nbsp;Net realized gain (loss) | 1346965684<br>| 2287642347<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 190673182 | 348236212<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1535441363<br>| 2623314043<br>|
| Distributions to shareholders | (1451958525)<br>| (2314983640)<br>|
| Distributions to shareholders from tax return of capital | (1381066)<br>| -<br>|
| **Total Distributions** | (1453339591)<br>| (2314983640)<br>|
| Share transactions - net increase (decrease) | 445984226<br>| 1839294188<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 528085998<br>| 2147624591<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10947197241 | 8799572650<br>|
| &nbsp;&nbsp;End of period | $11475283239 | $10947197241 |

---

**Financial Highlights** 

**VIP Growth Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $96.94 | $93.10 | $71.51 | $102.43 | $103.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | (.05)  | .10  | .20  | .37 C |
| Net realized and unrealized gain (loss)  | 14.46  | 28.89  | 25.61  | (24.46)  | 21.52  |
| Total from investment operations  | 14.51  | 28.84  | 25.71  | (24.26)  | 21.89  |
| Distributions from net investment income  | (.28)  | - D | (.11) E | (.51)  | -  |
| Distributions from net realized gain  | (13.40)  | (25.00)  | (4.01) E | (6.15)  | (22.46)  |
| Distributions from tax return of capital  | (.02) | - | - | - | - |
| Total distributions  | (13.71) F | (25.00)  | (4.12)  | (6.66)  | (22.46)  |
| Net asset value, end of period  | $97.74 | $96.94 | $93.10 | $71.51 | $102.43 |
| **Total Return** G,H | 14.92% <br>| 30.39%  | 36.24%  | (24.46)%  | 23.21%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |
| Expenses before reductions  | .55%  | .57%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .55% <br>| .56%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .55%  | .56%  | .60%  | .60%  | .60%  |
| Net investment income (loss)  | .06%  | (.04)%  | .12%  | .25%  | .36% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5823976 | $5543151 | $4627696 | $3612472 | $5103811 |
| Portfolio turnover rate K | 81% <br>| 58%  | 48%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.*

D*Amount represents less than $.005 per share.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $95.95 | $92.36 | $70.98 | $101.70 | $102.42 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.16)  | .02  | .12  | .27 C |
| Net realized and unrealized gain (loss)  | 14.28  | 28.66  | 25.40  | (24.28)  | 21.37  |
| Total from investment operations  | 14.24  | 28.50  | 25.42  | (24.16)  | 21.64  |
| Distributions from net investment income  | (.20)  | -  | (.03) D | (.42)  | -  |
| Distributions from net realized gain  | (13.40)  | (24.91)  | (4.01) D | (6.15)  | (22.36)  |
| Distributions from tax return of capital  | (.01) | - | - | - | - |
| Total distributions  | (13.61)  | (24.91)  | (4.04)  | (6.56) E | (22.36)  |
| Net asset value, end of period  | $96.58 | $95.95 | $92.36 | $70.98 | $101.70 |
| **Total Return** F,G | 14.80% <br>| 30.27%  | 36.09%  | (24.52)%  | 23.08%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .65%  | .67%  | .71%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .65% <br>| .66%  | .70%  | .70%  | .70%  |
| Expenses net of all reductions, if any  | .65%  | .66%  | .70%  | .70%  | .70%  |
| Net investment income (loss)  | (.04)%  | (.15)%  | .02%  | .15%  | .26% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1751231 | $1598804 | $1233245 | $878031 | $1176735 |
| Portfolio turnover rate J | 81% <br>| 58%  | 48%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $92.74 | $89.92 | $69.27 | $99.42 | $100.58 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.18)  | (.31)  | (.10)  | - C | .11 D |
| Net realized and unrealized gain (loss)  | 13.79  | 27.90  | 24.76  | (23.72)  | 20.95  |
| Total from investment operations  | 13.61  | 27.59  | 24.66  | (23.72)  | 21.06  |
| Distributions from net investment income  | (.05)  | -  | - E | (.28)  | -  |
| Distributions from net realized gain  | (13.40)  | (24.77)  | (4.01) E | (6.15)  | (22.22)  |
| Distributions from tax return of capital  | -C | - | - | - | - |
| Total distributions  | (13.45)  | (24.77)  | (4.01)  | (6.43)  | (22.22)  |
| Net asset value, end of period  | $92.90 | $92.74 | $89.92 | $69.27 | $99.42 |
| **Total Return** F,G | 14.63% <br>| 30.07%  | 35.89%  | (24.64)%  | 22.90%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .80%  | .82%  | .86%  | .86%  | .85%  |
| Expenses net of fee waivers, if any  | .80% <br>| .81%  | .85%  | .85%  | .85%  |
| Expenses net of all reductions, if any  | .80%  | .81%  | .85%  | .85%  | .85%  |
| Net investment income (loss)  | (.19)%  | (.30)%  | (.13)%  | -% J | .11% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2342326 | $2328041 | $1850474 | $1410220 | $1941161 |
| Portfolio turnover rate K | 81% <br>| 58%  | 48%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.29 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.18)%.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount represents less than .005%.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $95.87 | $92.30 | $70.94 | $101.65 | $102.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | (.13)  | .04  | .14  | .29 C |
| Net realized and unrealized gain (loss)  | 14.28  | 28.64  | 25.39  | (24.26)  | 21.37  |
| Total from investment operations  | 14.27  | 28.51  | 25.43  | (24.12)  | 21.66  |
| Distributions from net investment income  | (.22)  | -  | (.05) D | (.44)  | -  |
| Distributions from net realized gain  | (13.40)  | (24.94)  | (4.01) D | (6.15)  | (22.39)  |
| Distributions from tax return of capital  | (.01) | - | - | - | - |
| Total distributions  | (13.64) E | (24.94)  | (4.07) E | (6.59)  | (22.39)  |
| Net asset value, end of period  | $96.50 | $95.87 | $92.30 | $70.94 | $101.65 |
| **Total Return** F,G | 14.84% <br>| 30.30%  | 36.12%  | (24.50)%  | 23.12%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .62%  | .64%  | .68%  | .68%  | .68%  |
| Expenses net of fee waivers, if any  | .62% <br>| .64%  | .68%  | .68%  | .68%  |
| Expenses net of all reductions, if any  | .62%  | .64%  | .68%  | .68%  | .68%  |
| Net investment income (loss)  | (.02)%  | (.12)%  | .05%  | .17%  | .28% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1557750 | $1477202 | $1088157 | $753877 | $1010025 |
| Portfolio turnover rate J | 81% <br>| 58%  | 48%  | 36%  | 45%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.01)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Growth Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4577694590 |
| **Gross unrealized depreciation**  | <u>(297391697)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4280302893</u> |
| **Tax Cost**  | <u>$7186418224</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4280305608</u> |

---

The Fund intends to elect to defer to its next fiscal year $12,869,605 of capital losses recognized during the period November 1, 2025 to December 31, 2025. The Fund intends to elect to defer to the next fiscal year ordinary losses in the amount of $86,479 recognized during the period November 1, 2025 to December 31, 2025.

The tax character of distributions paid was as follows:

For the applicable period ended December 31, 2025, the Fund's distributions exceeded the aggregate amount of taxable income and net realized gains resulting in a return of capital for tax purposes. This was due to reductions in taxable income available for distribution after certain distributions had been made.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $39434081 | $70771188 |
| **Long-term Capital Gains**  | 1412524444 | 2244212452 |
| **Tax Return of Capital**  | <u>1381066</u>  | <u>-</u> |
| **Total**  | <u>$1453339591</u> | <u>$2314983640</u> |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **VIP Growth Portfolio** | Space Exploration Technologies Corp. Class A | 5427953 | - |
|  | Space Exploration Technologies Corp. Class C | 9391247 | - |

---

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Growth Portfolio** | 8794318572 | 9732909847 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .57 |
| **Service Class** | .57 |
| **Service Class 2** | .57 |
| **Investor Class** | .64 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .54 |
| **Service Class** | .54 |
| **Service Class 2** | .55 |
| **Investor Class** | .62 |

---

**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 Company LLC (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** | $1647509 |
| **Service Class 2** | <u>5819742</u> |
|  | <u>$7467251</u> |

---

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Growth Portfolio** | $24482 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Portfolio** | 142622 |

---

**Interfund Lending Program.** 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 LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Growth Portfolio** | Borrower | 7999600 | 4.39% | 4880 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Growth Portfolio** | 680976154 | 685422190 | 141354644 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Portfolio** | 14766 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Growth Portfolio** | 128224 | 12422 | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7,398.

**Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $730032417 | $1165932137 |
| Service Class | 218983350 | 334968394 |
| Service Class 2 | 305350797 | 504573004 |
| Investor Class | 197591961 | 309510105 |
| Total  | <u>$1451958525</u> | <u>$2314983640</u> |
| **Tax Return of Capital** |  |  |
| Initial Class | $925863 | $- |
| Service Class | 195461 | - |
| Service Class 2 | 64887 | - |
| Investor Class | 194855 | - |
| Total  | <u>$1381066</u> | <u>$</u> <u>-</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 3184346 | 2176081 | $320990549 | $238099627 |
| Reinvestment of distributions  | 7379523 | 11611911 | 730958280 | 1165932136 |
| Shares redeemed | <u>(8155649)</u> | <u>(6314180)</u> | <u>(814483222)</u> | <u>(685462274)</u> |
| Net increase (decrease) | <u>2408220</u> | <u>7473812</u> | <u>$237465607</u> | <u>$718569489</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 1605716 | 1730095 | $157722624 | $181465664 |
| Reinvestment of distributions  | 2238974 | 3370407 | 219178811 | 334968394 |
| Shares redeemed | <u>(2375008)</u> | <u>(1789922)</u> | <u>(236317746)</u> | <u>(192197635)</u> |
| Net increase (decrease) | <u>1469682</u> | <u>3310580</u> | <u>$140583689</u> | <u>$324236423</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1991234 | 2591752 | $183709717 | $275791457 |
| Reinvestment of distributions  | 3241871 | 5250108 | 305415684 | 504573004 |
| Shares redeemed | <u>(5121667)</u> | <u>(3316919)</u> | <u>(491821742)</u> | <u>(345338627)</u> |
| Net increase (decrease) | <u>111438</u> | <u>4524941</u> | <u>$(2696341)</u> | <u>$435025834</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 638158 | 1561593 | $61398753 | $167294891 |
| Reinvestment of distributions  | 2022073 | 3116864 | 197786816 | 309510105 |
| Shares redeemed | <u>(1925258)</u> | <u>(1059460)</u> | <u>(188554298)</u> | <u>(115342554)</u> |
| Net increase (decrease) | <u>734973</u> | <u>3618997</u> | <u>$70631271</u> | <u>$361462442</u> |

---

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Growth Portfolio | 21 | 2 | 39 |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP Growth Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Growth Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025 $1,284,359,510, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class, Service Class, Service Class 2, and Investor Class designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123133_4.jpg)<br>

1.540077.128 VIPGRWT-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Floating Rate High Income Portfolio**

**Annual Report**

**December 31, 2025**

![](img123140_1.jpg)

