# EDGAR Filing Document

**Accession Number:** 0001999801
**File Stem:** 0001999801-25-000009
**Filing Date:** 2025-8
**Character Count:** 114627
**Document Hash:** 362d2867e99de37581741d0b7023b913
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999801-25-000009.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001999801-25-000009

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Variable Insurance Products Fund VI
- **CENTRAL INDEX KEY:** 0001999801

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23919
- **FILM NUMBER:** 251244000

**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

## Series and Classes Contracts Data

### Hedged Equity Portfolio (Series ID: S000084059)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000248304 | Service Class   | FVHKV           |
| C000248305 | Initial Class   | FVHJV           |
| C000248306 | Service Class 2 | FVHLV           |
| C000248307 | Investor Class  | FVHMV           |

?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>811-23919</u>

<u>Variable Insurance Products Fund VI</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 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;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Hedged Equity Portfolio<br> **VIP Hedged Equity Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Hedged Equity Portfolio for the period January 23, 2025 to June 30, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Initial Class A | $23  | 0.52% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5950774<br>|
| Number of Holdings | 420<br>|
| Portfolio TurnoverA | 15%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **DERIVATIVE EXPOSURE**<br> **(% of Fund's net assets)** |  |
| Options | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Domestic Equity Funds | 1.7 |
| Options | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's Total Exposure)** |
| ![](img7582_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.2 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Apple Inc | 5.7<br>|
| Amazon.com Inc | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 2.4<br>|
| Berkshire Hathaway Inc Class B | 2.0<br>|
| JPMorgan Chase & Co | 1.8<br>|
| iShares Core S&P 500 ETF | 1.7<br>|
|  | 37.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7582_20250630_1.jpg)<br>| ![](img110893_2.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> 1.9919593.100 7582-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Hedged Equity Portfolio<br> **VIP Hedged Equity Portfolio Service Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Hedged Equity Portfolio for the period January 23, 2025 to June 30, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class A | $28  | 0.62% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5950774<br>|
| Number of Holdings | 420<br>|
| Portfolio TurnoverA | 15%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **DERIVATIVE EXPOSURE**<br> **(% of Fund's net assets)** |  |
| Options | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Domestic Equity Funds | 1.7 |
| Options | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's Total Exposure)** |
| ![](img7582_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.2 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Apple Inc | 5.7<br>|
| Amazon.com Inc | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 2.4<br>|
| Berkshire Hathaway Inc Class B | 2.0<br>|
| JPMorgan Chase & Co | 1.8<br>|
| iShares Core S&P 500 ETF | 1.7<br>|
|  | 37.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7582_20250630_1.jpg)<br>| ![](img110894_2.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> 1.9919595.100 7583-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Hedged Equity Portfolio<br> **VIP Hedged Equity Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Hedged Equity Portfolio for the period January 23, 2025 to June 30, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Service Class 2 A | $34  | 0.77% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5950774<br>|
| Number of Holdings | 420<br>|
| Portfolio TurnoverA | 15%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **DERIVATIVE EXPOSURE**<br> **(% of Fund's net assets)** |  |
| Options | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Domestic Equity Funds | 1.7 |
| Options | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's Total Exposure)** |
| ![](img7582_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.2 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Apple Inc | 5.7<br>|
| Amazon.com Inc | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 2.4<br>|
| Berkshire Hathaway Inc Class B | 2.0<br>|
| JPMorgan Chase & Co | 1.8<br>|
| iShares Core S&P 500 ETF | 1.7<br>|
|  | 37.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7582_20250630_1.jpg)<br>| ![](img110895_2.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> 1.9919597.100 7584-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Hedged Equity Portfolio<br> **VIP Hedged Equity Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Hedged Equity Portfolio for the period January 23, 2025 to June 30, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Investor Class A | $24  | 0.55% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5950774<br>|
| Number of Holdings | 420<br>|
| Portfolio TurnoverA | 15%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **DERIVATIVE EXPOSURE**<br> **(% of Fund's net assets)** |  |
| Options | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.3 |
| Domestic Equity Funds | 1.7 |
| Options | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's Total Exposure)** |
| ![](img7582_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.2 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 7.1<br>|
| Microsoft Corp | 6.8<br>|
| Apple Inc | 5.7<br>|
| Amazon.com Inc | 3.9<br>|
| Alphabet Inc Class A | 3.5<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Broadcom Inc | 2.4<br>|
| Berkshire Hathaway Inc Class B | 2.0<br>|
| JPMorgan Chase & Co | 1.8<br>|
| iShares Core S&P 500 ETF | 1.7<br>|
|  | 37.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7582_20250630_1.jpg)<br>| ![](img110896_2.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> 1.9919591.100 7585-TSRS-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

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>

**VIP Hedged Equity Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img111276_1.jpg)

![](img111276_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VHEI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Hedged Equity Portfolio](#Sub_Sec_Fund_7582_VHEI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7582_VHEI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VHEI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VHEI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VHEI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VHEI-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**VIP Hedged Equity Portfolio**

**Schedule of Investments June 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** | &nbsp;&nbsp;**Common Stocks - 93.3%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (a) | 157 | 1572 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 8 | 1943 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 94 | 1289 |
| CANADA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 16 | 1699 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Coupang Inc Class A (a) | 67 | 2007 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 21 | 2125 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 13 | 1454 |
| SWITZERLAND - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| TE Connectivity PLC  | 125 | 21084 |
| UNITED STATES - 92.8%  |  |  |
| Communication Services - 9.0% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Frontier Communications Parent Inc (a) | 81 | 2948 |
| Iridium Communications Inc  | 56 | 1690 |
| Verizon Communications Inc  | 784 | 33924 |
|  |  | 38562 |
| Entertainment - 1.8% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (a) | 15 | 1424 |