![](img123140_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPFHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Floating Rate High Income Portfolio](#Sub_Sec_Fund_2638_VIPFHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2638_VIPFHI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPFHI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPFHI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPFHI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPFHI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPFHI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPFHI-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Floating Rate High Income Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 0.7%** | &nbsp;&nbsp;**Alternative Funds - 0.7%** | &nbsp;&nbsp;**Alternative Funds - 0.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (c)(o)<br>(Cost $2,896,378)<br>| 296540 | **2753494** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.5844% 7/20/2037 (g)(h)(n) | 250000 | 250833 |
| GoldenTree Loan Management US CLO 21 Ltd Series 2024-21A Class DJ, CME Term SOFR 3 month Index + 4.25%, 8.1344% 7/20/2037 (g)(h)(n) | 250000 | 252512 |
| TOTAL BAILIWICK OF JERSEY |  | 503345 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.3%  |  |  |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 6.9045% 3/30/2038 (g)(h)(n) | 125000 | 125096 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 6.6074% 4/22/2038 (g)(h)(n) | 150000 | 150450 |
| Brant Point Clo Ltd Series 2025-8A Class D1, CME Term SOFR 3 month Index + 2.85%, 6.8119% 3/31/2038 (g)(h)(n) | 100000 | 99602 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 7.6316% 1/17/2038 (g)(h)(n) | 100000 | 100031 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.1545% 4/15/2038 (g)(h)(n) | 200000 | 201407 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.389% 2/20/2038 (g)(h)(n) | 175000 | 175270 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.0445% 2/15/2038 (g)(h)(n) | 100000 | 98931 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class D, CME Term SOFR 3 month Index + 5.4%, 9.265% 8/8/2032 (g)(h)(n) | 250000 | 248424 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 9.9045% 10/15/2039 (g)(h)(n) | 125000 | 127673 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1326884 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $1,825,000) |  | <br> **1830229** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 90.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 90.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 90.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 1.3%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Automobiles - 0.1% |  |  |
| Bombardier Recreational Products Inc Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 12/13/2029 (f)(g)(h) | 183638 | 184327 |
| Bombardier Recreational Products Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 1/22/2031 (f)(g)(h) | 86786 | 87028 |
|  |  | 271355 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| 1011778 BC ULC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 9/20/2030 (f)(g)(h) | 1289549 | 1289949 |
| Four Seasons Hotels Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 9/22/2032 (f)(g)(h) | 849547 | 853913 |
|  |  | 2143862 |
| TOTAL CONSUMER DISCRETIONARY |  | 2415217 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 7/8/2031 (f)(g)(h) | 538512 | 347744 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Jones Deslauriers Insurance Management Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5904% 3/15/2030 (f)(g)(h) | 842354 | 842354 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| VetStrategy Canada Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4219% 12/12/2028 (f)(g)(h) | 938214 | 942671 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Air Canada Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 3/21/2031 (f)(g)(h) | 294750 | 296224 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Groupe Solmax Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.6359% 5/29/2028 (f)(g)(h) | 637501 | 523153 |
| TOTAL CANADA |  | 5367363 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Genmab A/S Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.733% 12/12/2032 (f)(g)(h) | 1005000 | 1009402 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom-Munksjo Oyj 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.9336% 2/4/2028 (f)(g)(h) | 160175 | 160909 |
| FRANCE - 0.9%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 1 month Index + 6.875%, 10.8603% 5/31/2031 (f)(g)(h) | 3772284 | 3766776 |
| GERMANY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.9471% 4/30/2030 (f)(g)(h) | 706979 | 710987 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Azorra Soar Tlb Finance Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4732% 10/18/2029 (f)(g)(h) | 464884 | 466822 |
| HONG KONG - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Diversified Consumer Services - 0.2% |  |  |
| Fugue Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.5724% 1/9/2032 (f)(g)(h) | 640245 | 641846 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| BYJU's Alpha Inc Tranche B 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (f)(g)(h)(i) | 438921 | 24142 |
| BYJU's Alpha Inc Tranche BRIDGE TERM LOAN 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.1634% 4/9/2026 (b)(f)(g)(h) | 2522 | 2395 |
| BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 11.6719% 4/9/2026 (b)(f)(g)(h) | 10303 | 9787 |
| BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 11.6719% 4/9/2026 (b)(f)(g)(h)(k) | 7859 | 7466 |
| BYJU's Alpha Inc Tranche Prepetition Reimbursement TL 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.1634% 4/9/2026 (b)(f)(g)(h) | 11641 | 11058 |
| TOTAL INDIA |  | 54848 |
| IRELAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Financing BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 6/4/2032 (f)(g)(h) | 253725 | 253725 |
| LUXEMBOURG - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Accelya Lux Finco Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 8.9219% 10/1/2032 (f)(g)(h) | 750000 | 743438 |
| SK Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 0% (f)(g)(h)(i) | 330781 | 6615 |
| TOTAL FINANCIALS |  | 750053 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Klockner Pentaplast of America Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 8/7/2026 (f)(g)(h) | 197505 | 175163 |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 0% (f)(g)(h)(i) | 477602 | 77214 |
| Klockner Pentaplast of America Inc Tranche DIP ROLLUP, term loan CME Term SOFR 3 month Index + 3%, 6.7837% 7/27/2026 (f)(g)(h) | 315238 | 279579 |
| TOTAL MATERIALS |  | 531956 |
| TOTAL LUXEMBOURG |  | 1282009 |
| NETHERLANDS - 0.6%  |  |  |
| Industrials - 0.3% |  |  |
| Building Products - 0.3% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.6719% 1/17/2032 (f)(g)(h) | 1143129 | 1147416 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Cyberswift BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.9371% 10/8/2032 (f)(g)(h) | 185000 | 184480 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Nouryon Finance BV Tranche B-1 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0358% 4/3/2028 (f)(g)(h) | 585312 | 584827 |
| Nouryon Finance BV Tranche B-2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1615% 4/3/2028 (f)(g)(h) | 210725 | 210527 |
| TOTAL MATERIALS |  | 795354 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.9336% 8/30/2028 (f)(g)(h) | 613535 | 279925 |
| TOTAL NETHERLANDS |  | 2407175 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Coral-US Co-Borrower LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1545% 1/31/2032 (f)(g)(h) | 440000 | 431420 |
| SWEDEN - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Anticimex Global AB Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.91% 11/17/2031 (f)(g)(h) | 897480 | 900846 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 11/15/2030 (f)(g)(h) | 1159350 | 944383 |
| UNITED KINGDOM - 2.7%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.3429% 12/2/2031 (f)(g)(h) | 3375985 | 3323657 |
| Consumer Discretionary - 1.1% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.9336% 7/18/2030 (f)(g)(h) | 1965459 | 1961154 |
| Entain Holdings Gibraltar Ltd Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9219% 7/31/2032 (f)(g)(h) | 191520 | 189871 |
| Entain Holdings Gibraltar Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2515% 10/31/2029 (f)(g)(h) | 935565 | 929138 |
| Flutter Entertainment PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4219% 11/30/2030 (f)(g)(h) | 1583682 | 1581038 |
| TOTAL CONSUMER DISCRETIONARY |  | 4661201 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Boots Group Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2063% 8/30/2032 (f)(g)(h) | 420000 | 421924 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| EG America LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.3224% 2/7/2028 (f)(g)(h) | 2093538 | 2099651 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Loire Finco Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 1/21/2030 (f)(g)(h) | 312643 | 312174 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| HomeServe USA Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7339% 10/21/2030 (f)(g)(h) | 426614 | 426883 |
| Construction & Engineering - 0.1% |  |  |
| Red SPV LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9839% 3/15/2032 (f)(g)(h) | 353225 | 353077 |
| TOTAL INDUSTRIALS |  | 779960 |
| TOTAL UNITED KINGDOM |  | 11598567 |
| UNITED STATES - 83.5%  |  |  |
| Communication Services - 5.6% |  |  |
| Diversified Telecommunication Services - 1.8% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 18.3767% 3/25/2026 (f)(g)(h) | 546043 | 359706 |
| Aventiv Technologies LLC 2LN, term loan CME Term SOFR 3 month Index + 8.65%, 0% (f)(g)(h)(i) | 879720 | 6598 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 13.9562% 3/25/2026 (b)(f)(g)(h) | 36030 | 37681 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 1 month Index + 10%, 14.1552% 3/25/2026 (f)(g)(h) | 348935 | 364927 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 11.4336% 3/25/2026 (b)(f)(g)(h) | 14567 | 14567 |
| Level 3 Financing Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1142% 3/29/2032 (f)(g)(h) | 1765000 | 1768971 |
| Lumen Technologies Inc Tranche A 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.7161% 6/1/2028 (f)(g)(h) | 1147013 | 1151108 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.1806% 4/16/2029 (f)(g)(h) | 1112128 | 1105177 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.1806% 4/15/2030 (f)(g)(h) | 1960510 | 1947160 |
| Windstream Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 10/6/2032 (f)(g)(h) | 900000 | 902250 |
|  |  | 7658145 |
| Entertainment - 0.8% |  |  |
| Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.3219% 2/10/2027 (f)(g)(h) | 942336 | 656884 |
| AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.3306% 9/1/2027 (f)(g)(h) | 987113 | 984892 |
| AP Core Holdings II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.3306% 9/1/2027 (f)(g)(h) | 850000 | 848028 |
| ECL Entertainment LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 8/30/2030 (f)(g)(h) | 276092 | 275057 |
| Live Nation Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7339% 10/21/2032 (f)(g)(h) | 250000 | 250000 |
| Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.0806% 8/7/2028 (f)(g)(h) | 408661 | 410704 |
|  |  | 3425565 |
| Interactive Media & Services - 0.1% |  |  |
| TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 7/8/2031 (f)(g)(h) | 380509 | 365763 |
| Media - 2.4% |  |  |
| Acosta Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.2194% 8/21/2031 (f)(g)(h) | 254007 | 248081 |
| Advantage Sales & Marketing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.4458% 10/28/2027 (f)(g)(h) | 635615 | 526289 |
| Charter Comm Operating LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.9853% 12/7/2030 (f)(g)(h) | 220500 | 220224 |
| Charter Comm Operating LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.2353% 12/15/2031 (f)(g)(h) | 1940154 | 1941241 |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2719% 6/18/2029 (f)(g)(h) | 2398140 | 2231518 |
| Dotdash Meredith Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3727% 6/16/2032 (f)(g)(h) | 675000 | 612684 |
| Gray Media Inc Tranche D 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.9872% 12/1/2028 (f)(g)(h) | 221300 | 221324 |
| Nexstar Media Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 6/28/2032 (f)(g)(h) | 817950 | 821328 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 7.9161% 12/31/2030 (f)(g)(h) | 374973 | 339163 |
| Townsquare Media Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.8779% 2/19/2030 (f)(g)(h) | 230557 | 160814 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3306% 1/31/2029 (f)(g)(h) | 1811178 | 1804948 |
| Versant Media Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 10/23/2030 (f)(g)(h)(j) | 585000 | 584637 |
| Virgin Media Bristol LLC Tranche Y 1LN, term loan CME Term SOFR 6 month Index + 3.175%, 7.0523% 3/31/2031 (f)(g)(h) | 483534 | 478423 |
|  |  | 10190674 |
| Wireless Telecommunication Services - 0.5% |  |  |
| Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 1/30/2031 (f)(g)(h) | 1587554 | 1597873 |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.47% 1/25/2031 (f)(g)(h) | 439927 | 441528 |
|  |  | 2039401 |
| TOTAL COMMUNICATION SERVICES |  | 23679548 |
| Consumer Discretionary - 15.6% |  |  |
| Automobile Components - 1.1% |  |  |
| American Axle & Manufacturing Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 2/24/2032 (f)(g)(h)(j) | 435000 | 434817 |
| American Trailer World Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5661% 3/3/2028 (f)(g)(h) | 879171 | 778155 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 5/6/2030 (f)(g)(h) | 592515 | 592592 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 1/28/2032 (f)(g)(h) | 1665825 | 1672072 |
| LCI Industries Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 3/25/2032 (f)(g)(h) | 466481 | 468813 |
| Novae LLC/IN 1LN, term loan CME Term SOFR 3 month Index + 5%, 8.8219% 12/22/2028 (f)(g)(h) | 564670 | 522320 |
| Power Stop LLC 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5475% 1/26/2029 (f)(g)(h) | 381195 | 316392 |
|  |  | 4785161 |
| Automobiles - 0.5% |  |  |
| CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3306% 6/3/2028 (f)(g)(h) | 955728 | 932437 |
| HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 0% 4/18/2030 (f)(g)(h)(j) | 495000 | 495000 |
| HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9219% 4/18/2030 (f)(g)(h) | 533667 | 533668 |
|  |  | 1961105 |
| Broadline Retail - 2.7% |  |  |
| CNT Holdings I Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 11/8/2032 (f)(g)(h) | 833012 | 834619 |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/23/2032 (f)(g)(h) | 10755333 | 10809110 |
|  |  | 11643729 |
| Distributors - 0.6% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 12/11/2030 (f)(g)(h) | 731696 | 722858 |
| Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 5/24/2032 (f)(g)(h) | 875000 | 869374 |
| Windsor Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 8/1/2030 (f)(g)(h) | 825693 | 826882 |
|  |  | 2419114 |
| Diversified Consumer Services - 1.2% |  |  |
| AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.8614% 7/31/2028 (f)(g)(h) | 2336328 | 2340604 |
| KUEHG Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 6/12/2030 (f)(g)(h) | 62032 | 60082 |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.0217% 3/4/2028 (f)(g)(h) | 3290902 | 2529881 |
|  |  | 4930567 |
| Hotels, Restaurants & Leisure - 6.3% |  |  |
| 19th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1337% 2/7/2029 (f)(g)(h) | 872299 | 877751 |
| Arcis Golf LLC 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 11/24/2028 (f)(g)(h) | 422419 | 422947 |
| Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/6/2030 (f)(g)(h) | 1812843 | 1796528 |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/6/2031 (f)(g)(h) | 1691496 | 1674581 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.125% 11/1/2031 (f)(g)(h) | 1641291 | 1459207 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.125% 6/29/2029 (f)(g)(h) | 494620 | 453967 |
| Eagle Parent Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9219% 4/2/2029 (f)(g)(h) | 808212 | 808932 |
| Fertitta Entertainment LLC/NV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 1/29/2029 (f)(g)(h) | 5430291 | 5427522 |
| Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2161% 2/12/2029 (f)(g)(h) | 309488 | 309797 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 1/28/2032 (f)(g)(h) | 956921 | 960060 |
| Golden Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 5/26/2030 (f)(g)(h) | 825938 | 825938 |
| Golden State Foods LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 12/4/2031 (f)(g)(h) | 499481 | 501923 |
| Herschend Entertainment Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 5/27/2032 (f)(g)(h) | 313425 | 315384 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 1/17/2031 (f)(g)(h) | 779761 | 775425 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 8/2/2028 (f)(g)(h) | 1103399 | 1105882 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4774% 11/8/2030 (f)(g)(h) | 435000 | 437453 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1975% 10/31/2031 (f)(g)(h) | 895046 | 871551 |
| J&J Ventures Gaming LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 4/26/2030 (f)(g)(h) | 954197 | 946296 |
| Life Time Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7837% 11/5/2031 (f)(g)(h) | 784085 | 786539 |
| Marriott Ownership Resorts Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 4/1/2031 (f)(g)(h) | 423693 | 423693 |
| PCI Gaming Authority Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 7/18/2031 (f)(g)(h) | 266837 | 267134 |
| Sgh2 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.1719% 8/18/2032 (f)(g)(h) | 359100 | 359998 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7161% 7/2/2032 (f)(g)(h) | 354870 | 332098 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5% 7/2/2032 (f)(g)(h)(k) | 15130 | 14159 |
| Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 3/14/2031 (f)(g)(h) | 1312183 | 1315634 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.102% 12/30/2026 (f)(g)(h) | 1520037 | 1459874 |
| United PF Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2027 (f)(g)(h) | 110000 | 82499 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 12.602% 12/30/2026 (f)(g)(h) | 248324 | 239633 |
| Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 8/3/2028 (f)(g)(h) | 1137189 | 1139873 |
| Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.0904% 9/3/2029 (f)(g)(h) | 453299 | 331361 |
|  |  | 26723639 |
| Household Durables - 0.5% |  |  |
| Madison Safety & Flow LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2274% 9/26/2031 (f)(g)(h) | 161198 | 162172 |
| Somnigroup International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.91% 10/24/2031 (f)(g)(h) | 1014835 | 1020751 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 10/1/2032 (f)(g)(h) | 810000 | 810405 |
|  |  | 1993328 |
| Specialty Retail - 2.5% |  |  |
| Academy Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7372% 11/5/2027 (f)(g)(h) | 155460 | 155459 |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1196% 10/16/2031 (f)(g)(h) | 1208642 | 1214685 |
| Empire Today LLC Tranche EXCH 1ST OUT TLB 1LN, term loan 9.602% 8/3/2029 (f)(h) | 62799 | 35795 |
| Empire Today LLC Tranche EXCH FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.102% 8/3/2029 (b)(f)(g)(h) | 382026 | 9550 |
| Empire Today LLC Tranche NEW $1ST OUT TLA 1LN, term loan 9.602% 8/3/2029 (f)(h) | 119174 | 67929 |
| Johnstone Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2302% 6/9/2031 (f)(g)(h) | 567813 | 570572 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5839% 6/6/2031 (f)(g)(h) | 462932 | 433466 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7339% 6/6/2031 (f)(g)(h) | 613463 | 612236 |
| Needle Holdings LLC Tranche EXIT 1LN, term loan CME Term SOFR 3 month Index + 9.5%, 0% (b)(f)(g)(h)(i) | 10338 | 8039 |
| Park River Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.4853% 3/15/2031 (f)(g)(h) | 640000 | 643066 |
| Peer USA LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9219% 9/29/2032 (f)(g)(h) | 525000 | 525436 |
| RH Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3306% 10/20/2028 (f)(g)(h) | 673692 | 663587 |
| RH Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0661% 10/20/2028 (f)(g)(h) | 662365 | 656848 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7404% 2/8/2028 (f)(g)(h) | 1062803 | 1021768 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 9.6038% 9/4/2029 (f)(g)(h) | 1860352 | 1762386 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0806% 4/17/2028 (f)(g)(h) | 601614 | 601614 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 1/30/2031 (f)(g)(h) | 444385 | 444621 |
| White Cap Supply Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 10/31/2029 (f)(g)(h) | 1280532 | 1285436 |
|  |  | 10712493 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Varsity Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6719% 8/26/2031 (f)(g)(h) | 810925 | 813463 |
| TOTAL CONSUMER DISCRETIONARY |  | 65982599 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 0.7% |  |  |
| Celsius Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 4/1/2032 (f)(g)(h) | 453863 | 456359 |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.0219% 1/24/2029 (f)(g)(h) | 733315 | 482154 |
| Naked Juice LLC Tranche EXCH FLTO FL30 PIK 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.7719% 1/24/2030 (f)(g)(h) | 99201 | 25214 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1719% 1/24/2029 (f)(g)(h) | 529573 | 525766 |
| Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9219% 3/31/2028 (f)(g)(h) | 1397593 | 1400975 |
|  |  | 2890468 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| BJ's Wholesale Club Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.8789% 2/5/2029 (f)(g)(h) | 217778 | 218686 |
| C&S Wholesale Grocers Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.6719% 9/20/2030 (f)(g)(h) | 643388 | 627303 |
| Cardenas Merger Sub LLC 1LN, term loan CME Term SOFR 3 month Index + 6.75%, 10.5219% 8/1/2029 (f)(g)(h) | 1105643 | 850283 |
| Froneri US Inc Tranche B-4 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 6.4471% 9/30/2031 (f)(g)(h) | 275777 | 275468 |
| JP Intermediate B LLC Tranche TAKEBK TL A 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.1719% 3/31/2031 (b)(f)(g)(h) | 131857 | 101200 |
| JP Intermediate B LLC Tranche NEW $1ST L TL 1LN, term loan CME Term SOFR 1 month Index + 7%, 10.6719% 9/30/2030 (b)(f)(g)(h) | 35073 | 35073 |
| Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1855% 4/1/2029 (f)(g)(h) | 651006 | 641078 |
|  |  | 2749091 |
| Food Products - 1.1% |  |  |
| Aspire Bakeries Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2214% 12/23/2030 (f)(g)(h) | 484259 | 485774 |
| Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 10/28/2032 (f)(g)(h) | 880000 | 883521 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 0% (f)(g)(h)(i) | 1044620 | 31339 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 0% (f)(g)(h)(i) | 166821 | 76738 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% (f)(g)(h)(i) | 154665 | 71146 |
| Del Monte Foods Corp II Inc Tranche TLA DIP, term loan CME Term SOFR 3 month Index + 9.5%, 13.3501% 3/30/2026 (f)(g)(h) | 622002 | 590902 |
| Del Monte Foods Corp II Inc Tranche TLB DIP ROLLUP, term loan CME Term SOFR 3 month Index + 9.5%, 13.3413% 3/30/2026 (b)(f)(g)(h) | 821821 | 665675 |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/12/2031 (f)(g)(h) | 799008 | 797922 |
| Nourish Buyer I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2501% 7/12/2032 (f)(g)(h) | 857850 | 861607 |
|  |  | 4464624 |
| Personal Care Products - 0.1% |  |  |
| Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5806% 5/17/2028 (f)(g)(h) | 445929 | 228539 |
| Olaplex Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.4224% 2/23/2029 (f)(g)(h) | 175446 | 170226 |
|  |  | 398765 |
| TOTAL CONSUMER STAPLES |  | 10502948 |
| Energy - 2.0% |  |  |
| Oil, Gas & Consumable Fuels - 2.0% |  |  |
| Apro LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6774% 7/9/2031 (f)(g)(h) | 622125 | 624651 |
| BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3306% 3/31/2028 (f)(g)(h) | 410650 | 409283 |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6719% 12/31/2030 (f)(g)(h) | 1776238 | 1781318 |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 12/30/2027 (f)(g)(h) | 192923 | 193082 |
| Delek US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3161% 11/19/2029 (f)(g)(h) | 640322 | 640053 |
| EMG Utica Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 4/1/2030 (f)(g)(h) | 441752 | 446170 |
| Hamilton Projects Acquiror LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 5/30/2031 (f)(g)(h) | 373208 | 375331 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (f)(g)(h) | 3317602 | 1353582 |
| Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9547% 2/28/2030 (f)(g)(h) | 1489498 | 1493848 |
| Prairie Acquiror LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 8/1/2029 (f)(g)(h) | 255476 | 256699 |
| Stonepeak Bayou Holdings LP 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 10/1/2032 (f)(g)(h) | 420000 | 376425 |
| Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 5.9411% 5/25/2029 (f)(g)(h) | 624965 | 621322 |
| Venture Global Plaquemines LNG LLC 1LN, term loan CME Term SOFR 1 month Index + 2.225%, 5.9411% 5/25/2029 (f)(g)(h) | 78173 | 77782 |
| TOTAL ENERGY |  | 8649546 |
| Financials - 11.6% |  |  |
| Capital Markets - 2.3% |  |  |
| Broadstreet Partners Group LLC Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 6/13/2031 (f)(g)(h) | 1035828 | 1038821 |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 10/31/2031 (f)(g)(h) | 1757272 | 1765848 |
| CPI Holdco B LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 5/17/2031 (f)(g)(h) | 517538 | 518475 |
| Focus Financial Partners LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 9/15/2031 (f)(g)(h) | 1025241 | 1026697 |
| GTCR Everest Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 9/5/2031 (f)(g)(h) | 1120170 | 1123900 |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.6506% 2/3/2032 (f)(g)(h) | 1053001 | 1053664 |
| Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.8224% 12/15/2031 (f)(g)(h) | 2061321 | 2050088 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 11/26/2031 (f)(g)(h) | 565725 | 565487 |
| Superannuation & Investments US LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 12/1/2028 (f)(g)(h) | 401251 | 402755 |
|  |  | 9545735 |
| Financial Services - 3.5% |  |  |
| ACNR Holdings Inc term loan 13% (b)(f)(h)(l) | 85325 | 84898 |
| Boost Newco Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6719% 1/31/2031 (f)(g)(h) | 2113033 | 2114364 |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.7353% 7/1/2032 (f)(g)(h) | 700000 | 679875 |
| Corpay Technologies Operating Co LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.5661% 11/5/2032 (f)(g)(h) | 625000 | 625131 |
| Dragon Buyer Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 9/30/2031 (f)(g)(h) | 738198 | 738198 |
| Heubach Holding USA LLC Tranche TL, term loan CME Term SOFR 1 month Index + 10%, 0% (b)(f)(g)(h)(i) | 36736 | 0 |
| Kingpin Intermediate Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 9/22/2032 (f)(g)(h) | 675000 | 659813 |
| NCR Atleos Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.7007% 4/16/2029 (f)(g)(h) | 378079 | 378711 |
| Neon Maple US Debt Mergersub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 11/17/2031 (f)(g)(h) | 1379592 | 1380020 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 7/31/2031 (f)(g)(h) | 1617809 | 1593720 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 7/31/2031 (f)(g)(h) | 279300 | 276914 |
| Nexus Buyer LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 9.4661% 2/16/2032 (f)(g)(h) | 360000 | 355727 |
| Orion US Finco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4274% 10/8/2032 (f)(g)(h) | 395000 | 396604 |
| Priority Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 7/30/2032 (f)(g)(h) | 396448 | 388420 |
| Recess Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6154% 2/20/2030 (f)(g)(h) | 581827 | 585010 |
| Shift4 Payments LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 7/6/2032 (f)(g)(h) | 129675 | 130351 |
| Trans Union LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 6/24/2031 (f)(g)(h) | 565939 | 566862 |
| Trans Union LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 6/24/2031 (f)(g)(h) | 464324 | 464858 |
| UFC Holdings LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.8685% 11/21/2031 (f)(g)(h) | 585035 | 587387 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.389% 2/20/2032 (f)(g)(h) | 2975050 | 2987605 |
|  |  | 14994468 |
| Insurance - 5.8% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 6/21/2032 (f)(g)(h) | 850725 | 850368 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 11/6/2030 (f)(g)(h) | 4535601 | 4527119 |
| Alera Group Intermediate Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 5/31/2032 (f)(g)(h) | 1132163 | 1136974 |
| Alera Group Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2161% 5/31/2033 (f)(g)(h) | 184538 | 187813 |
| AmWINS Group Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 1/30/2032 (f)(g)(h) | 1296900 | 1300142 |
| Amynta Agency Borrower Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 12/29/2031 (f)(g)(h) | 531106 | 531935 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.8161% 8/19/2028 (f)(g)(h) | 2902533 | 2904362 |
| Asurion LLC Tranche B11 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.0661% 8/19/2028 (f)(g)(h) | 1228147 | 1229682 |
| Asurion LLC Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 9/19/2030 (f)(g)(h) | 3073348 | 3071904 |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.0806% 1/31/2028 (f)(g)(h) | 2050000 | 2040078 |
| Asurion LLC Tranche B4 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.0806% 1/20/2029 (f)(g)(h) | 1970000 | 1930600 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 5/6/2031 (f)(g)(h) | 1350363 | 1350930 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.12% 6/20/2030 (f)(g)(h) | 1906522 | 1915559 |
| Ryan Specialty LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 9/15/2031 (f)(g)(h) | 433701 | 433975 |
| USI Inc/NY Tranche C 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9219% 9/29/2030 (f)(g)(h) | 449719 | 450344 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9219% 11/21/2029 (f)(g)(h) | 779848 | 781377 |
|  |  | 24643162 |
| TOTAL FINANCIALS |  | 49183365 |
| Health Care - 7.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 0% 1/15/2031 (f)(g)(h)(j) | 70000 | 70630 |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 1/15/2031 (f)(g)(h) | 985050 | 993915 |
| Embecta Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/30/2029 (f)(g)(h) | 407937 | 408361 |
| Insulet Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 8/1/2031 (f)(g)(h) | 1570335 | 1581265 |
| Medline Borrower LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.4661% 10/23/2028 (f)(g)(h) | 644807 | 646541 |
| QuidelOrtho Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 8/23/2032 (f)(g)(h) | 1331663 | 1329998 |
| Sotera Health Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3404% 5/30/2031 (f)(g)(h) | 449282 | 451250 |
|  |  | 5481960 |
| Health Care Providers & Services - 2.6% |  |  |
| Accelerated Health Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.1904% 2/15/2029 (f)(g)(h) | 475428 | 352487 |
| Aveanna Healthcare LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4661% 9/17/2032 (f)(g)(h) | 244388 | 245666 |
| Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.0107% 2/11/2028 (f)(g)(h) | 823122 | 807301 |
| DaVita Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 5/9/2031 (f)(g)(h) | 900376 | 903509 |
| Examworks Bidco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 11/1/2028 (f)(g)(h) | 455102 | 457196 |
| Global Medical Response Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3844% 10/1/2032 (f)(g)(h) | 460000 | 462608 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.7161% 9/24/2031 (f)(g)(h) | 2044350 | 1786579 |
| Hanger Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 10/23/2031 (f)(g)(h) | 347318 | 348176 |
| Hanger Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 5.6891% 10/23/2031 (f)(g)(h)(k) | 44957 | 45068 |
| Heartland Dental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 8/25/2032 (f)(g)(h) | 323587 | 324690 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6719% 7/3/2028 (f)(g)(h) | 139151 | 140151 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.6719% 7/3/2028 (f)(g)(h) | 34669 | 34919 |
| Lumexa Imaging Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7047% 12/13/2032 (f)(g)(h) | 200000 | 200876 |
| MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 4/15/2031 (f)(g)(h) | 713979 | 715321 |
| National Mentor Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 6%, 9.7161% 12/12/2030 (f)(g)(h) | 871500 | 872049 |
| National Mentor Holdings Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 6%, 1% 12/12/2030 (f)(g)(h)(k) | 373500 | 373735 |
| Phoenix Guarantor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 2/21/2031 (f)(g)(h) | 466717 | 468654 |