| Netflix Inc (a) | 51 | 68296 |
| ROBLOX Corp Class A (a) | 18 | 1894 |
| Spotify Technology SA (a) | 4 | 3069 |
| Walt Disney Co/The  | 251 | 31127 |
| Warner Music Group Corp Class A  | 46 | 1253 |
|  |  | 107063 |
| Interactive Media & Services - 6.5% |  |  |
| Alphabet Inc Class A  | 1160 | 204427 |
| IAC Inc Class A (a) | 25 | 933 |
| Meta Platforms Inc Class A  | 240 | 177142 |
| Pinterest Inc Class A (a) | 48 | 1721 |
|  |  | 384223 |
| Media - 0.1% |  |  |
| Liberty Broadband Corp Class A (a) | 17 | 1663 |
| New York Times Co/The Class A  | 31 | 1735 |
| Paramount Global Class B  | 167 | 2154 |
| Sirius XM Holdings Inc  | 46 | 1056 |
| Trade Desk Inc (The) Class A (a) | 24 | 1728 |
|  |  | 8336 |
| TOTAL COMMUNICATION SERVICES |  | 538184 |
| Consumer Discretionary - 9.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Gentex Corp  | 44 | 967 |
| Lear Corp  | 19 | 1805 |
|  |  | 2772 |
| Automobiles - 1.6% |  |  |
| Harley-Davidson Inc  | 36 | 850 |
| Rivian Automotive Inc Class A (a) | 114 | 1566 |
| Tesla Inc (a) | 295 | 93710 |
| Thor Industries Inc  | 10 | 888 |
|  |  | 97014 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (a) | 1039 | 227947 |
| Ollie's Bargain Outlet Holdings Inc (a) | 10 | 1318 |
|  |  | 229265 |
| Diversified Consumer Services - 0.0% |  |  |
| Duolingo Inc Class A (a) | 3 | 1230 |
| H&R Block Inc  | 20 | 1098 |
| Service Corp International/US  | 17 | 1384 |
|  |  | 3712 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| Airbnb Inc Class A (a) | 96 | 12705 |
| Aramark  | 41 | 1717 |
| DraftKings Inc Class A (a) | 33 | 1415 |
| Hilton Worldwide Holdings Inc  | 85 | 22639 |
| Hyatt Hotels Corp Class A  | 26 | 3631 |
| Light & Wonder Inc Class A (a) | 12 | 1155 |
| McDonald's Corp  | 119 | 34768 |
| Starbucks Corp  | 172 | 15760 |
| Texas Roadhouse Inc  | 13 | 2436 |
| Vail Resorts Inc  | 6 | 943 |
| Wingstop Inc  | 4 | 1347 |
| Wyndham Hotels & Resorts Inc  | 18 | 1462 |
|  |  | 99978 |
| Household Durables - 0.2% |  |  |
| KB Home  | 20 | 1059 |
| Newell Brands Inc  | 100 | 540 |
| Somnigroup International Inc  | 24 | 1633 |
| Taylor Morrison Home Corp (a) | 27 | 1658 |
| Toll Brothers Inc  | 36 | 4109 |
| TopBuild Corp (a) | 5 | 1619 |
|  |  | 10618 |
| Specialty Retail - 1.5% |  |  |
| AutoNation Inc (a) | 11 | 2185 |
| Burlington Stores Inc (a) | 10 | 2326 |
| Carvana Co Class A (a) | 5 | 1685 |
| Chewy Inc Class A (a) | 60 | 2557 |
| Dick's Sporting Goods Inc  | 8 | 1582 |
| Floor & Decor Holdings Inc Class A (a) | 19 | 1443 |
| Home Depot Inc/The  | 151 | 55363 |
| Lithia Motors Inc Class A  | 4 | 1351 |
| Murphy USA Inc  | 6 | 2441 |
| Penske Automotive Group Inc  | 7 | 1203 |
| Ross Stores Inc  | 120 | 15310 |
| Valvoline Inc (a) | 30 | 1136 |
|  |  | 88582 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| NIKE Inc Class B  | 235 | 16694 |
| TOTAL CONSUMER DISCRETIONARY |  | 548635 |
| Consumer Staples - 5.5% |  |  |
| Beverages - 0.7% |  |  |
| Coca-Cola Co/The  | 441 | 31201 |
| Constellation Brands Inc Class A  | 59 | 9598 |
|  |  | 40799 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Albertsons Cos Inc Class A  | 51 | 1096 |
| BJ's Wholesale Club Holdings Inc (a) | 14 | 1510 |
| Casey's General Stores Inc  | 6 | 3062 |
| Costco Wholesale Corp  | 56 | 55437 |
| Maplebear Inc (a) | 23 | 1040 |
| Performance Food Group Co (a) | 19 | 1662 |
| Sprouts Farmers Market Inc (a) | 8 | 1317 |
| US Foods Holding Corp (a) | 32 | 2464 |
| Walmart Inc  | 538 | 52606 |
|  |  | 120194 |
| Food Products - 0.7% |  |  |
| General Mills Inc  | 357 | 18496 |
| Ingredion Inc  | 10 | 1356 |
| Kraft Heinz Co/The  | 501 | 12936 |
| Pilgrim's Pride Corp  | 25 | 1124 |
| Post Holdings Inc (a) | 20 | 2181 |
| The Campbell's Company  | 187 | 5732 |
|  |  | 41825 |
| Household Products - 1.1% |  |  |
| Kimberly-Clark Corp  | 110 | 14181 |
| Procter & Gamble Co/The  | 311 | 49549 |
|  |  | 63730 |
| Tobacco - 1.0% |  |  |
| Altria Group Inc  | 383 | 22455 |
| Philip Morris International Inc  | 201 | 36608 |
|  |  | 59063 |
| TOTAL CONSUMER STAPLES |  | 325611 |
| Energy - 2.7% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| ChampionX Corp  | 34 | 844 |
| Halliburton Co  | 368 | 7500 |
|  |  | 8344 |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Antero Midstream Corp  | 67 | 1270 |
| Antero Resources Corp (a) | 30 | 1208 |
| Cheniere Energy Inc  | 25 | 6088 |
| Chevron Corp  | 228 | 32647 |
| Chord Energy Corp  | 16 | 1550 |
| Devon Energy Corp  | 290 | 9225 |
| DT Midstream Inc  | 15 | 1649 |
| Expand Energy Corp  | 59 | 6899 |
| Exxon Mobil Corp  | 541 | 58321 |
| Marathon Petroleum Corp  | 73 | 12126 |
| Occidental Petroleum Corp  | 346 | 14535 |
| Ovintiv Inc  | 67 | 2549 |
| Permian Resources Corp Class A  | 290 | 3950 |
| Range Resources Corp  | 28 | 1139 |
|  |  | 153156 |
| TOTAL ENERGY |  | 161500 |
| Financials - 13.2% |  |  |
| Banks - 3.3% |  |  |
| Bank of America Corp  | 1028 | 48645 |
| Comerica Inc  | 33 | 1968 |
| First Citizens BancShares Inc/NC Class A  | 1 | 1956 |
| FNB Corp/PA  | 64 | 933 |
| JPMorgan Chase & Co  | 355 | 102919 |
| Pinnacle Financial Partners Inc  | 9 | 994 |
| SouthState Corp  | 11 | 1012 |
| Wells Fargo & Co  | 465 | 37256 |
| Western Alliance Bancorp  | 11 | 858 |
|  |  | 196541 |
| Capital Markets - 2.7% |  |  |
| Affiliated Managers Group Inc  | 6 | 1180 |
| Ares Management Corp Class A  | 27 | 4676 |
| Blue Owl Capital Inc Class A  | 131 | 2517 |
| Carlyle Group Inc/The  | 44 | 2262 |
| Evercore Inc Class A  | 10 | 2700 |
| FactSet Research Systems Inc  | 19 | 8498 |
| Goldman Sachs Group Inc/The  | 58 | 41050 |
| Hamilton Lane Inc Class A  | 9 | 1279 |
| Houlihan Lokey Inc Class A  | 28 | 5039 |
| Interactive Brokers Group Inc Class A  | 52 | 2881 |
| Janus Henderson Group PLC  | 39 | 1515 |
| Jefferies Financial Group Inc  | 41 | 2242 |
| Lazard Inc  | 19 | 911 |
| LPL Financial Holdings Inc  | 8 | 3000 |
| Moody's Corp  | 50 | 25080 |
| Morningstar Inc  | 10 | 3139 |
| Nasdaq Inc  | 229 | 20477 |
| Robinhood Markets Inc Class A (a) | 49 | 4588 |
| SEI Investments Co  | 44 | 3954 |
| Stifel Financial Corp  | 29 | 3010 |
| T Rowe Price Group Inc  | 136 | 13124 |
| TPG Inc Class A  | 33 | 1731 |
| Tradeweb Markets Inc Class A  | 30 | 4392 |
|  |  | 159245 |
| Consumer Finance - 0.0% |  |  |
| Ally Financial Inc  | 61 | 2376 |
| Credit Acceptance Corp (a) | 2 | 1018 |
| SLM Corp  | 70 | 2295 |
| SoFi Technologies Inc Class A (a) | 132 | 2404 |
|  |  | 8093 |
| Financial Services - 4.7% |  |  |
| Affirm Holdings Inc Class A (a) | 26 | 1798 |
| Berkshire Hathaway Inc Class B (a) | 227 | 110270 |
| Block Inc Class A (a) | 29 | 1970 |
| Corebridge Financial Inc  | 57 | 2024 |
| Corpay Inc (a) | 27 | 8959 |
| Equitable Holdings Inc  | 91 | 5105 |
| Essent Group Ltd  | 18 | 1093 |
| Mastercard Inc Class A  | 113 | 63499 |
| Rocket Cos Inc Class A  | 86 | 1219 |
| Shift4 Payments Inc Class A (a) | 17 | 1685 |
| Toast Inc Class A (a) | 30 | 1329 |
| Visa Inc Class A  | 224 | 79531 |
| Voya Financial Inc  | 20 | 1420 |
|  |  | 279902 |
| Insurance - 2.3% |  |  |
| AFLAC Inc  | 160 | 16874 |
| American Financial Group Inc/OH  | 16 | 2019 |
| Arthur J Gallagher & Co  | 76 | 24329 |
| Axis Capital Holdings Ltd  | 17 | 1765 |
| Fidelity National Financial Inc/US  | 32 | 1794 |
| First American Financial Corp  | 23 | 1412 |
| Hanover Insurance Group Inc/The  | 9 | 1529 |
| Hartford Insurance Group Inc/The  | 155 | 19665 |
| Markel Group Inc (a) | 3 | 5992 |
| Marsh & McLennan Cos Inc  | 127 | 27767 |
| MetLife Inc  | 199 | 16004 |
| Old Republic International Corp  | 72 | 2768 |
| Principal Financial Group Inc  | 99 | 7864 |
| Reinsurance Group of America Inc  | 14 | 2777 |
| Ryan Specialty Holdings Inc Class A  | 16 | 1087 |
| Unum Group  | 14 | 1130 |
|  |  | 134776 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| AGNC Investment Corp  | 194 | 1783 |
| Annaly Capital Management Inc  | 203 | 3820 |
| Rithm Capital Corp  | 119 | 1344 |
| Starwood Property Trust Inc  | 100 | 2007 |
|  |  | 8954 |
| TOTAL FINANCIALS |  | 787511 |
| Health Care - 8.4% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 220 | 40837 |