| Southern Veterinary Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3654% 12/4/2031 (f)(g)(h) | 1463108 | 1460694 |
| US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9872% 10/1/2028 (f)(g)(h) | 558809 | 560877 |
| US Fertility Enterprises LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 12/10/2032 (f)(g)(h)(j) | 260526 | 261178 |
| US Fertility Enterprises LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 12/10/2032 (f)(g)(h)(j) | 39474 | 39572 |
|  |  | 10861306 |
| Health Care Technology - 1.5% |  |  |
| AthenaHealth Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 2/15/2029 (f)(g)(h) | 1639800 | 1641504 |
| Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (f) | 235000 | 227217 |
| Cotiviti Inc 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6227% 3/26/2032 (f)(g)(h) | 751225 | 719771 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6227% 5/1/2031 (f)(g)(h) | 1385413 | 1328847 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 9/28/2029 (f)(g)(h) | 1059711 | 1048234 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 11/26/2031 (f)(g)(h) | 1613563 | 1599445 |
|  |  | 6565018 |
| Life Sciences Tools & Services - 0.4% |  |  |
| PAREXEL International Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 12/12/2031 (f)(g)(h) | 1692521 | 1697108 |
| Pharmaceuticals - 1.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 9.9661% 10/8/2030 (f)(g)(h) | 2811237 | 2739916 |
| Amneal Pharmaceuticals LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 8/2/2032 (f)(g)(h) | 623438 | 628113 |
| Elanco Animal Health Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4495% 10/31/2032 (f)(g)(h) | 285000 | 285296 |
| Endo Finance Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 4/23/2031 (f)(g)(h) | 928250 | 920128 |
| Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 5/5/2028 (f)(g)(h) | 1000966 | 1004720 |
| Organon & Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 5/19/2031 (f)(g)(h) | 916129 | 880400 |
|  |  | 6458573 |
| TOTAL HEALTH CARE |  | 31063965 |
| Industrials - 12.6% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Bleriot US Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 10/31/2030 (f)(g)(h) | 365005 | 366676 |
| Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 1/27/2032 (f)(g)(h) | 440048 | 440783 |
| Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3778% 2/26/2032 (f)(g)(h) | 1451123 | 1455999 |
| Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 2.007% 2/26/2032 (f)(g)(h)(k) | 137434 | 137896 |
| Signia Aerospace LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5706% 12/11/2031 (f)(g)(h) | 733755 | 735589 |
| Signia Aerospace LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 1% 12/11/2031 (f)(g)(h)(k) | 35769 | 35859 |
| TransDigm Group Inc Tranche M 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 8/19/2032 (f)(g)(h) | 927675 | 931349 |
| TransDigm Inc Tranche J 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.2161% 2/28/2031 (f)(g)(h) | 412666 | 414069 |
| TransDigm Inc Tranche K 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9661% 3/22/2030 (f)(g)(h) | 1604395 | 1608743 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.2161% 1/19/2032 (f)(g)(h) | 810792 | 813800 |
|  |  | 6940763 |
| Air Freight & Logistics - 0.5% |  |  |
| Dynasty Acquisition Co Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 10/31/2031 (f)(g)(h) | 609620 | 611632 |
| Dynasty Acquisition Co Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 10/31/2031 (f)(g)(h) | 231880 | 232645 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5661% 11/23/2028 (f)(g)(h) | 413737 | 406757 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5661% 11/23/2028 (b)(f)(g)(h) | 391838 | 391838 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.0661% 11/23/2029 (b)(f)(g)(h) | 175000 | 174999 |
| STG Distribution LLC Tranche Exchange FLFO 1LN, term loan CME Term SOFR 1 month Index + 8.35%, 12.3371% 10/3/2029 (b)(f)(g)(h) | 109208 | 101236 |
| STG Distribution LLC Tranche EXCHANGE FLSO 1LN, term loan CME Term SOFR 1 month Index + 7.6%, 11.5871% 10/3/2029 (b)(f)(g)(h) | 232534 | 26741 |
|  |  | 1945848 |
| Building Products - 1.1% |  |  |
| APi Group DE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 1/3/2029 (f)(g)(h) | 305112 | 306128 |
| AZZ Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 5/14/2029 (f)(g)(h) | 189646 | 190120 |
| Chariot Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 9/8/2032 (f)(g)(h) | 624432 | 625344 |
| Cornerstone Building Brands Inc 1LN, term loan CME Term SOFR 1 month Index + 5.625%, 9.3751% 8/1/2028 (f)(g)(h) | 104589 | 82103 |
| Cornerstone Building Brands Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1001% 4/12/2028 (f)(g)(h) | 1273563 | 992743 |
| Cornerstone Building Brands Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.2501% 5/15/2031 (f)(g)(h) | 373387 | 262614 |
| Emrld Borrower LP Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 6.0724% 5/31/2030 (f)(g)(h) | 129350 | 129602 |
| Emrld Borrower LP Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1219% 8/4/2031 (f)(g)(h) | 564240 | 565069 |
| Griffon Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 1/24/2029 (f)(g)(h) | 299932 | 301246 |
| HP PHRG Borrower LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4%, 7.6719% 2/20/2032 (f)(g)(h) | 1084862 | 1076725 |
|  |  | 4531694 |
| Commercial Services & Supplies - 5.1% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 12/21/2028 (f)(g)(h) | 2047387 | 2048677 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 8/20/2032 (f)(g)(h) | 3246863 | 3261636 |
| ArchKey Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 7.9219% 11/1/2031 (f)(g)(h) | 596322 | 601915 |
| ArchKey Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 4.25% 11/1/2031 (f)(g)(h)(k) | 69325 | 69976 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.1719% 2/15/2031 (f)(g)(h) | 1038576 | 835410 |
| Bifm CA Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 5/31/2028 (f)(g)(h) | 587393 | 590818 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.3538% 8/1/2030 (f)(g)(h) | 1874013 | 1703646 |
| Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.4904% 5/3/2029 (f)(g)(h) | 758360 | 615091 |
| Core & Main LP Tranche E 1LN, term loan CME Term SOFR 6 month Index + 2%, 5.6898% 2/9/2031 (f)(g)(h) | 211254 | 211254 |
| Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8404% 8/1/2029 (f)(g)(h) | 1418581 | 1424724 |
| Filtration Group Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 10/21/2028 (f)(g)(h) | 527753 | 530170 |
| GFL ES US LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.2728% 3/3/2032 (f)(g)(h) | 1187025 | 1190586 |
| HNI Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7722% 11/20/2032 (f)(g)(h) | 305000 | 305763 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.6366% 11/8/2032 (f)(g)(h) | 792523 | 796842 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7019% 6/21/2028 (f)(g)(h) | 1161427 | 1166398 |
| Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.7615% 10/11/2028 (f)(g)(h) | 69466 | 68479 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.0115% 4/11/2029 (f)(g)(h) | 2593133 | 2561368 |
| OMNIA Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.4547% 12/31/2032 (f)(g)(h) | 1047632 | 1050817 |
| OPENLANE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.365% 10/8/2032 (f)(g)(h) | 190000 | 189882 |
| Pitney Bowes Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4219% 3/19/2032 (f)(g)(h) | 33763 | 33509 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.8306% 12/10/2026 (f)(g)(h) | 289778 | 289053 |
| Vericast Corp 1LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.6219% 6/15/2030 (f)(g)(h) | 205723 | 199294 |
| Wash Bidco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 9/10/2032 (f)(g)(h) | 410000 | 413075 |
| Wellful Inc Tranche BOOTSTRAP FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.0806% 10/19/2030 (f)(g)(h) | 366688 | 309547 |
| Wellful Inc Tranche PRIMING TL 1LN, term loan CME Term SOFR 1 month Index + 5%, 8.8306% 4/19/2030 (f)(g)(h) | 382301 | 376567 |
| WMB Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 11/2/2029 (f)(g)(h) | 915696 | 914936 |
|  |  | 21759433 |
| Construction & Engineering - 0.4% |  |  |
| Chromalloy Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.49% 3/27/2031 (f)(g)(h) | 413922 | 415992 |
| Construction Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 11/3/2031 (f)(g)(h) | 564300 | 567827 |
| Traverse Midstream Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.3404% 2/16/2028 (f)(g)(h) | 262033 | 262295 |
| Zekelman Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.981% 1/24/2031 (f)(g)(h) | 374933 | 376107 |
|  |  | 1622221 |
| Electrical Equipment - 0.2% |  |  |
| Vertiv Group Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.6142% 8/12/2032 (f)(g)(h) | 1140536 | 1145463 |
| Ground Transportation - 0.3% |  |  |
| Avis Budget Car Rental LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 7/16/2032 (f)(g)(h) | 407950 | 405572 |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4219% 4/10/2031 (f)(g)(h) | 784428 | 784232 |
|  |  | 1189804 |
| Machinery - 1.0% |  |  |
| Allison Transmission Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 0% 11/5/2032 (f)(g)(h)(j) | 270000 | 271126 |
| Astro Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1219% 8/30/2032 (f)(g)(h) | 369075 | 371382 |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 9/13/2032 (f)(g)(h) | 605000 | 609162 |
| Chart Industries Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.4764% 3/15/2030 (f)(g)(h) | 459930 | 461254 |
| CPM Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.3429% 9/28/2028 (f)(g)(h) | 337881 | 335816 |
| Crown Equipment Corp Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7722% 10/10/2031 (f)(g)(h) | 397336 | 399819 |
| JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 1/2/2032 (f)(g)(h) | 238200 | 238498 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.8161% 3/25/2031 (f)(g)(h) | 1295732 | 1294113 |
| TNT Crane & Rigging Inc 2LN, term loan CME Term SOFR 1 month Index + 8.75%, 16.9969% 12/3/2026 (b)(f)(g)(h) | 61214 | 46523 |
|  |  | 4027693 |
| Passenger Airlines - 0.7% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.1344% 4/20/2028 (f)(g)(h) | 633815 | 634924 |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1344% 5/28/2032 (f)(g)(h) | 383075 | 384753 |
| American Airlines Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.25%, 6.258% 6/4/2029 (f)(g)(h) | 372400 | 372634 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.7317% 2/22/2031 (f)(g)(h) | 977869 | 980930 |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.7353% 4/1/2031 (f)(g)(h) | 529650 | 534062 |
|  |  | 2907303 |
| Professional Services - 1.1% |  |  |
| AlixPartners LLP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 8/12/2032 (f)(g)(h) | 640000 | 640678 |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 9/29/2031 (f)(g)(h) | 1650825 | 1653401 |
| CACI International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 10/30/2031 (f)(g)(h) | 396000 | 396083 |
| Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 12/29/2028 (f)(g)(h) | 1385151 | 809621 |
| CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5904% 9/29/2028 (f)(g)(h) | 666698 | 669498 |
| Dayforce Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 5.8404% 3/1/2031 (f)(g)(h) | 315216 | 314822 |
| Sedgwick Claims Management Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 7/31/2031 (f)(g)(h) | 366070 | 367139 |
|  |  | 4851242 |
| Transportation Infrastructure - 0.6% |  |  |
| AIT Worldwide Logistics Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.8866% 4/8/2030 (f)(g)(h) | 770947 | 774501 |
| Beacon Mobility Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9219% 8/6/2030 (f)(g)(h) | 321024 | 322430 |
| Beacon Mobility Corp Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 5.4899% 8/6/2030 (f)(g)(h)(k) | 43976 | 44169 |
| Lasership Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 9.9219% 1/2/2029 (f)(g)(h) | 232784 | 234530 |
| Lasership Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 9.4336% 8/10/2029 (f)(g)(h) | 563530 | 418704 |
| Lasership Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 7%, 7.6719% 1/2/2029 (f)(g)(h) | 78475 | 58595 |
| Lasership Inc Tranche E 1LN, term loan CME Term SOFR 1 month Index + 7.5%, 12.4336% 8/10/2029 (f)(g)(h) | 155387 | 45062 |
| WWEX Uni Topco Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.6719% 7/26/2028 (f)(g)(h) | 631864 | 634233 |
|  |  | 2532224 |
| TOTAL INDUSTRIALS |  | 53453688 |
| Information Technology - 17.1% |  |  |
| Communications Equipment - 0.6% |  |  |
| Ciena Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4839% 10/24/2030 (f)(g)(h) | 131652 | 131900 |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.857% 12/17/2029 (f)(g)(h) | 2544083 | 2545278 |
|  |  | 2677178 |
| Electronic Equipment, Instruments & Components - 1.3% |  |  |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.4661% 7/12/2032 (f)(g)(h) | 1086205 | 1086205 |
| DG Investment Intermediate Holdings Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2161% 7/31/2033 (f)(g)(h) | 175000 | 175000 |
| Go Daddy Operating Co LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 5/30/2031 (f)(g)(h) | 581458 | 582295 |
| Go Daddy Operating Co LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 11/9/2029 (f)(g)(h) | 607647 | 608364 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 5.9661% 8/18/2031 (f)(g)(h) | 962961 | 966986 |
| MX Holdings US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7214% 3/17/2032 (f)(g)(h) | 447753 | 448500 |
| Pinnacle Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.4853% 10/1/2032 (f)(g)(h) | 527066 | 528716 |
| Pinnacle Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 1% 10/1/2032 (f)(g)(h)(k) | 101613 | 101931 |
| Pye-Barker Fire & Safety LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 1% 12/16/2032 (f)(g)(h)(k) | 63050 | 63417 |
| Pye-Barker Fire & Safety LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2063% 12/16/2032 (f)(g)(h) | 421950 | 424410 |
| TCP Sunbelt Acquisition Co Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0724% 10/24/2031 (f)(g)(h) | 524700 | 528966 |
|  |  | 5514790 |
| IT Services - 3.6% |  |  |
| Ahead DB Holdings LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.1719% 2/3/2031 (f)(g)(h) | 648736 | 647406 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.1662% 2/10/2028 (f)(g)(h) | 1009280 | 959714 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (f)(h) | 104965 | 86334 |
| Indy US Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 5.9661% 10/31/2030 (f)(g)(h) | 456556 | 456652 |
| Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 8.7161% 3/20/2033 (f)(g)(h) | 785000 | 766521 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 3/20/2032 (f)(g)(h) | 2158949 | 2159251 |
| Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 6/17/2031 (f)(g)(h) | 1397622 | 1401312 |
| Peraton Corp 2LN, term loan CME Term SOFR 3 month Index + 7.75%, 0% 2/1/2029 (f)(g)(h)(j) | 335000 | 262348 |
| Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.6904% 2/1/2028 (f)(g)(h) | 3418516 | 3167631 |
| VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 6/20/2031 (f)(g)(h) | 765000 | 766591 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (f) | 2785000 | 2773052 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.4475% 10/26/2029 (f)(g)(h) | 1619025 | 1588960 |
|  |  | 15035772 |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| MKS Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 8/17/2029 (f)(g)(h) | 661134 | 663474 |
| Qnity Electronics Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6975% 11/1/2032 (f)(g)(h) | 985000 | 988694 |
|  |  | 1652168 |
| Software - 11.1% |  |  |
| Applied Systems Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.1719% 2/24/2031 (f)(g)(h) | 1271383 | 1278007 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 12/11/2028 (f)(g)(h) | 1953263 | 1957795 |
| Central Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 7/6/2029 (f)(g)(h) | 572103 | 483187 |
| Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 8/13/2032 (f)(g)(h) | 1600988 | 1601996 |
| Cloud Software Group Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 3/21/2031 (f)(g)(h) | 1469615 | 1470761 |
| Darktrace Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.1853% 10/9/2031 (f)(g)(h) | 1704457 | 1709638 |
| Darktrace Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.1853% 10/9/2032 (f)(g)(h) | 305000 | 301520 |
| Dawn Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/20/2032 (f)(g)(h)(j) | 2025000 | 2017771 |
| Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 10.7161% 2/19/2029 (f)(g)(h) | 845000 | 756807 |
| Disco Parent Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0724% 8/6/2032 (f)(g)(h) | 240000 | 241200 |
| Eagle Parent Canada Inc Tranche INCR B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9219% 4/2/2029 (b)(f)(g)(h) | 1153350 | 1124594 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 10/9/2029 (f)(g)(h) | 1001334 | 1006341 |
| EP Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.4369% 11/6/2028 (f)(g)(h) | 94099 | 66574 |
| Epicor Software Corp 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 5/30/2031 (f)(g)(h) | 1134758 | 1137811 |
| Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 4/16/2032 (f)(g)(h) | 139300 | 139370 |
| Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 9/12/2029 (f)(g)(h) | 1289205 | 1290636 |
| Genesys Cloud Services Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 1/30/2032 (f)(g)(h) | 1017936 | 1014760 |
| KnowBe4 Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5904% 7/26/2032 (f)(g)(h) | 500000 | 499690 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 12/31/2031 (f)(g)(h) | 1697003 | 1447492 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 7.9661% 5/3/2028 (f)(g)(h) | 3240277 | 3005357 |
| MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.0904% 2/23/2029 (f)(g)(h) | 225000 | 187274 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.0904% 7/1/2031 (f)(g)(h) | 2150666 | 2137225 |
| Optiv Parent Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.1094% 7/31/2026 (f)(g)(h) | 763776 | 538699 |
| Ping Identity Holding Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.5909% 11/15/2032 (f)(g)(h) | 505000 | 505631 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.852% 6/2/2028 (f)(g)(h) | 4407227 | 4243630 |
| Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 3 month Index + 5%, 8.6719% 5/9/2033 (f)(g)(h) | 580000 | 554990 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 10/26/2030 (f)(g)(h) | 1148987 | 1146448 |
| Project Boost Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 7/16/2031 (f)(g)(h) | 641425 | 642759 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6719% 8/31/2028 (f)(g)(h) | 1547438 | 1553983 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.6146% 5/15/2028 (f)(g)(h) | 622803 | 226283 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.1146% 5/15/2028 (f)(g)(h) | 145119 | 147296 |
| RealPage Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4219% 4/24/2028 (f)(g)(h) | 307675 | 308349 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.9336% 4/24/2028 (f)(g)(h) | 557922 | 557186 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7161% 9/8/2032 (f)(g)(h) | 1555000 | 1556462 |
| Renaissance Holdings Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 7.7161% 4/5/2030 (f)(g)(h) | 1673379 | 1457547 |
| Roper Industrial Products Investment Co 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.4219% 11/22/2029 (f)(g)(h) | 507415 | 510124 |
| SonarSource Financing LLC 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.231% 12/19/2030 (f)(g)(h) | 480000 | 474000 |
| Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 8/13/2029 (f)(g)(h) | 619649 | 621056 |
| SS&C Technologies Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 5/9/2031 (f)(g)(h) | 1286206 | 1293216 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3383% 2/10/2031 (f)(g)(h) | 3655054 | 3656516 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.0904% 4/14/2031 (f)(g)(h) | 1072453 | 1075134 |
| X.AI LLC 1LN, term loan 12.5% 6/28/2030 (f) | 169374 | 177596 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 10.8454% 6/28/2030 (f)(g)(h) | 502687 | 495418 |
|  |  | 46618129 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8574% 2/20/2032 (f)(g)(h) | 489125 | 491571 |
| TOTAL INFORMATION TECHNOLOGY |  | 71989608 |
| Materials - 7.2% |  |  |
| Chemicals - 3.3% |  |  |
| A-Gas FinCo Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 8.9219% 12/14/2029 (f)(g)(h) | 787860 | 713013 |
| Advancion Holdings LLC 2LN, term loan CME Term SOFR 1 month Index + 7.75%, 11.5661% 11/24/2028 (f)(g)(h) | 410000 | 366130 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.8161% 11/24/2027 (f)(g)(h) | 431817 | 393494 |
| Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.3161% 9/30/2028 (f)(g)(h) | 1515652 | 1513758 |
| Bakelite US Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.4219% 12/23/2031 (f)(g)(h) | 796950 | 770053 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 10/15/2032 (f)(g)(h) | 1255000 | 1237744 |
| CoorsTek Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 6.8594% 10/28/2032 (f)(g)(h) | 440000 | 443027 |
| Derby Buyer LLC 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7501% 11/1/2030 (f)(g)(h) | 442153 | 443210 |
| Discovery Purchaser Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 7.6074% 10/4/2029 (f)(g)(h) | 1688428 | 1619694 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 7.6969% 7/3/2028 (f)(g)(h) | 1226079 | 1070171 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.7339% 3/15/2029 (f)(g)(h) | 1346217 | 1294778 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.2536% 3/15/2030 (f)(g)(h) | 102500 | 99233 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 7.5661% 3/14/2030 (f)(g)(h) | 165750 | 112158 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.0661% 4/2/2029 (f)(g)(h) | 1062563 | 743794 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 8.5904% 8/25/2031 (f)(g)(h) | 1264040 | 1252663 |
| Scih Salt Hldgs Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.5218% 1/31/2029 (f)(g)(h) | 688255 | 689260 |
| Solstice Advanced Materials Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.5928% 10/29/2032 (f)(g)(h) | 435000 | 436905 |
| USALCO LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.2161% 9/30/2031 (f)(g)(h) | 359020 | 360255 |
| USALCO LLC Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 1% 9/30/2031 (f)(g)(h)(k) | 37363 | 37491 |
| WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.6887% 8/9/2032 (f)(g)(h) | 528675 | 528178 |
|  |  | 14125009 |
| Construction Materials - 0.7% |  |  |
| Quikrete Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/10/2032 (f)(g)(h) | 2109045 | 2115077 |
| Smyrna Ready Mix Concrete LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 4/2/2029 (f)(g)(h) | 209315 | 210362 |
| VM Consolidated Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 10/15/2032 (f)(g)(h) | 437101 | 439942 |
|  |  | 2765381 |
| Containers & Packaging - 2.9% |  |  |
| AOT Packaging Products Acquisition Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 3/3/2031 (f)(g)(h) | 1266601 | 1223068 |
| Berlin Packaging LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.1498% 6/9/2031 (f)(g)(h) | 1284568 | 1287060 |
| BradyPlus Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 12/13/2032 (f)(g)(h)(j) | 2550000 | 2520242 |
| Charter Next Generation Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.5001% 11/29/2030 (f)(g)(h) | 777451 | 778555 |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 6.8911% 4/13/2029 (f)(g)(h) | 3125129 | 3125661 |
| Clydesdale Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 6.9661% 4/1/2032 (f)(g)(h) | 1919731 | 1917158 |
| Graham Packaging Co Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2161% 8/4/2027 (f)(g)(h) | 367658 | 368853 |
| LC Ahab US Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 6.7161% 5/1/2031 (f)(g)(h) | 564286 | 565347 |
| SupplyOne Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.2161% 4/21/2031 (f)(g)(h) | 337985 | 338454 |
|  |  | 12124398 |
| Metals & Mining - 0.1% |  |  |
| Tiger Acquisition LLC 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.2302% 8/23/2032 (f)(g)(h) | 553613 | 554996 |
| Paper & Forest Products - 0.2% |  |  |
| Asplundh Tree Expert LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 5/23/2031 (f)(g)(h) | 729586 | 732189 |
| TOTAL MATERIALS |  | 30301973 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4661% 1/31/2030 (f)(g)(h) | 148313 | 149074 |
| Greystar Real Estate Partners LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3224% 8/21/2030 (f)(g)(h) | 336624 | 337886 |
| TOTAL REAL ESTATE |  | 486960 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 0.8% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.5928% 4/16/2031 (f)(g)(h) | 1054808 | 1057266 |
| Vistra Operations Co LLC Tranche B-3 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 12/20/2030 (f)(g)(h) | 975965 | 980483 |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.8727% 1/27/2031 (f)(g)(h) | 1553004 | 1555054 |
|  |  | 3592803 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| Alpha Generation LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.7161% 9/30/2031 (f)(g)(h) | 825530 | 827677 |
| Calpine Construction Finance Co LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4661% 7/31/2030 (f)(g)(h) | 643375 | 643677 |
| Cogentrix Finance Holdco I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9661% 2/26/2032 (f)(g)(h) | 489525 | 492105 |
| MRP Buyer LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 6.9219% 6/4/2032 (f)(g)(h) | 336254 | 333208 |
| MRP Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 5.4615% 6/4/2032 (f)(g)(h)(k) | 42839 | 42450 |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.2161% 3/29/2030 (f)(g)(h) | 613281 | 616348 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 11/25/2032 (f)(g)(h) | 770000 | 769523 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.3531% 12/13/2031 (f)(g)(h) | 282150 | 283148 |
|  |  | 4008136 |
| Multi-Utilities - 0.1% |  |  |
| Osmose Utilities Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.0806% 6/23/2028 (f)(g)(h) | 639546 | 627158 |
| TOTAL UTILITIES |  | 8228097 |
| TOTAL UNITED STATES |  | 353522297 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $394,140,908) |  | <br> **383519375** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 1.1%** | &nbsp;&nbsp;**Common Stocks - 1.1%** | &nbsp;&nbsp;**Common Stocks - 1.1%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Altice France Holding SA (b) | 28151 | 424456 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| New Cineworld Ltd (b)(e) | 12397 | 254882 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (b)(e) | 85 | 110270 |
| UNITED STATES - 0.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Main Street Sports Group (b) | 528 | 879 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Old Claimco LLC (b)(e) | 15069 | 184595 |
| Specialty Retail - 0.0% |  |  |
| White Iris LLC (b) | 4535 | 111924 |
| TOTAL CONSUMER DISCRETIONARY |  | 296519 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| JP Intermediate B LLC (b)(d) | 1326 | 7957 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| California Resources Corp  | 14980 | 669756 |
| Expand Energy Corp  | 11625 | 1282935 |
| Expand Energy Corp (c) | 103 | 11367 |
| Exxon Mobil Corp  | 4943 | 594841 |
| New Fortress Energy Inc  | 7598 | 8661 |
| TOTAL ENERGY |  | 2567560 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.0% |  |  |
| Fg Parent, LLC Class A (b) | 7460 | 24618 |
| Financial Services - 0.1% |  |  |
| ACNR Holdings Inc (b) | 4662 | 580699 |
| Carnelian Point Holdings LP warrants 6/30/2027 (b)(e) | 329 | 960 |
| Limetree Bay Cayman Ltd (b)(e) | 38 | 0 |
|  |  | 581659 |
| TOTAL FINANCIALS |  | 606277 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Fusion Parent, LLC Class A (b) | 7460 | 208582 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (b)(e) | 2417 | 82154 |
| TOTAL UNITED STATES |  | 3769928 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,600,111) |  | <br> **4559536** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Altice France SA 6.5% 10/15/2031 (n) | 130917 | 124314 |
| Altice France SA 6.5% 4/15/2032 (n) | 319591 | 306386 |
| Altice France SA 6.875% 10/15/2030 (n) | 73159 | 70948 |
| Altice France SA 6.875% 7/15/2032 (n) | 492864 | 472627 |
| TOTAL FRANCE |  | 974275 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (n) | 335000 | 364069 |
| UNITED STATES - 2.8%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (n) | 100000 | 100172 |
| Level 3 Financing Inc 4.875% 6/15/2029 (n) | 5000 | 4863 |
| WULF Compute LLC 7.75% 10/15/2030 (n) | 85000 | 87571 |
|  |  | 192606 |
| Media - 0.9% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (n) | 170000 | 168654 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (n) | 330000 | 326278 |
| DISH Network Corp 11.75% 11/15/2027 (n) | 655000 | 681711 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (n) | 335000 | 301789 |
| EchoStar Corp 10.75% 11/30/2029  | 827687 | 915257 |
| Univision Communications Inc 7.375% 6/30/2030 (n) | 575000 | 584457 |
| Univision Communications Inc 8% 8/15/2028 (n) | 150000 | 155351 |
| Univision Communications Inc 8.5% 7/31/2031 (n) | 240000 | 250711 |
|  |  | 3384208 |
| TOTAL COMMUNICATION SERVICES |  | 3576814 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (n) | 175000 | 179440 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 10.5% 5/15/2029 (n) | 275000 | 282588 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Caesars Entertainment Inc 7% 2/15/2030 (n) | 160000 | 165705 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (n) | 795000 | 772130 |
|  |  | 937835 |
| Specialty Retail - 0.1% |  |  |
| Staples Inc 10.75% 9/1/2029 (n) | 225000 | 223691 |
| TOTAL CONSUMER DISCRETIONARY |  | 1623554 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Venture Global Plaquemines LNG LLC 6.125% 12/15/2030 (n) | 45000 | 45826 |
| Financials - 0.5% |  |  |
| Financial Services - 0.2% |  |  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 520000 | 448651 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 435000 | 415807 |
| NFE Financing LLC 12% (i)(n) | 975432 | 282143 |
|  |  | 1146601 |
| Insurance - 0.3% |  |  |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (n) | 600000 | 624990 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (n) | 355000 | 361452 |
| Asurion LLC and Asurion Co-Issuer Inc 8% 12/31/2032 (n) | 165000 | 171206 |
|  |  | 1157648 |
| TOTAL FINANCIALS |  | 2304249 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (n) | 125000 | 129220 |
| Health Care Providers & Services - 0.1% |  |  |
| National Mentor Holdings Inc 10.5% 12/15/2030 (n) | 300000 | 301589 |
| Pharmaceuticals - 0.0% |  |  |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (n) | 70000 | 57974 |
| TOTAL HEALTH CARE |  | 488783 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| TransDigm Inc 6.375% 3/1/2029 (n) | 505000 | 520150 |
| Building Products - 0.0% |  |  |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (n) | 80000 | 61992 |
| Commercial Services & Supplies - 0.3% |  |  |
| Artera Services LLC 8.5% 2/15/2031 (n) | 240000 | 199282 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (n) | 210000 | 205935 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (n) | 690000 | 690000 |
| OT Midco Inc 10% 2/15/2030 (n) | 170000 | 67640 |
|  |  | 1162857 |
| Machinery - 0.0% |  |  |
| Chart Industries Inc 7.5% 1/1/2030 (n) | 35000 | 36479 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (n) | 17500 | 17524 |
| TOTAL INDUSTRIALS |  | 1799002 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Cloud Software Group Inc 8.25% 6/30/2032 (n) | 444000 | 463998 |
| Cloud Software Group Inc 9% 9/30/2029 (n) | 190000 | 197887 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 165000 | 175635 |
| TOTAL INFORMATION TECHNOLOGY |  | 837520 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (n) | 300000 | 320890 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (n) | 45000 | 44993 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (n) | 25000 | 24951 |
|  |  | 69944 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 780000 | 752997 |
| TOTAL REAL ESTATE |  | 822941 |
| TOTAL UNITED STATES |  | 11819579 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $13,415,018) |  | <br> **13157923** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Strategy Inc 11% (m)<br>(Cost $227,533)<br>| 2600 | **256868** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.2234% (g)(h)(l) | 815000 | 826062 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Wells Fargo & Co 3.9% (h)(l) | 680000 | 679137 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Aircastle Ltd 5.25% (h)(l)(n) | 240000 | 242566 |
| TOTAL UNITED STATES |  | 1747765 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,725,615) |  | <br> **1747765** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (p)<br>(Cost $20,245,139)<br>| 3.79 | 20240843 | **20244891** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.1%**<br> (Cost $437,075,702)<br>| <br>**428070081** |
| **NET OTHER ASSETS (LIABILITIES) - (1.1)%**  | **(4499448)** |
| **NET ASSETS - 100.0%** | **423570633** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security.