| Alnylam Pharmaceuticals Inc (a) | 6 | 1957 |
| BioMarin Pharmaceutical Inc (a) | 31 | 1704 |
| Exact Sciences Corp (a) | 19 | 1010 |
| Exelixis Inc (a) | 42 | 1851 |
| Gilead Sciences Inc  | 207 | 22950 |
| Ionis Pharmaceuticals Inc (a) | 34 | 1343 |
| Natera Inc (a) | 9 | 1520 |
| Neurocrine Biosciences Inc (a) | 15 | 1885 |
| Roivant Sciences Ltd (a) | 138 | 1555 |
| Ultragenyx Pharmaceutical Inc (a) | 43 | 1563 |
| United Therapeutics Corp (a) | 5 | 1437 |
| Vertex Pharmaceuticals Inc (a) | 43 | 19144 |
|  |  | 98756 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Cooper Cos Inc/The (a) | 90 | 6404 |
| DENTSPLY SIRONA Inc  | 125 | 1985 |
| Envista Holdings Corp (a) | 48 | 938 |
| GE HealthCare Technologies Inc  | 101 | 7481 |
| Globus Medical Inc Class A (a) | 26 | 1535 |
| Hologic Inc (a) | 155 | 10100 |
| Intuitive Surgical Inc (a) | 55 | 29888 |
| Medtronic PLC  | 308 | 26848 |
| Penumbra Inc (a) | 5 | 1283 |
| Zimmer Biomet Holdings Inc  | 111 | 10124 |
|  |  | 96586 |
| Health Care Providers & Services - 1.7% |  |  |
| Cencora Inc  | 74 | 22189 |
| CVS Health Corp  | 197 | 13589 |
| Encompass Health Corp  | 23 | 2820 |
| Ensign Group Inc/The  | 11 | 1697 |
| HCA Healthcare Inc  | 44 | 16856 |
| HealthEquity Inc (a) | 10 | 1048 |
| Option Care Health Inc (a) | 34 | 1104 |
| Tenet Healthcare Corp (a) | 8 | 1408 |
| UnitedHealth Group Inc  | 122 | 38061 |
|  |  | 98772 |
| Health Care Technology - 0.0% |  |  |
| Doximity Inc Class A (a) | 25 | 1533 |
| Veeva Systems Inc Class A (a) | 13 | 3744 |
|  |  | 5277 |
| Life Sciences Tools & Services - 0.5% |  |  |
| Avantor Inc (a) | 104 | 1400 |
| Illumina Inc (a) | 19 | 1813 |
| Medpace Holdings Inc (a) | 4 | 1255 |
| QIAGEN NV (United States)  | 46 | 2211 |
| Thermo Fisher Scientific Inc  | 58 | 23517 |
|  |  | 30196 |
| Pharmaceuticals - 2.9% |  |  |
| Bristol-Myers Squibb Co  | 374 | 17312 |
| Eli Lilly & Co  | 86 | 67040 |
| Jazz Pharmaceuticals PLC (a) | 10 | 1061 |
| Johnson & Johnson  | 360 | 54990 |
| Merck & Co Inc  | 354 | 28023 |
| Royalty Pharma PLC Class A  | 65 | 2342 |
|  |  | 170768 |
| TOTAL HEALTH CARE |  | 500355 |
| Industrials - 8.1% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| ATI Inc (a) | 18 | 1554 |
| Boeing Co (a) | 95 | 19905 |
| BWX Technologies Inc  | 13 | 1873 |
| Curtiss-Wright Corp  | 10 | 4886 |
| GE Aerospace  | 139 | 35777 |
| General Dynamics Corp  | 69 | 20125 |
| HEICO Corp  | 19 | 6232 |
| L3Harris Technologies Inc  | 54 | 13545 |
| Northrop Grumman Corp  | 32 | 15999 |
| Woodward Inc  | 8 | 1961 |
|  |  | 121857 |
| Air Freight & Logistics - 0.2% |  |  |
| Expeditors International of Washington Inc  | 97 | 11082 |
| GXO Logistics Inc (a) | 33 | 1607 |
|  |  | 12689 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 100 | 6557 |
| Advanced Drainage Systems Inc  | 14 | 1608 |
| Armstrong World Industries Inc  | 7 | 1137 |
| AZEK Co Inc/The Class A (a) | 33 | 1794 |
| Carlisle Cos Inc  | 10 | 3734 |
| Fortune Brands Innovations Inc  | 41 | 2111 |
| Masco Corp  | 136 | 8753 |
| Owens Corning  | 18 | 2475 |
| Simpson Manufacturing Co Inc  | 8 | 1242 |
| Trex Co Inc (a) | 20 | 1088 |
| UFP Industries Inc  | 12 | 1192 |
|  |  | 31691 |
| Commercial Services & Supplies - 0.7% |  |  |
| Clean Harbors Inc (a) | 13 | 3005 |
| MSA Safety Inc  | 7 | 1173 |
| Republic Services Inc  | 87 | 21455 |
| Rollins Inc  | 131 | 7391 |
| Veralto Corp  | 76 | 7672 |
|  |  | 40696 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 2 | 1072 |
| EMCOR Group Inc  | 5 | 2675 |
| WillScot Holdings Corp  | 26 | 712 |
|  |  | 4459 |
| Electrical Equipment - 0.5% |  |  |
| Acuity Inc  | 8 | 2387 |
| GE Vernova Inc  | 40 | 21166 |
| nVent Electric PLC  | 42 | 3077 |
| Regal Rexnord Corp  | 11 | 1594 |
| Vertiv Holdings Co Class A  | 27 | 3467 |
|  |  | 31691 |
| Ground Transportation - 0.8% |  |  |
| Knight-Swift Transportation Holdings Inc  | 42 | 1858 |
| Norfolk Southern Corp  | 70 | 17918 |
| Ryder System Inc  | 7 | 1113 |
| Saia Inc (a) | 3 | 822 |
| Uber Technologies Inc (a) | 270 | 25191 |
| XPO Inc (a) | 8 | 1010 |
|  |  | 47912 |
| Industrial Conglomerates - 0.4% |  |  |
| Honeywell International Inc  | 113 | 26315 |
| Machinery - 1.8% |  |  |
| AGCO Corp  | 26 | 2682 |
| Allison Transmission Holdings Inc  | 9 | 855 |
| Caterpillar Inc  | 81 | 31446 |
| CNH Industrial NV Class A  | 352 | 4562 |
| Donaldson Co Inc  | 15 | 1040 |
| Dover Corp  | 88 | 16124 |
| Flowserve Corp  | 21 | 1099 |
| Graco Inc  | 41 | 3525 |
| IDEX Corp  | 40 | 7023 |
| Illinois Tool Works Inc  | 94 | 23242 |
| ITT Inc  | 11 | 1725 |
| Lincoln Electric Holdings Inc  | 7 | 1451 |
| Middleby Corp/The (a) | 8 | 1152 |
| Oshkosh Corp  | 15 | 1703 |
| RBC Bearings Inc (a) | 4 | 1539 |
| Toro Co/The  | 21 | 1484 |
|  |  | 100652 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (a) | 14 | 1588 |
| Passenger Airlines - 0.2% |  |  |
| Alaska Air Group Inc (a) | 15 | 742 |
| American Airlines Group Inc (a) | 137 | 1537 |
| Delta Air Lines Inc  | 219 | 10771 |
|  |  | 13050 |
| Professional Services - 0.6% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 14 | 1458 |
| CACI International Inc (a) | 3 | 1430 |
| ExlService Holdings Inc (a) | 21 | 920 |
| FTI Consulting Inc (a) | 6 | 969 |
| KBR Inc  | 38 | 1822 |
| Parsons Corp (a) | 14 | 1005 |
| Paychex Inc  | 137 | 19928 |
| Paylocity Holding Corp (a) | 6 | 1087 |
| Robert Half Inc  | 22 | 903 |
| Science Applications International Corp  | 9 | 1013 |
| SS&C Technologies Holdings Inc  | 61 | 5051 |
| TransUnion  | 20 | 1760 |
|  |  | 37346 |
| Trading Companies & Distributors - 0.2% |  |  |
| Air Lease Corp Class A  | 21 | 1228 |
| Applied Industrial Technologies Inc  | 4 | 930 |
| Ferguson Enterprises Inc  | 24 | 5226 |
| Watsco Inc  | 5 | 2208 |
| Wesco International Inc  | 8 | 1482 |
|  |  | 11074 |
| TOTAL INDUSTRIALS |  | 481020 |
| Information Technology - 30.7% |  |  |
| Communications Equipment - 1.1% |  |  |
| Arista Networks Inc  | 170 | 17393 |
| Cisco Systems Inc  | 669 | 46415 |
|  |  | 63808 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Arrow Electronics Inc (a) | 10 | 1274 |
| Flex Ltd (a) | 44 | 2197 |
| TD SYNNEX Corp  | 16 | 2171 |
|  |  | 5642 |
| IT Services - 0.8% |  |  |
| Amdocs Ltd  | 38 | 3467 |
| Cloudflare Inc Class A (a) | 12 | 2350 |
| Globant SA (a) | 5 | 454 |
| IBM Corporation  | 120 | 35374 |
| MongoDB Inc Class A (a) | 4 | 840 |
| Okta Inc Class A (a) | 16 | 1600 |
| Snowflake Inc Class A (a) | 12 | 2685 |
| Twilio Inc Class A (a) | 11 | 1368 |
|  |  | 48138 |
| Semiconductors & Semiconductor Equipment - 12.0% |  |  |
| Advanced Micro Devices Inc (a) | 204 | 28948 |
| Amkor Technology Inc  | 78 | 1637 |
| Broadcom Inc  | 489 | 134793 |
| Entegris Inc  | 47 | 3791 |
| GlobalFoundries Inc (a) | 24 | 917 |
| Intel Corp  | 633 | 14179 |
| Lam Research Corp  | 323 | 31441 |
| MACOM Technology Solutions Holdings Inc (a) | 7 | 1003 |
| Marvell Technology Inc  | 38 | 2941 |
| Micron Technology Inc  | 148 | 18241 |
| MKS Inc  | 24 | 2385 |
| NVIDIA Corp  | 2622 | 414250 |
| Onto Innovation Inc (a) | 8 | 806 |
| Qorvo Inc (a) | 13 | 1104 |
| QUALCOMM Inc  | 156 | 24845 |
| Texas Instruments Inc  | 136 | 28236 |
|  |  | 709517 |
| Software - 10.9% |  |  |
| Adobe Inc (a) | 58 | 22439 |
| Appfolio Inc Class A (a) | 4 | 921 |
| AppLovin Corp Class A (a) | 5 | 1750 |
| Atlassian Corp Class A (a) | 6 | 1219 |
| Bentley Systems Inc Class B  | 22 | 1187 |
| Cadence Design Systems Inc (a) | 47 | 14483 |
| Crowdstrike Holdings Inc Class A (a) | 34 | 17317 |
| Datadog Inc Class A (a) | 28 | 3761 |
| Docusign Inc (a) | 18 | 1402 |
| Dropbox Inc Class A (a) | 36 | 1030 |
| Dynatrace Inc (a) | 31 | 1712 |
| Gitlab Inc Class A (a) | 37 | 1669 |
| Guidewire Software Inc (a) | 12 | 2825 |
| HubSpot Inc (a) | 3 | 1670 |
| Intuit Inc  | 37 | 29142 |
| Manhattan Associates Inc (a) | 5 | 987 |
| Microsoft Corp  | 807 | 401411 |
| MicroStrategy Inc Class A (a) | 4 | 1617 |
| Oracle Corp  | 198 | 43289 |
| Palantir Technologies Inc Class A (a) | 229 | 31217 |
| Palo Alto Networks Inc (a) | 102 | 20873 |