(c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,764,861 or 0.7% of net assets.

(d) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $7,957 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(e) Non-income producing.

(f) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Non-income producing - Security is in default.

(j) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $876,467 and $877,482, respectively.

(l) Security is perpetual in nature with no stated maturity date.

(m) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(n) 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 $12,522,371 or 3.0% of net assets.

(o) Affiliated fund.

(p) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Expand Energy Corp | 2/10/2021 | 975 |
| Fidelity Private Credit Company LLC | 4/28/2022 - 12/31/2025 | 2932562 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| JP Intermediate B LLC | 9/30/2027 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 40902128 | 153365152 | 174023037 | 1112086 | 895 | (247) | 20244891 | 20240843 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 4272415 | 4272415 | 8 | - | - | - | - | 0.0% |
| Total | 40902128 | 157637567 | 178295452 | 1112094 | 895 | (247) | 20244891 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**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 fund changes its name, the name presented below is the name in effect at period end.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 2459376 | 403708 | - | 322523 | - | (73406) | 2753494 | 296540 |
|  | 2459376 | 403708 | - | 322523 | - | (73406) | 2753494 |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Alternative Funds** | 2753494 | - | 2753494 | - |
|  **Asset-Backed Securities** | 1830229 | - | 1830229 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 31201401 | - | 31149153 | 52248 |
| Consumer Discretionary | 73954588 | - | 73936999 | 17589 |
| Consumer Staples | 11272616 | - | 10470668 | 801948 |
| Energy | 10749197 | - | 10749197 | - |
| Financials | 50775772 | - | 50690874 | 84898 |
| Health Care | 33328212 | - | 33328212 | - |
| Industrials | 57755943 | - | 57014606 | 741337 |
| Information Technology | 72228936 | - | 71073636 | 1155300 |
| Materials | 33257728 | - | 33257728 | - |
| Real Estate | 486960 | - | 486960 | - |
| Utilities | 8508022 | - | 8508022 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 680217 | - | - | 680217 |
| Consumer Discretionary | 406789 | - | - | 406789 |
| Consumer Staples | 7957 | - | - | 7957 |
| Energy | 2567560 | 2567560 | - | - |
| Financials | 606277 | - | - | 606277 |
| Industrials | 208582 | - | - | 208582 |
| Information Technology | 82154 | - | - | 82154 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 4551089 | - | 4551089 | - |
| Consumer Discretionary | 1623554 | - | 1623554 | - |
| Energy | 409895 | - | 409895 | - |
| Financials | 2304249 | - | 2304249 | - |
| Health Care | 488783 | - | 488783 | - |
| Industrials | 1799002 | - | 1799002 | - |
| Information Technology | 837520 | - | 837520 | - |
| Materials | 320890 | - | 320890 | - |
| Real Estate | 822941 | - | 822941 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 256868 | 256868 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 826062 | - | 826062 | - |
| Financials | 679137 | - | 679137 | - |
| Industrials | 242566 | - | 242566 | - |
|  **Money Market Funds** | 20244891 | 20244891 | - | - |
| **Total Investments in Securities:** | 428070081 | 23069319 | 400155466 | 4845296 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2025 ($)** |
| **Bank Loan Obligations** | 1916306 | (248) | (396404) | 1849060 | (240067) | 209137 | 251746 | (736210) | 2853320 | (416265) |
| **Common Stocks** | 1447367 | (609575) | 111562 | 1083015 | (40393) | - | - | - | 1991976 | (297809) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $413,934,185) | $405071696 |  |
| Fidelity Central Funds (cost $20,245,139) | 20244891 |  |
| Other affiliated issuers (cost $2,896,378) | 2753494 |  |
| Total Investment in Securities (cost $437,075,702) |  | $428070081 |
| Cash |  | 512528 |
| Receivable for investments sold |  | 2406185 |
| Receivable for fund shares sold |  | 115488 |
| Dividends receivable |  | 151 |
| Interest receivable |  | 3040289 |
| Distributions receivable from Fidelity Central Funds |  | 66828 |
| Prepaid expenses |  | 346 |
| Other receivables |  | 916 |
| **Total assets** |  | 434212812 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $10322383 |  |
| Payable for fund shares redeemed | 2157 |  |
| Accrued management fee | 231281 |  |
| Distribution and service plan fees payable | 21 |  |
| Other payables and accrued expenses | 86337 |  |
| **Total liabilities** |  | 10642179 |
| Commitments and contingent liabilities (see Significant Accounting Policies and Litigation notes) |  |  |
| **Net Assets**  |  | $423570633 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $451962103 |
| Total accumulated earnings (loss) |  | (28391470) |
| **Net Assets** |  | $423570633 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($111,740,194 ÷ 11,579,415 shares) |  | $9.65 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($98,528 ÷ 10,235 shares) |  | $9.63 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($311,731,911 ÷ 32,266,209 shares) |  | $9.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $272051 |
| Affiliated issuers |  | 312326 |
| Interest  |  | 33812001 |
| Income from Fidelity Central Funds (including $8 from security lending)  |  | 1112094 |
| **Total income** |  | 35508472 |
| **Expenses** |  |  |
| Management fee | $2872627 |  |
| Distribution and service plan fees | 172 |  |
| Custodian fees and expenses | 56286 |  |
| Independent trustees' fees and expenses | 1730 |  |
| Audit fees | 76008 |  |
| Legal | 8571 |  |
| Interest | 4882 |  |
| Miscellaneous | 2433 |  |
| Total expenses before reductions | 3022709 |  |
| Expense reductions | (32018) |  |
| Total expenses after reductions |  | 2990691 |
| **Net Investment income (loss)** |  | 32517781 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4185861) |  |
| Fidelity Central Funds | 895 |  |
| Foreign currency transactions | (750) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 10197 |  |
| Total net realized gain (loss) |  | (4175519) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6879344) |  |
| Fidelity Central Funds  | (247) |  |
| Other affiliated issuers  | (73406) |  |
| Total change in net unrealized appreciation (depreciation) |  | (6952997) |
| **Net gain (loss)** |  | (11128516) |
| **Net increase (decrease) in net assets resulting from operations** |  | $21389265 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $32517781 | $32942132 |
| &nbsp;&nbsp;Net realized gain (loss) | (4175519)<br>| (2366904)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (6952997) | 1222302<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 21389265<br>| 31797530<br>|
| Distributions to shareholders | (33406572)<br>| (30710765)<br>|
| Share transactions - net increase (decrease) | (13275204)<br>| 106814823<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (25292511)<br>| 107901588<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 448863144 | 340961556<br>|
| &nbsp;&nbsp;End of period | $423570633 | $448863144 |