| Procore Technologies Inc (a) | 14 | 958 |
| Salesforce Inc  | 136 | 37086 |
| UiPath Inc Class A (a) | 74 | 947 |
| Zoom Communications Inc Class A (a) | 26 | 2027 |
| Zscaler Inc (a) | 10 | 3139 |
|  |  | 646078 |
| Technology Hardware, Storage & Peripherals - 5.8% |  |  |
| Apple Inc  | 1635 | 335453 |
| NetApp Inc  | 72 | 7672 |
| Super Micro Computer Inc (a) | 60 | 2940 |
|  |  | 346065 |
| TOTAL INFORMATION TECHNOLOGY |  | 1819248 |
| Materials - 1.8% |  |  |
| Chemicals - 1.2% |  |  |
| Cabot Corp  | 11 | 825 |
| Ecolab Inc  | 81 | 21825 |
| Huntsman Corp  | 58 | 604 |
| Linde PLC  | 85 | 39881 |
| Olin Corp  | 34 | 683 |
| RPM International Inc  | 29 | 3185 |
|  |  | 67003 |
| Construction Materials - 0.1% |  |  |
| CRH PLC  | 48 | 4406 |
| Eagle Materials Inc  | 6 | 1212 |
|  |  | 5618 |
| Containers & Packaging - 0.2% |  |  |
| AptarGroup Inc  | 29 | 4537 |
| Crown Holdings Inc  | 40 | 4119 |
| Sealed Air Corp  | 29 | 900 |
| Silgan Holdings Inc  | 30 | 1625 |
|  |  | 11181 |
| Metals & Mining - 0.3% |  |  |
| Carpenter Technology Corp  | 5 | 1382 |
| Cleveland-Cliffs Inc (a) | 134 | 1018 |
| Newmont Corp  | 244 | 14216 |
| Reliance Inc  | 8 | 2511 |
| Royal Gold Inc  | 8 | 1423 |
|  |  | 20550 |
| TOTAL MATERIALS |  | 104352 |
| Real Estate - 1.8% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 66 | 4117 |
| Health Care REITs - 0.0% |  |  |
| Omega Healthcare Investors Inc  | 54 | 1979 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 96 | 1596 |
| EastGroup Properties Inc  | 22 | 3677 |
| First Industrial Realty Trust Inc  | 68 | 3273 |
| Lineage Inc  | 32 | 1393 |
| Rexford Industrial Realty Inc  | 105 | 3735 |
| STAG Industrial Inc Class A  | 73 | 2648 |
|  |  | 16322 |
| Office REITs - 0.0% |  |  |
| COPT Defense Properties  | 34 | 938 |
| Vornado Realty Trust  | 29 | 1109 |
|  |  | 2047 |
| Real Estate Management & Development - 0.0% |  |  |
| Jones Lang LaSalle Inc (a) | 6 | 1535 |
| Zillow Group Inc Class A (a) | 14 | 959 |
|  |  | 2494 |
| Residential REITs - 0.6% |  |  |
| American Homes 4 Rent Class A  | 101 | 3642 |
| Equity LifeStyle Properties Inc  | 62 | 3824 |
| Essex Property Trust Inc  | 38 | 10769 |
| Invitation Homes Inc  | 387 | 12694 |
| Sun Communities Inc  | 30 | 3795 |
|  |  | 34724 |
| Retail REITs - 0.6% |  |  |
| Agree Realty Corp  | 65 | 4749 |
| Brixmor Property Group Inc  | 112 | 2916 |
| Federal Realty Investment Trust  | 64 | 6079 |
| Kimco Realty Corp  | 420 | 8828 |
| NNN REIT Inc  | 34 | 1468 |
| Regency Centers Corp  | 161 | 11469 |
|  |  | 35509 |
| Specialized REITs - 0.2% |  |  |
| CubeSmart  | 62 | 2635 |
| Gaming and Leisure Properties Inc  | 102 | 4761 |
| Lamar Advertising Co Class A  | 21 | 2549 |
| Millrose Properties Inc Class A  | 57 | 1625 |
|  |  | 11570 |
| TOTAL REAL ESTATE |  | 108762 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.6% |  |  |
| Constellation Energy Corp  | 43 | 13879 |
| Entergy Corp  | 207 | 17206 |
| Exelon Corp  | 332 | 14415 |
| OGE Energy Corp  | 24 | 1064 |
| PPL Corp  | 558 | 18911 |
| Southern Co/The  | 285 | 26172 |
|  |  | 91647 |
| Gas Utilities - 0.0% |  |  |
| National Fuel Gas Co  | 15 | 1271 |
| Multi-Utilities - 0.8% |  |  |
| Consolidated Edison Inc  | 174 | 17461 |
| DTE Energy Co  | 124 | 16425 |
| NiSource Inc  | 359 | 14482 |
|  |  | 48368 |
| Water Utilities - 0.0% |  |  |
| Essential Utilities Inc  | 30 | 1114 |
| TOTAL UTILITIES |  | 142400 |
| TOTAL UNITED STATES |  | 5517578 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,430,616) |  | <br> **5550751** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.7%** |
|  | Shares | Value ($)<br>|
| iShares Core S&P 500 ETF <br>(Cost $94,288)<br>| 161 | **99965** |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $14,627)<br>| 4.32 | 14625 | **14628** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options - 0.8%** | **Purchased Options - 0.8%** | **Purchased Options - 0.8%** | **Purchased Options - 0.8%** | **Purchased Options - 0.8%** | **Purchased Options - 0.8%** | **Purchased Options - 0.8%** |