---

**Financial Highlights** 

**VIP Floating Rate High Income Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.86 | $9.43 | $9.90 | $9.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .750  | .840  | .832  | .477  | .323  |
| Net realized and unrealized gain (loss)  | (.230)  | (.022)  | .307  | (.529)  | .177  |
| Total from investment operations  | .520  | .818  | 1.139  | (.052)  | .500  |
| Distributions from net investment income  | (.790)  | (.758)  | (.709)  | (.418)  | (.260)  |
| Total distributions  | (.790)  | (.758)  | (.709)  | (.418)  | (.260)  |
| Net asset value, end of period  | $9.65 | $9.92 | $9.86 | $9.43 | $9.90 |
| **Total Return** C,D | 5.33% <br>| 8.39%  | 12.29%  | (.52)%  | 5.21%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .69%  | .72%  | .72%  | .72%  |
| Expenses net of fee waivers, if any  | .66% <br>| .68%  | .71%  | .72%  | .72%  |
| Expenses net of all reductions, if any  | .66%  | .68%  | .71%  | .72%  | .72%  |
| Net investment income (loss)  | 7.52%  | 8.30%  | 8.42%  | 4.93%  | 3.26%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $111740 | $110132 | $53564 | $12480 | $9840 |
| Portfolio turnover rate G | 55% <br>| 45%  | 31%  | 26%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Floating Rate High Income Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
| **Years ended December 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $9.77 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .493  |
| Net realized and unrealized gain (loss)  | .043 D |
| Total from investment operations  | .536  |
| Distributions from net investment income  | (.676)  |
| Total distributions  | (.676)  |
| Net asset value, end of period  | $9.63 |
| **Total Return** E,F,G | 5.52% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .90% J,K |
| Expenses net of fee waivers, if any  | .90% J,K<br>|
| Expenses net of all reductions, if any  | .90% J,K |
| Net investment income (loss)  | 7.30% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $99 |
| Portfolio turnover rate L | 55% <br>|

---

A*For the period April 30, 2025 (commencement of sale of shares) through December 31, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Audit fees are not annualized.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Floating Rate High Income Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.93 | $9.86 | $9.43 | $9.89 | $9.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .746  | .838  | .826  | .474  | .319  |
| Net realized and unrealized gain (loss)  | (.234)  | (.024)  | .307  | (.520)  | .169  |
| Total from investment operations  | .512  | .814  | 1.133  | (.046)  | .488  |
| Distributions from net investment income  | (.782)  | (.744)  | (.703)  | (.414)  | (.258)  |
| Total distributions  | (.782)  | (.744)  | (.703)  | (.414)  | (.258)  |
| Net asset value, end of period  | $9.66 | $9.93 | $9.86 | $9.43 | $9.89 |
| **Total Return** C,D | 5.23% <br>| 8.36%  | 12.22%  | (.46)%  | 5.08%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .70%  | .71%  | .75%  | .75%  | .76%  |
| Expenses net of fee waivers, if any  | .70% <br>| .70%  | .75%  | .75%  | .76%  |
| Expenses net of all reductions, if any  | .70%  | .70%  | .74%  | .75%  | .76%  |
| Net investment income (loss)  | 7.47%  | 8.29%  | 8.39%  | 4.90%  | 3.23%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $311732 | $338731 | $287398 | $234086 | $233965 |
| Portfolio turnover rate G | 55% <br>| 45%  | 31%  | 26%  | 37%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Floating Rate High Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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 commenced sale of Service Class 2 shares on April 30, 2025. The Fund offers the following classes of shares: Initial 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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the nine month period ended September 30, 2025 was 9.68%.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $2853320  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.3 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 5.9 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 - $77.77 / $77.77 | Increase |
|  |  | Discounted cash flow  | Yield  | 8.8% - 15.5% / 10.1% | Decrease |
|  |  | Indicative market price  | Evaluated bid  | $2.50 - $104.58 / $82.12 | Increase |
| Common Stocks | $1991976  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 2.2 - 10.5 / 5.5 | Increase |
|  |  | Market approach  | Transaction price | $1.67 - $2.92 / $2.32 | Increase |
|  |  |  | Parity price | $24.68  | Increase |
|  |  | Recovery value  | Recovery value | $0.00  | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships, market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $6824722 |
| **Gross unrealized depreciation**  | <u>(14061717)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(7236995)</u> |
| **Tax Cost**  | <u>$435307076</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$4005017</u> |
| **Capital loss carryforward**  | <u>$(25159492)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(7236995)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(4719556) |
| Long-term | <u>(20439936)</u> |
| **Total capital loss carryforward** | <u>$(25159492)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income** | $33406572 | $30710765 |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **VIP Floating Rate High Income Portfolio** | Fidelity Private Credit Company LLC | 209985 |

---

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Floating Rate High Income Portfolio** | 226975705 | 237951109 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

**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 Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .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 2** | $172 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Floating Rate High Income Portfolio** | 1 |

---

**Interfund Lending Program.** 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 LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Floating Rate High Income Portfolio**  | Borrower | 3830000 | 4.59% | 4882 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Floating Rate High Income Portfolio** | 605 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Floating Rate High Income Portfolio** | 1 | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2027. During the period, this waiver reduced the Fund's management fee by $18,540.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $13,478.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Floating Rate High Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $9027247 | $7365981 |
| Service Class 2 A | 6919 | - |
| Investor Class | <u>24372406</u> | <u>23344784</u> |
| Total  | <u>$33406572</u> | <u>$30710765</u> |

---

*A Distributions for Service Class 2 are for the period April 30, 2025 (commencement of sale of shares) through December 31, 2025.*

**11. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Floating Rate High Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 6643101 | 9537587 | $66359393 | $96693065 |
| Reinvestment of distributions  | 935335 | 744385 | 9027247 | 7365981 |
| Shares redeemed | <u>(7103093)</u> | <u>(4611520)</u> | <u>(70458302)</u> | <u>(46972824)</u> |
| Net increase (decrease) | <u>475343</u> | <u>5670452</u> | <u>$4928338</u> | <u>$57086222</u> |
| **Service Class 2** A |  |  |  |  |
| Shares sold | <u>10235</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| Net increase (decrease) | <u>10235</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 5598915 | 7543171 | $55887793 | $76398861 |
| Reinvestment of distributions  | 2519202 | 2359494 | 24366260 | 23338937 |
| Shares redeemed | <u>(9980583)</u> | <u>(4933467)</u> | <u>(98557595)</u> | <u>(50009197)</u> |
| Net increase (decrease) | <u>(1862466)</u> | <u>4969198</u> | <u>$(18303542)</u> | <u>$49728601</u> |

---

*A Share transactions for Service Class 2 are for the period April 30, 2025 (commencement of sale of shares) through December 31, 2025.*

**12. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP Floating Rate High Income Portfolio** | 77 | 1 | 17 |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP Floating Rate High Income Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Floating Rate High Income Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

A total of 0.72% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $33,222,912 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123140_4.jpg)<br>

1.9859331.111 VIPFHI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Equity-Income Portfolio℠**

**Annual Report**

**December 31, 2025**

![](img123142_1.jpg)

![](img123142_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VIPEI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Equity-Income Portfolio℠](#Sub_Sec_Fund_211_VIPEI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements211_VIPEI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VIPEI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VIPEI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPEI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPEI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPEI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPEI-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Equity-Income Portfolio℠**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** | &nbsp;&nbsp;**Common Stocks - 97.3%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Restaurant Brands International Inc  | 596467 | 40701686 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Alimentation Couche-Tard Inc  | 504840 | 27571168 |
| Metro Inc/CN  | 392060 | 28218722 |
| TOTAL CONSUMER STAPLES |  | 55789890 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 1075500 | 36428542 |
| Imperial Oil Ltd  | 555387 | 47982071 |
| TOTAL ENERGY |  | 84410613 |
| TOTAL CANADA |  | 180902189 |
| FRANCE - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA  | 1087415 | 20050723 |
| GERMANY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| Siemens AG  | 100555 | 28163102 |
| ITALY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 294492 | 29894995 |
| JAPAN - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.5% |  |  |
| Hitachi Ltd  | 1129904 | 35359994 |
| KOREA (SOUTH) - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Technology Hardware, Storage & Peripherals - 1.5% |  |  |
| Samsung Electronics Co Ltd  | 1247052 | 104472221 |
| NETHERLANDS - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| NXP Semiconductors NV  | 289986 | 62944361 |
| TAIWAN - 1.7%  |  |  |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 375678 | 114164787 |
| UNITED KINGDOM - 2.6%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Personal Care Products - 0.3% |  |  |
| Unilever PLC  | 336076 | 21958260 |
| Tobacco - 0.2% |  |  |
| Imperial Brands PLC  | 322898 | 13558545 |
| TOTAL CONSUMER STAPLES |  | 35516805 |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Astrazeneca PLC  | 435436 | 80581502 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Rolls-Royce Holdings PLC  | 3742250 | 57876564 |
| TOTAL UNITED KINGDOM |  | 173974871 |
| UNITED STATES - 86.3%  |  |  |
| Communication Services - 8.1% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| AT&T Inc  | 1844570 | 45819119 |
| Verizon Communications Inc  | 1149260 | 46809360 |
|  |  | 92628479 |
| Entertainment - 1.2% |  |  |
| Walt Disney Co/The  | 691684 | 78692889 |
| Interactive Media & Services - 4.0% |  |  |
| Alphabet Inc Class A  | 766268 | 239841884 |
| Meta Platforms Inc Class A  | 44497 | 29372025 |
|  |  | 269213909 |
| Media - 0.5% |  |  |
| Comcast Corp Class A  | 1430240 | 42749873 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 332093 | 67428162 |
| TOTAL COMMUNICATION SERVICES |  | 550713312 |
| Consumer Discretionary - 7.2% |  |  |
| Broadline Retail - 0.8% |  |  |
| Amazon.com Inc (a) | 227785 | 52577334 |
| Diversified Consumer Services - 0.3% |  |  |
| H&R Block Inc  | 479300 | 20887894 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| McDonald's Corp  | 257508 | 78702170 |
| Starbucks Corp  | 327147 | 27549049 |
|  |  | 106251219 |
| Specialty Retail - 3.3% |  |  |
| Burlington Stores Inc (a) | 124778 | 36042125 |
| Dick's Sporting Goods Inc  | 165134 | 32691578 |
| Lowe's Cos Inc  | 327300 | 78931668 |
| TJX Cos Inc/The  | 512762 | 78765371 |
|  |  | 226430742 |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Columbia Sportswear Co  | 47100 | 2594739 |
| NIKE Inc Class B  | 358800 | 22859148 |
| Tapestry Inc  | 451731 | 57717670 |
|  |  | 83171557 |
| TOTAL CONSUMER DISCRETIONARY |  | 489318746 |
| Consumer Staples - 7.5% |  |  |
| Beverages - 1.8% |  |  |
| Coca-Cola Co/The  | 1065785 | 74509030 |
| Keurig Dr Pepper Inc  | 1711741 | 47945865 |
|  |  | 122454895 |
| Consumer Staples Distribution & Retail - 3.3% |  |  |
| Albertsons Cos Inc Class A  | 554268 | 9516782 |
| BJ's Wholesale Club Holdings Inc (a) | 401558 | 36152267 |
| Costco Wholesale Corp  | 7700 | 6640017 |
| Target Corp  | 450333 | 44020051 |
| Walmart Inc  | 1134060 | 126345625 |
|  |  | 222674742 |
| Food Products - 0.6% |  |  |
| JM Smucker Co  | 177100 | 17322151 |
| Mondelez International Inc  | 404771 | 21788823 |
|  |  | 39110974 |
| Household Products - 1.6% |  |  |
| Procter & Gamble Co/The  | 748644 | 107288172 |
| Personal Care Products - 0.2% |  |  |
| Kenvue Inc  | 1092091 | 18838569 |
| TOTAL CONSUMER STAPLES |  | 510367352 |
| Energy - 4.7% |  |  |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| Chevron Corp  | 129031 | 19665615 |
| Enterprise Products Partners LP  | 952568 | 30539330 |
| Exxon Mobil Corp  | 1604011 | 193026684 |
| Phillips 66  | 141604 | 18272580 |
| Shell PLC  | 1073132 | 39547329 |
| Valero Energy Corp  | 104734 | 17049648 |
| TOTAL ENERGY |  | 318101186 |
| Financials - 20.9% |  |  |
| Banks - 11.9% |  |  |
| Bank of America Corp  | 2565109 | 141080995 |
| Huntington Bancshares Inc/OH  | 2898370 | 50286720 |
| JPMorgan Chase & Co  | 778634 | 250891448 |
| M&T Bank Corp  | 323567 | 65192279 |
| PNC Financial Services Group Inc/The  | 448410 | 93596619 |
| US Bancorp  | 985900 | 52607624 |
| Wells Fargo & Co  | 1654155 | 154167246 |
|  |  | 807822931 |
| Capital Markets - 1.8% |  |  |
| Blackrock Inc  | 51421 | 55037953 |
| Charles Schwab Corp/The  | 674600 | 67399286 |
|  |  | 122437239 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 254854 | 61766415 |
| Financial Services - 1.0% |  |  |
| Apollo Global Management Inc  | 238000 | 34452880 |
| Visa Inc Class A  | 91570 | 32114515 |
|  |  | 66567395 |
| Insurance - 5.3% |  |  |
| American Financial Group Inc/OH  | 327555 | 44770217 |
| Chubb Ltd  | 350682 | 109454867 |
| Hartford Insurance Group Inc/The  | 549544 | 75727163 |
| Marsh & McLennan Cos Inc  | 265600 | 49274112 |
| Travelers Companies Inc/The  | 267740 | 77660664 |
|  |  | 356887023 |
| TOTAL FINANCIALS |  | 1415481003 |
| Health Care - 11.2% |  |  |
| Biotechnology - 3.3% |  |  |
| AbbVie Inc  | 463621 | 105932762 |
| Gilead Sciences Inc  | 951685 | 116809817 |
|  |  | 222742579 |
| Health Care Providers & Services - 1.6% |  |  |
| Cigna Group/The  | 93176 | 25644830 |
| UnitedHealth Group Inc  | 243255 | 80300909 |
|  |  | 105945739 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 291829 | 66805495 |
| Pharmaceuticals - 5.4% |  |  |
| Eli Lilly & Co  | 51858 | 55730755 |
| GSK PLC  | 2007722 | 49223755 |
| Johnson & Johnson  | 610558 | 126354978 |
| Merck & Co Inc  | 1006650 | 105959979 |
| Royalty Pharma PLC Class A  | 700898 | 27082699 |
|  |  | 364352166 |
| TOTAL HEALTH CARE |  | 759845979 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 3.3% |  |  |
| GE Aerospace  | 241182 | 74291292 |
| General Dynamics Corp  | 150000 | 50499000 |
| Huntington Ingalls Industries Inc  | 137900 | 46895653 |
| Northrop Grumman Corp  | 86601 | 49380756 |
|  |  | 221066701 |
| Building Products - 0.9% |  |  |
| Johnson Controls International plc  | 512200 | 61335950 |
| Commercial Services & Supplies - 0.4% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 312900 | 13441102 |
| Veralto Corp  | 146222 | 14590031 |
|  |  | 28031133 |
| Electrical Equipment - 1.4% |  |  |
| AMETEK Inc  | 211222 | 43365988 |
| GE Vernova Inc  | 77029 | 50343844 |
|  |  | 93709832 |
| Ground Transportation - 0.9% |  |  |
| Norfolk Southern Corp  | 222500 | 64240200 |
| Machinery - 2.1% |  |  |
| Crane Co  | 253592 | 46769973 |
| ITT Inc  | 553542 | 96045072 |
|  |  | 142815045 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 285927 | 11494265 |
| Trading Companies & Distributors - 0.5% |  |  |
| Watsco Inc (b) | 105658 | 35601463 |
| TOTAL INDUSTRIALS |  | 658294589 |
| Information Technology - 6.6% |  |  |
| Communications Equipment - 1.4% |  |  |
| Cisco Systems Inc  | 1190850 | 91731176 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Crane NXT Co  | 346500 | 16309754 |
| IT Services - 1.8% |  |  |
| Accenture PLC Class A  | 166900 | 44779270 |
| Amdocs Ltd  | 409833 | 32995655 |
| IBM Corporation  | 138700 | 41084327 |
|  |  | 118859252 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Analog Devices Inc  | 163500 | 44341200 |
| Broadcom Inc  | 81636 | 28254220 |
|  |  | 72595420 |
| Software - 1.7% |  |  |
| Gen Digital Inc  | 743381 | 20212529 |
| Microsoft Corp  | 198750 | 96119475 |
|  |  | 116332004 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Apple Inc  | 127929 | 34778778 |
| TOTAL INFORMATION TECHNOLOGY |  | 450606384 |
| Materials - 2.8% |  |  |
| Chemicals - 1.9% |  |  |
| Linde PLC  | 304789 | 129958982 |
| Containers & Packaging - 0.9% |  |  |
| Ball Corp  | 562700 | 29806218 |
| Crown Holdings Inc  | 297049 | 30587136 |
|  |  | 60393354 |
| TOTAL MATERIALS |  | 190352336 |
| Real Estate - 2.0% |  |  |
| Specialized REITs - 2.0% |  |  |
| American Tower Corp  | 149973 | 26330759 |
| Lamar Advertising Co Class A  | 466608 | 59063241 |
| Public Storage  | 182309 | 47309186 |
| TOTAL REAL ESTATE |  | 132703186 |
| Utilities - 5.6% |  |  |
| Electric Utilities - 3.8% |  |  |
| Constellation Energy Corp  | 181549 | 64135815 |
| Exelon Corp  | 487449 | 21247902 |
| FirstEnergy Corp  | 395300 | 17697581 |
| NextEra Energy Inc  | 1075968 | 86378711 |
| PG&E Corp  | 1154300 | 18549601 |
| Southern Co/The  | 574700 | 50113840 |
|  |  | 258123450 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 164700 | 13179294 |
| Independent Power and Renewable Electricity Producers - 0.6% |  |  |
| Vistra Corp  | 240601 | 38816159 |
| Multi-Utilities - 1.0% |  |  |
| Ameren Corp  | 228158 | 22783858 |
| CenterPoint Energy Inc  | 623368 | 23899929 |
| WEC Energy Group Inc  | 229025 | 24152977 |
|  |  | 70836764 |
| TOTAL UTILITIES |  | 380955667 |
| TOTAL UNITED STATES |  | 5856739740 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,655,424,658) |  | <br> **6606666983** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.79 | 153995135 | 154025934 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.77 | 2385011 | 2385250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $156,412,634) |  |  | **156411184** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $3,811,837,292)<br>| <br>**6763078167** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **28595991** |
| **NET ASSETS - 100.0%** | **6791674158** |

---

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(c) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Investment made with cash collateral received from securities on loan.

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 258249053 | 603150408 | 707372175 | 4522175 | 98 | (1450) | 154025934 | 153995135 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 14020779 | 537508266 | 549149045 | 86608 | 5250 | - | 2385250 | 2385011 | 0.0% |
| Total | 272269832 | 1140658674 | 1256521220 | 4608783 | 5348 | (1450) | 156411184 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 550713312 | 550713312 | - | - |
| Consumer Discretionary | 530020432 | 530020432 | - | - |
| Consumer Staples | 601674047 | 566157242 | 35516805 | - |
| Energy | 422562522 | 383015193 | 39547329 | - |
| Financials | 1415481003 | 1415481003 | - | - |
| Health Care | 840427481 | 710622224 | 129805257 | - |
| Industrials | 809589244 | 723549578 | 86039666 | - |
| Information Technology | 732187753 | 627715532 | 104472221 | - |
| Materials | 190352336 | 190352336 | - | - |
| Real Estate | 132703186 | 132703186 | - | - |
| Utilities | 380955667 | 380955667 | - | - |
|  **Money Market Funds** | 156411184 | 156411184 | - | - |
| **Total Investments in Securities:** | 6763078167 | 6367696889 | 395381278 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,291,260) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,655,424,658) | $6606666983 |  |
| Fidelity Central Funds (cost $156,412,634) | 156411184 |  |
| Total Investment in Securities (cost $3,811,837,292) |  | $6763078167 |
| Foreign currency held at value (cost $177,798) |  | 177793 |
| Receivable for investments sold |  | 41985652 |
| Receivable for fund shares sold |  | 3185754 |
| Dividends receivable |  | 9534477 |
| Distributions receivable from Fidelity Central Funds |  | 612973 |
| Prepaid expenses |  | 5269 |
| Other receivables |  | 13344 |
| **Total assets** |  | 6818593429 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18282416 |  |
| Payable for fund shares redeemed | 3177631 |  |
| Accrued management fee | 2593862 |  |
| Distribution and service plan fees payable | 391938 |  |
| Other payables and accrued expenses | 93424 |  |
| Collateral on securities loaned | 2380000 |  |
| **Total liabilities** |  | 26919271 |
| **Net Assets**  |  | $6791674158 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3790970430 |
| Total accumulated earnings (loss) |  | 3000703728 |
| **Net Assets** |  | $6791674158 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,857,879,634 ÷ 131,093,396 shares) |  | $29.43 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($323,949,745 ÷ 11,110,517 shares) |  | $29.16 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,757,279,281 ÷ 62,468,407 shares) |  | $28.13 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($852,565,498 ÷ 29,261,464 shares) |  | $29.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $138933822 |
| Income from Fidelity Central Funds (including $86,608 from security lending)  |  | 4608783 |
| **Total income** |  | 143542605 |
| **Expenses** |  |  |
| Management fee | $29859429 |  |
| Distribution and service plan fees | 4493621 |  |
| Custodian fees and expenses | 57112 |  |
| Independent trustees' fees and expenses | 25087 |  |
| Audit fees | 108215 |  |
| Legal | 7676 |  |
| Miscellaneous | 23023 |  |
| Total expenses before reductions | 34574163 |  |
| Expense reductions | (585) |  |
| Total expenses after reductions |  | 34573578 |
| **Net Investment income (loss)** |  | 108969027 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 368722156 |  |
| Fidelity Central Funds | 5348 |  |
| Foreign currency transactions | (125498) |  |
| Total net realized gain (loss) |  | 368602006 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 638180768 |  |
| Fidelity Central Funds  | (1450) |  |
| Assets and liabilities in foreign currencies | 290986 |  |
| Total change in net unrealized appreciation (depreciation) |  | 638470304 |
| **Net gain (loss)** |  | 1007072310 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1116041337 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $108969027 | $105492436 |
| &nbsp;&nbsp;Net realized gain (loss) | 368602006<br>| 374077751<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 638470304 | 379409707<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1116041337<br>| 858979894<br>|
| Distributions to shareholders | (475309930)<br>| (459560916)<br>|
| Share transactions - net increase (decrease) | 37547382<br>| (89569222)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 678278789<br>| 309849756<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6113395369 | 5803545613<br>|
| &nbsp;&nbsp;End of period | $6791674158 | $6113395369 |

---

**Financial Highlights** 

**VIP Equity-Income Portfolio℠ Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.59 | $24.85 | $23.56 | $26.15 | $23.90 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .51  | .49  | .48  | .48  | .43  |
| Net realized and unrealized gain (loss)  | 4.50  | 3.37  | 2.01  | (1.76)  | 5.29  |
| Total from investment operations  | 5.01  | 3.86  | 2.49  | (1.28)  | 5.72  |
| Distributions from net investment income  | (.53)  | (.50)  | (.48)  | (.47) C | (.51)  |
| Distributions from net realized gain  | (1.64)  | (1.62)  | (.72)  | (.84) C | (2.95)  |
| Total distributions  | (2.17)  | (2.12)  | (1.20)  | (1.31)  | (3.47) D |
| Net asset value, end of period  | $29.43 | $26.59 | $24.85 | $23.56 | $26.15 |
| **Total Return** E,F | 19.02% <br>| 15.35%  | 10.65%  | (4.96)%  | 24.89%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .46%  | .48%  | .51%  | .51%  | .51%  |
| Expenses net of fee waivers, if any  | .46% <br>| .47%  | .50%  | .51%  | .51%  |
| Expenses net of all reductions, if any  | .46%  | .47%  | .50%  | .51%  | .51%  |
| Net investment income (loss)  | 1.78%  | 1.80%  | 1.97%  | 1.94%  | 1.63%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3857880 | $3486238 | $3351006 | $3235040 | $3766480 |
| Portfolio turnover rate I | 15% <br>| 21%  | 21%  | 20%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Equity-Income Portfolio℠ Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.36 | $24.65 | $23.38 | $25.97 | $23.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .46  | .45  | .45  | .40  |
| Net realized and unrealized gain (loss)  | 4.47  | 3.34  | 1.99  | (1.75)  | 5.26  |
| Total from investment operations  | 4.94  | 3.80  | 2.44  | (1.30)  | 5.66  |
| Distributions from net investment income  | (.50)  | (.47)  | (.45)  | (.45) C | (.48)  |
| Distributions from net realized gain  | (1.64)  | (1.62)  | (.72)  | (.84) C | (2.95)  |
| Total distributions  | (2.14)  | (2.09)  | (1.17)  | (1.29)  | (3.43)  |
| Net asset value, end of period  | $29.16 | $26.36 | $24.65 | $23.38 | $25.97 |
| **Total Return** D,E | 18.92% <br>| 15.24%  | 10.53%  | (5.09)%  | 24.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .56%  | .58%  | .61%  | .61%  | .61%  |
| Expenses net of fee waivers, if any  | .56% <br>| .57%  | .60%  | .61%  | .61%  |
| Expenses net of all reductions, if any  | .56%  | .57%  | .60%  | .61%  | .61%  |
| Net investment income (loss)  | 1.68%  | 1.70%  | 1.87%  | 1.84%  | 1.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $323950 | $297122 | $287149 | $286805 | $326787 |
| Portfolio turnover rate H | 15% <br>| 21%  | 21%  | 20%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Equity-Income Portfolio℠ Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.50 | $23.91 | $22.71 | $25.27 | $23.18 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .41  | .40  | .40  | .35  |
| Net realized and unrealized gain (loss)  | 4.31  | 3.24  | 1.94  | (1.71)  | 5.13  |
| Total from investment operations  | 4.73  | 3.65  | 2.34  | (1.31)  | 5.48  |
| Distributions from net investment income  | (.47)  | (.43)  | (.42)  | (.41) C | (.44)  |
| Distributions from net realized gain  | (1.64)  | (1.62)  | (.72)  | (.84) C | (2.95)  |
| Total distributions  | (2.10) D | (2.06) D | (1.14)  | (1.25)  | (3.39)  |
| Net asset value, end of period  | $28.13 | $25.50 | $23.91 | $22.71 | $25.27 |
| **Total Return** E,F | 18.75% <br>| 15.06%  | 10.38%  | (5.25)%  | 24.60%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .71%  | .73%  | .76%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .71% <br>| .72%  | .75%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .71%  | .72%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | 1.53%  | 1.55%  | 1.72%  | 1.69%  | 1.38%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1757279 | $1602462 | $1529540 | $1509527 | $1659719 |
| Portfolio turnover rate I | 15% <br>| 21%  | 21%  | 20%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Equity-Income Portfolio℠ Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.35 | $24.65 | $23.38 | $25.96 | $23.74 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .48  | .47  | .45  | .45  | .41  |
| Net realized and unrealized gain (loss)  | 4.46  | 3.34  | 2.00  | (1.74)  | 5.26  |
| Total from investment operations  | 4.94  | 3.81  | 2.45  | (1.29)  | 5.67  |
| Distributions from net investment income  | (.52)  | (.49)  | (.46)  | (.45) C | (.49)  |
| Distributions from net realized gain  | (1.64)  | (1.62)  | (.72)  | (.84) C | (2.95)  |
| Total distributions  | (2.15) D | (2.11)  | (1.18)  | (1.29)  | (3.45) D |
| Net asset value, end of period  | $29.14 | $26.35 | $24.65 | $23.38 | $25.96 |
| **Total Return** E,F | 18.94% <br>| 15.26%  | 10.56%  | (5.02)%  | 24.83%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .53%  | .56%  | .59%  | .59%  | .59%  |
| Expenses net of fee waivers, if any  | .53% <br>| .55%  | .58%  | .58%  | .58%  |
| Expenses net of all reductions, if any  | .53%  | .55%  | .58%  | .58%  | .58%  |
| Net investment income (loss)  | 1.71%  | 1.73%  | 1.90%  | 1.86%  | 1.55%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $852565 | $727573 | $635851 | $597206 | $627711 |
| Portfolio turnover rate I | 15% <br>| 21%  | 21%  | 20%  | 27%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Equity-Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3050662597 |
| **Gross unrealized depreciation**  | <u>(98312238)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2952350359</u> |
| **Tax Cost**  | <u>$3810727808</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$5699814</u> |
| **Undistributed long-term capital gain**  | <u>$55044485</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2939959425</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $119069216 | $116174582 |
| **Long-term Capital Gains**  | <u>356240714</u> | <u>343386334</u> |
| **Total**  | <u>$475309930</u> | <u>$459560916</u> |

---

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Equity-Income Portfolio** | 960030620 | 1208339393 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .47 |
| **Service Class** | .47 |
| **Service Class 2** | .47 |
| **Investor Class** | .55 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .46 |
| **Service Class** | .46 |
| **Service Class 2** | .46 |
| **Investor Class** | .53 |

---

**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 Company LLC (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** | $307951 |
| **Service Class 2** | <u>4185670</u> |
|  | <u>$4493621</u> |

---

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Equity-Income Portfolio** | $13344 |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Equity-Income Portfolio** | 10834 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Equity-Income Portfolio** | 106437113 | 106005481 | 29087257 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Equity-Income Portfolio** | 8632 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Equity-Income Portfolio** | 9387 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $585.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Equity-Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $269064057 | $261935164 |
| Service Class | 22489536 | 22301600 |
| Service Class 2 | 124817504 | 121175422 |
| Investor Class | <u>58938833</u> | <u>54148730</u> |
| Total  | <u>$475309930</u> | <u>$459560916</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Equity-Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 7355960 | 5073394 | $207741650 | $138217269 |
| Reinvestment of distributions  | 9281962 | 9588960 | 269064057 | 261935164 |
| Shares redeemed | <u>(16672899)</u> | <u>(18395453)</u> | <u>(473514234)</u> | <u>(501230489)</u> |
| Net increase (decrease) | <u>(34977)</u> | <u>(3733099)</u> | <u>$3291473</u> | <u>$(101078056)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 543636 | 428713 | $15342207 | $11894736 |
| Reinvestment of distributions  | 783160 | 823612 | 22489536 | 22301600 |
| Shares redeemed | <u>(1488396)</u> | <u>(1628094)</u> | <u>(42023346)</u> | <u>(43946545)</u> |
| Net increase (decrease) | <u>(161600)</u> | <u>(375769)</u> | <u>$(4191603)</u> | <u>$(9750209)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 4918839 | 4180360 | $133760334 | $108816565 |
| Reinvestment of distributions  | 4504769 | 4624079 | 124817504 | 121175422 |
| Shares redeemed | <u>(9789060)</u> | <u>(9932452)</u> | <u>(267340423)</u> | <u>(260514955)</u> |
| Net increase (decrease) | <u>(365452)</u> | <u>(1128013)</u> | <u>$(8762585)</u> | <u>$(30522968)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2318005 | 2367380 | $65139704 | $65679455 |
| Reinvestment of distributions  | 2053164 | 1999165 | 58938833 | 54148730 |
| Shares redeemed | <u>(2726225)</u> | <u>(2550044)</u> | <u>(76868440)</u> | <u>(68046174)</u> |
| Net increase (decrease) | <u>1644944</u> | <u>1816501</u> | <u>$47210097</u> | <u>$51782011</u> |

---

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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 owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %**  | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %**  |
| VIP Equity-Income Portfolio | 19 | 2 | 28 |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP Equity-Income Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Equity-Income Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2025, $364,694,481, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $3,474,957 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Initial Class designates 84%; Service Class designates 89%; Service Class 2 designates 96%; and Investor Class designates 87%; of the dividends distributed in December during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123142_4.jpg)<br>

1.540027.128 VIPEI-ANN-0226

**Fidelity® Variable Insurance Products:**

**VIP Stock Selector Portfolio**

**Annual Report**

**December 31, 2025**

![](img123206_1.jpg)

![](img123206_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_VSACI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Stock Selector Portfolio](#Sub_Sec_Fund_6426_VSACI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6426_VSACI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_VSACI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_VSACI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VSACI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VSACI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VSACI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VSACI-ANN)** |

---

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.© 2026 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-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**VIP Stock Selector Portfolio**

**Schedule of Investments December 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 700 | 1152298 |
| BELGIUM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| UCB SA  | 42400 | 11889075 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 17400 | 2044848 |
| CANADA - 0.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (e) | 57500 | 3923682 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alimentation Couche-Tard Inc  | 65200 | 3560812 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Athabasca Oil Corp (b) | 1206600 | 6180028 |
| Cameco Corp (United States)  | 3400 | 311066 |
| Imperial Oil Ltd (e) | 146100 | 12622155 |
| TOTAL ENERGY |  | 19113249 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (b) | 85000 | 3809700 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (b) | 2400 | 709463 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 46700 | 1389551 |
| TOTAL CANADA |  | 32506457 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (b) | 42500 | 9062700 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 26500 | 989775 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Amundi SA (g)(h) | 16597 | 1377038 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Sartorius Stedim Biotech  | 12500 | 3084901 |
| TOTAL FRANCE |  | 4461939 |
| GERMANY - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 28500 | 2713200 |
| GREECE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Piraeus Bank SA  | 437411 | 3492425 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 9337 | 328008 |
| JAPAN - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Eisai Co Ltd  | 40000 | 1187634 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Disco Corp  | 6800 | 2071704 |
| TOTAL JAPAN |  | 3259338 |
| KOREA (SOUTH) - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| SK Hynix Inc  | 88890 | 40237348 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 51370 | 4303540 |
| TOTAL KOREA (SOUTH) |  | 44540888 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (b) | 15500 | 13034725 |
| uniQure NV (b) | 28000 | 670040 |
| TOTAL HEALTH CARE |  | 13704765 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASM International NV  | 3700 | 2250649 |
| NXP Semiconductors NV  | 17377 | 3771852 |
| TOTAL INFORMATION TECHNOLOGY |  | 6022501 |
| TOTAL NETHERLANDS |  | 19727266 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 89100 | 1531912 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 33800 | 4208776 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| On Holding AG Class A (b) | 20700 | 962136 |
| TAIWAN - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Chroma ATE Inc  | 352000 | 8701199 |
| Delta Electronics Inc  | 466000 | 14313537 |
|  |  | 23014736 |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| Jentech Precision Industrial Co Ltd  | 56000 | 4903036 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 80000 | 3941175 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 158564 | 48186015 |
|  |  | 57030226 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Asia Vital Components Co Ltd  | 48000 | 2311814 |
| TOTAL TAIWAN |  | 82356776 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 2000 | 910559 |
| UNITED KINGDOM - 0.4%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Diageo PLC  | 180356 | 3886296 |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 91182 | 1140686 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 91000 | 5152420 |
| TOTAL CONSUMER STAPLES |  | 10179402 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Hiscox Ltd  | 374892 | 7190927 |
| TOTAL UNITED KINGDOM |  | 17370329 |
| UNITED STATES - 93.8%  |  |  |
| Communication Services - 11.2% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| AT&T Inc  | 730000 | 18133200 |
| Entertainment - 0.9% |  |  |
| Live Nation Entertainment Inc (b) | 12600 | 1795500 |
| Netflix Inc (b) | 163100 | 15292256 |
| Take-Two Interactive Software Inc (b) | 28400 | 7271252 |
| Walt Disney Co/The  | 99000 | 11263230 |
| Warner Bros Discovery Inc (b) | 231000 | 6657420 |
|  |  | 42279658 |
| Interactive Media & Services - 9.8% |  |  |
| Alphabet Inc Class A  | 1063012 | 332722756 |
| Meta Platforms Inc Class A  | 188200 | 124228938 |
|  |  | 456951694 |
| Media - 0.1% |  |  |
| Fox Corp Class B  | 23196 | 1506116 |
| Magnite Inc (b) | 217700 | 3533271 |
|  |  | 5039387 |
| TOTAL COMMUNICATION SERVICES |  | 522403939 |
| Consumer Discretionary - 10.0% |  |  |
| Automobiles - 2.0% |  |  |
| General Motors Co  | 19800 | 1610136 |
| Tesla Inc (b) | 201363 | 90556968 |
|  |  | 92167104 |
| Broadline Retail - 4.3% |  |  |
| Amazon.com Inc (b) | 857436 | 197913378 |
| Etsy Inc (b) | 27600 | 1530144 |
|  |  | 199443522 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 77500 | 2340500 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 76700 | 5980299 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (b) | 61000 | 8278920 |
| Booking Holdings Inc  | 1312 | 7026193 |
| Chipotle Mexican Grill Inc (b) | 152300 | 5635100 |
| Churchill Downs Inc  | 41830 | 4759417 |
| Domino's Pizza Inc  | 14354 | 5983034 |
| DraftKings Inc Class A (b) | 136400 | 4700344 |
| Dutch Bros Inc Class A (b) | 34300 | 2099846 |
| Marriott International Inc/MD Class A1  | 37195 | 11539377 |
| Starbucks Corp  | 89700 | 7553637 |
| Wyndham Hotels & Resorts Inc  | 43900 | 3317084 |
| Yum! Brands Inc  | 50800 | 7685024 |
|  |  | 68577976 |
| Household Durables - 0.2% |  |  |
| PulteGroup Inc  | 55400 | 6496204 |
| Somnigroup International Inc  | 33700 | 3008736 |
|  |  | 9504940 |
| Specialty Retail - 1.6% |  |  |
| Best Buy Co Inc  | 12400 | 829932 |
| Dick's Sporting Goods Inc  | 15600 | 3088332 |
| Floor & Decor Holdings Inc Class A (b) | 44300 | 2697427 |
| Home Depot Inc/The  | 38824 | 13359338 |
| Lithia Motors Inc Class A  | 9900 | 3290067 |
| Lowe's Cos Inc  | 139289 | 33590936 |
| RealReal Inc/The (b) | 50500 | 796890 |
| Ross Stores Inc  | 101000 | 18194140 |
|  |  | 75847062 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 149169 | 9503557 |
| PVH Corp  | 60940 | 4084199 |
|  |  | 13587756 |
| TOTAL CONSUMER DISCRETIONARY |  | 467449159 |
| Consumer Staples - 4.6% |  |  |
| Beverages - 1.5% |  |  |
| Boston Beer Co Inc/The Class A (b) | 22300 | 4351399 |
| Brown-Forman Corp Class B  | 14300 | 372658 |
| Coca-Cola Co/The  | 423500 | 29606885 |
| Constellation Brands Inc Class A  | 39285 | 5419759 |
| Keurig Dr Pepper Inc  | 590100 | 16528701 |
| Monster Beverage Corp (b) | 33400 | 2560778 |
| PepsiCo Inc  | 49100 | 7046832 |
| Primo Brands Corp Class A  | 125000 | 2043750 |
|  |  | 67930762 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Albertsons Cos Inc Class A  | 198200 | 3403094 |
| BJ's Wholesale Club Holdings Inc (b) | 58500 | 5266755 |
| Costco Wholesale Corp  | 24400 | 21041096 |
| Kroger Co/The  | 53800 | 3361424 |
| Target Corp  | 85635 | 8370821 |
| US Foods Holding Corp (b) | 27400 | 2063768 |
| Walmart Inc  | 192200 | 21413002 |
|  |  | 64919960 |
| Food Products - 0.5% |  |  |
| Bunge Global SA  | 50200 | 4471816 |
| Freshpet Inc (b) | 32500 | 1980225 |
| JM Smucker Co  | 30400 | 2973424 |
| Lamb Weston Holdings Inc  | 30400 | 1273456 |
| Mondelez International Inc  | 172300 | 9274909 |
| TreeHouse Foods Inc (b) | 59826 | 1411295 |
|  |  | 21385125 |
| Household Products - 0.7% |  |  |
| Colgate-Palmolive Co  | 2800 | 221256 |
| Energizer Holdings Inc  | 364775 | 7255375 |
| Kimberly-Clark Corp  | 18100 | 1826109 |
| Procter & Gamble Co/The  | 174700 | 25036257 |
|  |  | 34338997 |
| Personal Care Products - 0.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 26000 | 2722720 |
| Herbalife Ltd (b) | 13400 | 172726 |
| Kenvue Inc  | 575500 | 9927375 |
|  |  | 12822821 |
| Tobacco - 0.3% |  |  |
| Philip Morris International Inc  | 80400 | 12896160 |
| TOTAL CONSUMER STAPLES |  | 214293825 |
| Energy - 2.4% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SLB Ltd  | 103000 | 3953140 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Chevron Corp  | 78280 | 11930655 |
| ConocoPhillips  | 154300 | 14444023 |
| Exxon Mobil Corp  | 453200 | 54538088 |
| Murphy Oil Corp  | 107800 | 3368750 |
| Phillips 66  | 36100 | 4658344 |
| Shell PLC ADR  | 117800 | 8655944 |
| Valero Energy Corp  | 59800 | 9734842 |
|  |  | 107330646 |
| TOTAL ENERGY |  | 111283786 |
| Financials - 12.9% |  |  |
| Banks - 4.7% |  |  |
| Bancorp Inc/The (b) | 161480 | 10903130 |
| Bank of America Corp  | 1035612 | 56958661 |
| BOK Financial Corp  | 19721 | 2336150 |
| Citigroup Inc  | 204660 | 23881775 |
| Comerica Inc  | 50382 | 4379707 |
| First Horizon Corp  | 208940 | 4993666 |
| JPMorgan Chase & Co  | 63718 | 20531214 |
| KeyCorp  | 318610 | 6576110 |
| M&T Bank Corp  | 42061 | 8474450 |
| Synovus Financial Corp  | 42391 | 2121670 |
| Truist Financial Corp  | 223600 | 11003356 |
| UMB Financial Corp  | 34000 | 3911360 |
| US Bancorp  | 257800 | 13756208 |
| Wells Fargo & Co  | 508547 | 47396580 |
| Wintrust Financial Corp  | 28700 | 4012834 |
|  |  | 221236871 |
| Capital Markets - 3.1% |  |  |
| Bank of New York Mellon Corp/The  | 33221 | 3856626 |
| Blackrock Inc  | 18500 | 19801290 |
| Blue Owl Capital Inc Class A  | 177388 | 2650177 |
| Carlyle Group Inc/The  | 54962 | 3248804 |
| Cboe Global Markets Inc  | 8724 | 2189724 |
| Charles Schwab Corp/The  | 252300 | 25207294 |
| Evercore Inc Class A  | 7756 | 2638979 |
| Goldman Sachs Group Inc/The  | 4753 | 4177887 |
| Intercontinental Exchange Inc  | 82800 | 13410288 |
| KKR & Co Inc Class A  | 91805 | 11703301 |
| MarketAxess Holdings Inc  | 47617 | 8630581 |
| Moody's Corp  | 16471 | 8414210 |
| Nasdaq Inc  | 64761 | 6290236 |
| Northern Trust Corp  | 58700 | 8017833 |
| Raymond James Financial Inc  | 43195 | 6936685 |
| State Street Corp  | 84800 | 10940048 |
| Tradeweb Markets Inc Class A  | 4660 | 501136 |
| Virtu Financial Inc Class A  | 165047 | 5499366 |
| Wealthfront Corp (b) | 32900 | 447111 |
|  |  | 144561576 |
| Consumer Finance - 0.3% |  |  |
| Capital One Financial Corp  | 35815 | 8680123 |
| SLM Corp  | 120136 | 3250880 |
|  |  | 11931003 |
| Financial Services - 2.9% |  |  |
| Apollo Global Management Inc  | 95235 | 13786219 |
| Berkshire Hathaway Inc Class A (b) | 12 | 9057600 |
| Berkshire Hathaway Inc Class B (b) | 20064 | 10085170 |
| Block Inc Class A (b) | 21975 | 1430352 |
| Corpay Inc (b) | 22683 | 6825995 |
| Mastercard Inc Class A  | 152434 | 87021522 |
| UWM Holdings Corp Class A  | 153604 | 672785 |
| Voya Financial Inc  | 72146 | 5374156 |
|  |  | 134253799 |
| Insurance - 1.9% |  |  |
| American Financial Group Inc/OH  | 57700 | 7886436 |
| Arthur J Gallagher & Co  | 49638 | 12845818 |
| Assurant Inc  | 20375 | 4907319 |
| Baldwin Insurance Group Inc/The Class A (b) | 88600 | 2129058 |
| Brighthouse Financial Inc (b) | 22409 | 1451878 |
| Brown & Brown Inc  | 81386 | 6486464 |
| Chubb Ltd  | 65757 | 20524075 |
| Hartford Insurance Group Inc/The  | 57981 | 7989782 |
| Marsh & McLennan Cos Inc  | 19851 | 3682758 |
| Reinsurance Group of America Inc  | 42002 | 8545727 |
| Travelers Companies Inc/The  | 15430 | 4475626 |
| Unum Group  | 64840 | 5025100 |
| Willis Towers Watson PLC  | 8433 | 2771084 |
|  |  | 88721125 |
| TOTAL FINANCIALS |  | 600704374 |
| Health Care - 8.3% |  |  |
| Biotechnology - 2.1% |  |  |
| AbbVie Inc  | 92000 | 21021080 |
| Alnylam Pharmaceuticals Inc (b) | 18000 | 7157700 |
| Biogen Inc (b) | 20000 | 3519800 |
| Caris Life Sciences Inc (b) | 120000 | 3237600 |
| Centessa Pharmaceuticals PLC ADR (b) | 108000 | 2701080 |
| CG oncology Inc (b) | 30000 | 1245600 |
| Cogent Biosciences Inc (b) | 150000 | 5328000 |
| Cytokinetics Inc (b) | 48000 | 3049920 |
| Disc Medicine Inc (b) | 46000 | 3652860 |
| Gilead Sciences Inc  | 63500 | 7793990 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 21000 | 866250 |
| Legend Biotech Corp ADR (b) | 196000 | 4261040 |
| Mineralys Therapeutics Inc (b) | 65000 | 2358850 |
| Moderna Inc (b) | 135000 | 3981150 |
| Nuvalent Inc Class A (b) | 38000 | 3822420 |
| Praxis Precision Medicines Inc (b) | 8600 | 2534764 |
| Scholar Rock Holding Corp (b) | 13100 | 577055 |
| Soleno Therapeutics Inc (b) | 36000 | 1666800 |
| Ultragenyx Pharmaceutical Inc (b) | 36000 | 828000 |
| Vaxcyte Inc (b) | 64000 | 2952960 |
| Veracyte Inc (b) | 80000 | 3368000 |
| Viking Therapeutics Inc (b)(e) | 38000 | 1336840 |
| Viridian Therapeutics Inc (b) | 108000 | 3360960 |
| Zenas Biopharma Inc (d) | 76074 | 2762247 |
| Zenas Biopharma Inc (b) | 14000 | 508340 |
|  |  | 93893306 |
| Health Care Equipment & Supplies - 2.0% |  |  |
| Boston Scientific Corp (b) | 295000 | 28128250 |
| Edwards Lifesciences Corp (b) | 121000 | 10315250 |
| Insulet Corp (b) | 30000 | 8527200 |
| Intuitive Surgical Inc (b) | 9750 | 5522010 |
| Kestra Medical Technologies Ltd  | 67000 | 1776840 |
| Masimo Corp (b) | 78500 | 10209710 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 1141 | 13795 |
| Medline Inc Class A  | 100000 | 4200000 |
| Penumbra Inc (b) | 51800 | 16105138 |
| Saluda Medical Inc (d)(f) | 10313 | 98074 |
| Stryker Corp  | 17500 | 6150725 |
|  |  | 91046992 |
| Health Care Providers & Services - 1.1% |  |  |
| Alignment Healthcare Inc (b) | 160000 | 3160000 |
| BrightSpring Health Services Inc (b) | 128000 | 4793600 |
| Cencora Inc  | 28000 | 9457000 |
| Cigna Group/The  | 14000 | 3853220 |
| CVS Health Corp  | 158000 | 12538880 |
| LifeStance Health Group Inc (b) | 200000 | 1408000 |
| Molina Healthcare Inc (b) | 10000 | 1735400 |
| Privia Health Group Inc (b) | 150000 | 3556500 |
| Surgery Partners Inc (b) | 60000 | 927000 |
| UnitedHealth Group Inc  | 35000 | 11553850 |
|  |  | 52983450 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (b) | 29500 | 6585285 |
| Waystar Holding Corp (b) | 140000 | 4585000 |
|  |  | 11170285 |
| Life Sciences Tools & Services - 1.2% |  |  |
| 10X Genomics Inc Class A (b) | 180000 | 2935800 |
| Danaher Corp  | 130800 | 29942736 |
| IQVIA Holdings Inc (b) | 31500 | 7100415 |
| Repligen Corp (b) | 27000 | 4424220 |
| Thermo Fisher Scientific Inc  | 21800 | 12632010 |
|  |  | 57035181 |
| Pharmaceuticals - 1.7% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 80000 | 966400 |
| Axsome Therapeutics Inc (b) | 6900 | 1260216 |
| Crinetics Pharmaceuticals Inc (b) | 100000 | 4655000 |
| Eli Lilly & Co  | 34800 | 37398864 |
| Johnson & Johnson  | 68000 | 14072600 |
| Merck & Co Inc  | 72500 | 7631350 |
| Roche Holding AG non-voting shares  | 12000 | 4955643 |
| Royalty Pharma PLC Class A  | 115000 | 4443600 |
| Structure Therapeutics Inc ADR (b) | 24000 | 1669200 |
| WaVe Life Sciences Ltd (b) | 180000 | 3060000 |
|  |  | 80112873 |
| TOTAL HEALTH CARE |  | 386242087 |
| Industrials - 8.2% |  |  |
| Aerospace & Defense - 2.8% |  |  |
| Boeing Co (b) | 100990 | 21926949 |
| GE Aerospace  | 137300 | 42292519 |
| Howmet Aerospace Inc  | 92800 | 19025856 |
| Lockheed Martin Corp  | 27400 | 13252558 |
| Northrop Grumman Corp  | 17100 | 9750591 |
| RTX Corp  | 40600 | 7446040 |
| TransDigm Group Inc  | 10300 | 13697455 |
|  |  | 127391968 |
| Building Products - 0.6% |  |  |
| Trane Technologies PLC  | 71900 | 27983480 |
| Commercial Services & Supplies - 0.3% |  |  |
| Cintas Corp  | 41600 | 7823712 |
| Republic Services Inc  | 36100 | 7650673 |
|  |  | 15474385 |
| Construction & Engineering - 0.2% |  |  |
| Argan Inc  | 600 | 187992 |
| MasTec Inc (b) | 3200 | 695584 |
| Quanta Services Inc  | 23400 | 9876204 |
|  |  | 10759780 |
| Electrical Equipment - 1.1% |  |  |
| AMETEK Inc  | 82600 | 16958606 |
| Eaton Corp PLC  | 37300 | 11880423 |
| GE Vernova Inc  | 34875 | 22793254 |
| Nextpower Inc Class A (b) | 12800 | 1115008 |
|  |  | 52747291 |
| Ground Transportation - 0.6% |  |  |
| CSX Corp  | 179700 | 6514125 |
| Old Dominion Freight Line Inc  | 44600 | 6993280 |
| Uber Technologies Inc (b) | 145400 | 11880634 |
| Union Pacific Corp  | 19300 | 4464476 |
|  |  | 29852515 |
| Machinery - 2.2% |  |  |
| Caterpillar Inc  | 39100 | 22399217 |
| Cummins Inc  | 32800 | 16742760 |
| Dover Corp  | 38500 | 7516740 |
| Ingersoll Rand Inc  | 85800 | 6797076 |
| PACCAR Inc  | 67900 | 7435729 |
| Parker-Hannifin Corp  | 34500 | 30324120 |
| Westinghouse Air Brake Technologies Corp  | 38500 | 8217825 |
|  |  | 99433467 |
| Professional Services - 0.2% |  |  |
| TransUnion  | 38577 | 3307978 |
| Verisk Analytics Inc  | 28800 | 6442272 |
|  |  | 9750250 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 109500 | 4394235 |
| United Rentals Inc  | 4900 | 3965667 |
|  |  | 8359902 |
| TOTAL INDUSTRIALS |  | 381753038 |
| Information Technology - 30.9% |  |  |
| Communications Equipment - 1.4% |  |  |
| Arista Networks Inc (b) | 213637 | 27992856 |
| Cisco Systems Inc  | 291205 | 22431521 |
| Lumentum Holdings Inc (b) | 33700 | 12421483 |
| Motorola Solutions Inc  | 8800 | 3373216 |
|  |  | 66219076 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 97647 | 13196016 |
| Coherent Corp (b) | 55700 | 10280549 |
| Corning Inc  | 65900 | 5770204 |
|  |  | 29246769 |
| IT Services - 0.0% |  |  |
| Accenture PLC Class A  | 2200 | 590260 |
| Semiconductors & Semiconductor Equipment - 13.5% |  |  |
| Advanced Micro Devices Inc (b) | 12300 | 2634168 |
| Broadcom Inc  | 351187 | 121545821 |
| First Solar Inc (b) | 55400 | 14472142 |
| Lam Research Corp  | 53600 | 9175248 |
| MACOM Technology Solutions Holdings Inc (b) | 4300 | 736503 |
| Marvell Technology Inc  | 200200 | 17012996 |
| Micron Technology Inc  | 219658 | 62692590 |
| NVIDIA Corp  | 2128750 | 397011875 |
| SiTime Corp (b) | 6700 | 2366373 |
|  |  | 627647716 |
| Software - 7.9% |  |  |
| Cadence Design Systems Inc (b) | 41657 | 13021145 |
| Datadog Inc Class A (b) | 110700 | 15054093 |
| Figma Inc Class A  | 7400 | 276538 |
| Microsoft Corp  | 653857 | 316218323 |
| Oracle Corp  | 9766 | 1903491 |
| Palantir Technologies Inc Class A (b) | 59099 | 10504847 |
| Synopsys Inc (b) | 27600 | 12964272 |
|  |  | 369942709 |
| Technology Hardware, Storage & Peripherals - 7.5% |  |  |
| Apple Inc  | 1270330 | 345351914 |
| Sandisk Corp/DE  | 1600 | 379808 |
| Western Digital Corp  | 14900 | 2566823 |
|  |  | 348298545 |
| TOTAL INFORMATION TECHNOLOGY |  | 1441945075 |
| Materials - 1.4% |  |  |
| Chemicals - 1.0% |  |  |
| Air Products and Chemicals Inc  | 15600 | 3853512 |
| Balchem Corp  | 8800 | 1349568 |
| Chemours Co/The (e) | 34100 | 402039 |
| Corteva Inc  | 63700 | 4269811 |
| Dow Inc  | 61100 | 1428518 |
| Ecolab Inc  | 28100 | 7376812 |
| Linde PLC  | 36400 | 15520596 |
| LyondellBasell Industries NV Class A1  | 53200 | 2303560 |
| Mosaic Co/The  | 134900 | 3249741 |
| Sherwin-Williams Co/The  | 10500 | 3402315 |
| Solstice Advanced Materials Inc  | 40200 | 1952916 |
|  |  | 45109388 |
| Construction Materials - 0.1% |  |  |
| CRH PLC  | 21500 | 2683200 |
| Martin Marietta Materials Inc  | 8100 | 5043546 |
|  |  | 7726746 |
| Containers & Packaging - 0.0% |  |  |
| International Paper Co  | 72300 | 2847897 |
| Metals & Mining - 0.3% |  |  |
| Alcoa Corp  | 17600 | 935264 |
| Freeport-McMoRan Inc  | 66900 | 3397851 |
| Newmont Corp  | 71400 | 7129290 |
| Nucor Corp  | 28600 | 4664946 |
|  |  | 16127351 |
| TOTAL MATERIALS |  | 71811382 |
| Real Estate - 1.8% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 181900 | 14075422 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 66585 | 8500241 |
| Terreno Realty Corp  | 27900 | 1638009 |
|  |  | 10138250 |
| Real Estate Management & Development - 0.1% |  |  |
| Jones Lang LaSalle Inc (b) | 21700 | 7301399 |
| Zillow Group Inc Class C (b) | 17700 | 1207494 |
|  |  | 8508893 |
| Residential REITs - 0.2% |  |  |
| Camden Property Trust  | 74300 | 8178944 |
| Invitation Homes Inc  | 71300 | 1981427 |
|  |  | 10160371 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 182400 | 3746496 |
| Macerich Co/The  | 138800 | 2562248 |
| NNN REIT Inc  | 66900 | 2651247 |
| Tanger Inc  | 85800 | 2863146 |
|  |  | 11823137 |
| Specialized REITs - 0.7% |  |  |
| American Tower Corp  | 66900 | 11745633 |
| Equinix Inc  | 14550 | 11147628 |
| Extra Space Storage Inc  | 43500 | 5664570 |
| Iron Mountain Inc  | 34000 | 2820300 |
| Public Storage  | 8317 | 2158262 |
|  |  | 33536393 |
| TOTAL REAL ESTATE |  | 88242466 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 25200 | 1638252 |
| American Electric Power Co Inc  | 12700 | 1464437 |
| Constellation Energy Corp  | 31378 | 11084906 |
| Duke Energy Corp  | 69500 | 8146095 |
| Entergy Corp  | 57254 | 5291987 |
| Evergy Inc  | 46100 | 3341789 |
| Exelon Corp  | 123100 | 5365929 |
| NextEra Energy Inc  | 186065 | 14937298 |
| NRG Energy Inc  | 33982 | 5411294 |
| PG&E Corp  | 238057 | 3825576 |
| PPL Corp  | 101000 | 3537020 |
| Southern Co/The  | 29646 | 2585131 |
| Xcel Energy Inc  | 64400 | 4756584 |
|  |  | 71386298 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 32700 | 468918 |
| Talen Energy Corp (b) | 600 | 224904 |
| Vistra Corp  | 34800 | 5614284 |
|  |  | 6308106 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 40700 | 4064302 |
| CenterPoint Energy Inc  | 99300 | 3807162 |
| NiSource Inc  | 73600 | 3073536 |
| Sempra  | 86000 | 7592940 |
|  |  | 18537940 |
| TOTAL UTILITIES |  | 96232344 |
| TOTAL UNITED STATES |  | 4382361475 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (b) | 118700 | 3182514 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,137,704,618) |  | <br> **4629052694** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/US 10% 12/31/2026 (c)(d)<br>(Cost $329,128)<br>| 293099 | **338705** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(c)(d) | 894646 | 670985 |
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (b)(c)(d) | 5369 | 471076 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Endeavor BioMedicines Inc Series C (b)(c)(d) | 100705 | 656597 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/US Series D-7 (c) | 1194063 | 680616 |
| Kardium Inc/US Series D-7 (c)(d) | 261343 | 148966 |
| Kardium Inc/US Series D-7 (c) | 54374 | 30993 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 22820 | 772000 |
|  |  | 1632575 |
| TOTAL HEALTH CARE |  | 2289172 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Anthropic PBC Series F (c)(d) | 7100 | 1656430 |
| Databricks Inc Series L (c)(d) | 1292 | 245480 |
| OpenAI Group Pbc Series A-2 (c)(d) | 2147 | 1025150 |
| OpenAI Group Pbc Series A-3 (c)(d) | 233 | 111252 |
| TOTAL INFORMATION TECHNOLOGY |  | 3038312 |
| TOTAL UNITED STATES |  | 5798560 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $5,026,240) |  | <br> **6469545** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/19/2026 (j) | 3.77 | 70000 | 69667 |
| US Treasury Bills 0% 2/5/2026 (j) | 3.82 | 750000 | 747492 |
| US Treasury Bills 0% 3/12/2026 (j) | 3.57 | 20000 | 19864 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $836,750) |  |  | **837023** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.79 | 36847863 | 36855232 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.77 | 4585186 | 4585645 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $41,440,877) |  |  | **41440877** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $3,185,337,613)<br>| <br>**4678138844** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(4887062)** |
| **NET ASSETS - 100.0%** | **4673251782** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 4 | 3/2026 | 1378500 | 390 |
| The notional amount of long futures as a percentage of Net Assets is 0.0%. | The notional amount of long futures as a percentage of Net Assets is 0.0%. | The notional amount of long futures as a percentage of Net Assets is 0.0%. | The notional amount of long futures as a percentage of Net Assets is 0.0%. | The notional amount of long futures as a percentage of Net Assets is 0.0%. |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Level 3 security.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,123,055 or 0.2% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $98,074 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,377,038 or 0.0% of net assets.

(h) 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 $1,377,038 or 0.0% of net assets.

(i) 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.

(j) 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 $104,481.

(k) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(l) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anthropic PBC Series F | 8/18/2025 | 1000870 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 1152298 |
| Databricks Inc Series L | 12/18/2025 | 245480 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 657060 |
| InSightec Ltd Series G | 6/17/2024 | 794267 |
| Kardium Inc/US 10% 12/31/2026 | 5/31/2024 - 10/1/2025 | 329128 |
| Kardium Inc/US Series D-7 | 8/6/2024 | 126864 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 760675 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 403380 |
| OpenAI Group Pbc Series A-3 | 8/4/2025 | 71500 |
| Saluda Medical Inc | 3/12/2023 - 10/30/2025 | 617461 |
| Waymo LLC Series C2 | 10/18/2024 | 419862 |
| Zenas Biopharma Inc | 10/8/2025 | 1445406 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Saluda Medical Inc | 3/31/2027 |

---

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 52432813 | 1248289409 | 1263868334 | 2318247 | 1344 | - | 36855232 | 36847863 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 8553119 | 115589866 | 119559142 | 18113 | 1803 | (1) | 4585645 | 4585186 | 0.0% |
| Total | 60985932 | 1363879275 | 1383427476 | 2336360 | 3147 | (1) | 41440877 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
| **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 522403939 | 522403939 | - | - |
| Consumer Discretionary | 473324752 | 473324752 | - | - |
| Consumer Staples | 228034039 | 224147743 | 3886296 | - |
| Energy | 131928947 | 131928947 | - | - |
| Financials | 617301548 | 617301548 | - | - |
| Health Care | 431694062 | 425536990 | 6143277 | 13795 |
| Industrials | 381753038 | 381753038 | - | - |
| Information Technology | 1579709264 | 1528003199 | 50553767 | 1152298 |
| Materials | 78428295 | 78428295 | - | - |
| Real Estate | 88242466 | 88242466 | - | - |
| Utilities | 96232344 | 96232344 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 338705 | - | - | 338705 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 471076 | - | - | 471076 |
| Health Care | 2960157 | - | - | 2960157 |
| Information Technology | 3038312 | - | - | 3038312 |
|  **U.S. Treasury Obligations** | 837023 | - | 837023 | - |
|  **Money Market Funds** | 41440877 | 41440877 | - | - |
| **Total Investments in Securities:** | 4678138844 | 4608744138 | 61420363 | 7974343 |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 390 | 390 | - | - |
| Total Assets | 390 | 390 | - | - |
| **Total Derivative Instruments:** | 390 | 390 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 390 | - |
| **Total Equity Risk**  | 390 | - |
| **Total Value of Derivatives** | 390 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,341,663) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,143,896,736) | $4636697967 |  |
| Fidelity Central Funds (cost $41,440,877) | 41440877 |  |
| Total Investment in Securities (cost $3,185,337,613) |  | $4678138844 |
| Foreign currency held at value (cost $16,826) |  | 16800 |
| Receivable for investments sold |  | 4025683 |
| Receivable for fund shares sold |  | 4872846 |
| Dividends receivable |  | 2568969 |
| Interest receivable |  | 7408 |
| Distributions receivable from Fidelity Central Funds |  | 135310 |
| Prepaid expenses |  | 3492 |
| Other receivables |  | 91 |
| **Total assets** |  | 4689769443 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1712140 |  |
| Payable for investments purchased  | 7161370 |  |
| Payable for fund shares redeemed | 841308 |  |
| Accrued management fee | 2119276 |  |
| Distribution and service plan fees payable | 42 |  |
| Payable for daily variation margin on futures contracts | 10350 |  |
| Other payables and accrued expenses | 89333 |  |
| Collateral on securities loaned | 4583842 |  |
| **Total liabilities** |  | 16517661 |
| **Net Assets**  |  | $4673251782 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3277953325 |
| Total accumulated earnings (loss) |  | 1395298457 |
| **Net Assets** |  | $4673251782 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($143,787 ÷ 10,000 shares) |  | $14.38 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($143,739 ÷ 10,000 shares) |  | $14.37 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($143,677 ÷ 10,000 shares) |  | $14.37 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,672,820,579 ÷ 324,807,351 shares) |  | $14.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** | <br> **Year ended December 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $45593837 |
| Interest  |  | 122936 |
| Income from Fidelity Central Funds (including $18,113 from security lending)  |  | 2336360 |
| **Total income** |  | 48053133 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $26866868 |  |
| Performance adjustment | (4779367) |  |
| Distribution and service plan fees | 449 |  |
| Custodian fees and expenses | 179119 |  |
| Independent trustees' fees and expenses | 16969 |  |
| Audit fees | 58925 |  |
| Legal | 8057 |  |
| Miscellaneous | 17120 |  |
| **Total expenses** |  | 22368140 |
| **Net Investment income (loss)** |  | 25684993 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 207000343 |  |
| Fidelity Central Funds | 3147 |  |
| Foreign currency transactions | (206041) |  |
| Futures contracts | 3139570 |  |
| Total net realized gain (loss) |  | 209937019 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 511615324 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 38001 |  |
| Futures contracts | 184931 |  |
| Total change in net unrealized appreciation (depreciation) |  | 511838255 |
| **Net gain (loss)** |  | 721775274 |
| **Net increase (decrease) in net assets resulting from operations** |  | $747460267 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25684993 | $34407640 |
| &nbsp;&nbsp;Net realized gain (loss) | 209937019<br>| 277312887<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 511838255 | 528964214<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 747460267<br>| 840684741<br>|
| Distributions to shareholders | (26505242)<br>| (31472063)<br>|
| Share transactions - net increase (decrease) | (448240236)<br>| (807946151)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 272714789<br>| 1266527<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4400536993 | 4399270466<br>|
| &nbsp;&nbsp;End of period | $4673251782 | $4400536993 |

---

**Financial Highlights** 

**VIP Stock Selector Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .09  | .09  | .07  | .05  | .01  |
| Net realized and unrealized gain (loss)  | 2.19  | 1.94  | 2.14  | (2.02)  | .16  |
| Total from investment operations  | 2.28  | 2.03  | 2.21  | (1.97)  | .17  |
| Distributions from net investment income  | (.09)  | (.10)  | (.07)  | (.07)  | (.01)  |
| Total distributions  | (.09)  | (.10)  | (.07)  | (.07)  | (.01)  |
| Net asset value, end of period  | $14.38 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 18.73% <br>| 19.70%  | 27.23%  | (19.42)%  | 1.73%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .45%  | .51%  | .60%  | .61%  | .61% I,J |
| Expenses net of fee waivers, if any  | .45% <br>| .50%  | .59%  | .61%  | .61% I,J |
| Expenses net of all reductions, if any  | .45%  | .50%  | .59%  | .61%  | .61% I,J |
| Net investment income (loss)  | .67%  | .81%  | .74%  | .63%  | .52% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $144 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 56% <br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .07  | .08  | .06  | .05  | .01  |
| Net realized and unrealized gain (loss)  | 2.19  | 1.94  | 2.14  | (2.03)  | .16  |
| Total from investment operations  | 2.26  | 2.02  | 2.20  | (1.98)  | .17  |
| Distributions from net investment income  | (.08)  | (.09)  | (.06)  | (.06)  | (.01)  |
| Total distributions  | (.08)  | (.09)  | (.06)  | (.06)  | (.01)  |
| Net asset value, end of period  | $14.37 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 18.55% <br>| 19.60%  | 27.12%  | (19.51)%  | 1.71%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .55%  | .61%  | .70%  | .71%  | .71% I,J |
| Expenses net of fee waivers, if any  | .55% <br>| .61%  | .69%  | .71%  | .71% I,J |
| Expenses net of all reductions, if any  | .55%  | .61%  | .69%  | .71%  | .71% I,J |
| Net investment income (loss)  | .57%  | .71%  | .64%  | .53%  | .41% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $144 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 56% <br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Audit fees are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .06  | .05  | .03  | .01  |
| Net realized and unrealized gain (loss)  | 2.19  | 1.94  | 2.14  | (2.02)  | .16  |
| Total from investment operations  | 2.24  | 2.00  | 2.19  | (1.99)  | .17  |
| Distributions from net investment income  | (.06)  | (.07)  | (.05)  | (.05)  | (.01)  |
| Total distributions  | (.06)  | (.07)  | (.05)  | (.05)  | (.01)  |
| Net asset value, end of period  | $14.37 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 18.39% <br>| 19.44%  | 26.95%  | (19.63)%  | 1.68%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .70%  | .76%  | .85%  | .86%  | .86% I,J |
| Expenses net of fee waivers, if any  | .70% <br>| .76%  | .84%  | .86%  | .86% I,J |
| Expenses net of all reductions, if any  | .70%  | .76%  | .84%  | .86%  | .86% I,J |
| Net investment income (loss)  | .42%  | .56%  | .49%  | .38%  | .26% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $144 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 56% <br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.20 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .08  | .08  | .06  | .05  | .01  |
| Net realized and unrealized gain (loss)  | 2.19  | 1.94  | 2.14  | (2.03)  | .16  |
| Total from investment operations  | 2.27  | 2.02  | 2.20  | (1.98)  | .17  |
| Distributions from net investment income  | (.08)  | (.08)  | (.06)  | (.06)  | (.01)  |
| Total distributions  | (.08)  | (.08)  | (.06)  | (.06)  | (.01)  |
| Net asset value, end of period  | $14.39 | $12.20 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 18.62% <br>| 19.68%  | 27.15%  | (19.51)%  | 1.72%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .52%  | .58%  | .67%  | .68%  | .68% I,J |
| Expenses net of fee waivers, if any  | .52% <br>| .58%  | .67%  | .68%  | .68% I,J |
| Expenses net of all reductions, if any  | .52%  | .58%  | .67%  | .68%  | .68% I,J |
| Net investment income (loss)  | .60%  | .74%  | .67%  | .56%  | .44% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4672821 | $4400171 | $4398963 | $3961826 | $6092940 |
| Portfolio turnover rate K | 56% <br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Calculated based on average shares outstanding during the period.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**Notes to Financial Statements**

For the period ended December 31, 2025

**1. Organization.**

VIP Stock Selector Portfolio (the Fund) is a fund of Variable Insurance Products Fund (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. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. 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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - 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 the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and U.S. government and government agency obligations are valued by pricing services 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 services. 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of December 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a 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 a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. 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. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. 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. As of December 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income 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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1558030979 |
| **Gross unrealized depreciation**  | <u>(83167371)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1474863608</u> |
| **Tax Cost**  | <u>$3203275236</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(79595465)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1474893920</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(79595465) |
| Long-term | <u>(-)</u> |
| **Total capital loss carryforward** | <u>$(79595465)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Ordinary Income**  | $26505242 | $31472063 |

---

**Restricted Securities (including Private Placements).** Funds 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 held at period end is included at the end of the Schedule of Investments, if applicable.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures 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.

Derivatives were used to increase returns and 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 objectives may not be achieved.

Derivatives were used to increase or decrease 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

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 and amounts recognized in the Statement of Assets and Liabilities. 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 fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Stock Selector Portfolio** | 2395368270 | 2661878575 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .65 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .55 |
| **Service Class** | .55 |
| **Service Class 2** | .55 |
| **Investor Class** | .63 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below effective January 1, 2025 (MSCI U.S. Investable Market 2500 Index prior to January 1, 2025). Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

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| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **VIP Stock Selector Portfolio** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Investor Class. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.11) %.

**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 Company LLC (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** | $128 |
| **Service Class 2** | <u>321</u> |
|  | <u>$449</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Stock Selector Portfolio** | 60644 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Stock Selector Portfolio** | 154846977 | 163602683 | 17126475 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Stock Selector Portfolio** | 5898 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Stock Selector Portfolio** | 1940 | - | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Stock Selector Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $940 | $960 |
| Service Class | 810 | 850 |
| Service Class 2 | 620 | 680 |
| Investor Class | <u>26502872</u> | <u>31469573</u> |
| Total  | <u>$26505242</u> | <u>$31472063</u> |

---

**10. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** | **Year ended** <br> **December 31, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Stock Selector Portfolio** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 24424594 | 41475346 | $310108056 | $466332912 |
| Reinvestment of distributions  | 1834109 | 2458560 | 26502872 | 31469573 |
| Shares redeemed | <u>(62106407)</u> | <u>(112019817)</u> | <u>(784851164)</u> | <u>(1305748636)</u> |
| Net increase (decrease) | <u>(35847704)</u> | <u>(68085911)</u> | <u>$(448240236)</u> | <u>$(807946151)</u> |

---

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **VIP Funds Manager 50% Portfolio** | **VIP Funds Manager 60% Portfolio** | **VIP Funds Manager 70% Portfolio** | **VIP Funds Manager 85% Portfolio** |
| VIP Stock Selector All Cap Portfolio | 20% | 48% | 19% | 10% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Stock Selector All Cap Portfolio | 100 |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund and Shareholders of VIP Stock Selector Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP Stock Selector Portfolio (one of the funds constituting Variable Insurance Products Fund, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 21, 2021 (commencement of operations) through December 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025 and for the period October 21, 2021 (commencement of operations) through December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 12, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

Initial Class, Service Class, Service Class 2, and Investor Class designate 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img123206_4.jpg)<br>

1.9904320.104 VSACI-ANN-0226

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 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 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99cert.htm)

(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.](ex99_906cert.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; February 20, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

February 20, 2026

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|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Variable Insurance Products Fund (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 20, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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Dated: February 20, 2026

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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