|  | Counterparty | Number<br> of Contracts | Notional Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Put Options |  |  |  |  |  |  |
| Mini SPX Index | Chicago Board Options Exchange | 25 | 1477925 | 561 | 08/15/25 | 5163 |
| Mini SPX Index | Chicago Board Options Exchange | 26 | 1537042 | 503 | 07/18/25 | 298 |
| Mini SPX Index | Chicago Board Options Exchange | 25 | 1477925 | 575 | 09/19/25 | 15313 |
| Mini SPX Index | Chicago Board Options Exchange | 33 | 1950861 | 390 | 05/15/26 | 11402 |
| Mini SPX Index | Chicago Board Options Exchange | 24 | 1418808 | 340 | 04/17/26 | 5016 |
| Mini SPX Index | Chicago Board Options Exchange | 32 | 1891744 | 390 | 06/18/26 | 12336 |
|  |  |  |  |  |  | **49528** |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $115,362) |  |  |  |  |  | **49528** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 96.0%**<br> (Cost $5,654,893)<br>| <br>**5714872** |
| **NET OTHER ASSETS (LIABILITIES) - 4.0%**  | **235902** |
| **NET ASSETS - 100.0%** | **5950774** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**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 | - | 5390244 | 5375617 | 880 | - | 1 | 14628 | 14625 | 0.0% |
| Total | - | 5390244 | 5375617 | 880 | - | 1 | 14628 |  |  |

---

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 June 30, 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 | 539756 | 539756 | - | - |
| Consumer Discretionary | 552096 | 552096 | - | - |
| Consumer Staples | 325611 | 325611 | - | - |
| Energy | 161500 | 161500 | - | - |
| Financials | 790743 | 790743 | - | - |
| Health Care | 500355 | 500355 | - | - |
| Industrials | 482719 | 482719 | - | - |
| Information Technology | 1840332 | 1840332 | - | - |
| Materials | 106477 | 106477 | - | - |
| Real Estate | 108762 | 108762 | - | - |
| Utilities | 142400 | 142400 | - | - |
|  **Domestic Equity Funds** | 99965 | 99965 | - | - |
|  **Money Market Funds** | 14628 | 14628 | - | - |
|  **Purchased Options** | 49528 | 49528 | - | - |
| **Total Investments in Securities:** | 5714872 | 5714872 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 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** |  |  |
| Purchased Options (a)  | 49528 | 0 |
| **Total Equity Risk**  | 49528 | 0 |
| **Total Value of Derivatives** | 49528 | 0 |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the Investments in Securities at value line-item.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** | <br> **As of June 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,640,266) | $5700244 |  |
| Fidelity Central Funds (cost $14,627) | 14628 |  |
| Total Investment in Securities (cost $5,654,893) |  | $5714872 |
| Cash |  | 10673 |
| Receivable for fund shares sold |  | 243066 |
| Dividends receivable |  | 3604 |
| Distributions receivable from Fidelity Central Funds |  | 33 |
| Receivable from investment adviser for expense reductions |  | 6057 |
| **Total assets** |  | 5978305 |
| **Liabilities** |  |  |
| Accrued management fee | $2340 |  |
| Distribution and service plan fees payable | 368 |  |
| Audit fee payable | 24116 |  |
| Other payables and accrued expenses | 707 |  |
| **Total liabilities** |  | 27531 |
| **Net Assets**  |  | $5950774 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5746740 |
| Total accumulated earnings (loss) |  | 204034 |
| **Net Assets** |  | $5950774 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,294,528 ÷ 125,000 shares) |  | $10.36 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,293,952 ÷ 125,000 shares) |  | $10.35 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,293,084 ÷ 125,000 shares) |  | $10.34 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,069,210 ÷ 199,840 shares) |  | $10.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br>**For the period January 23, 2025 (commencement of operations) through June 30, 2025 (Unaudited)**  | <br>**For the period January 23, 2025 (commencement of operations) through June 30, 2025 (Unaudited)**  | <br>**For the period January 23, 2025 (commencement of operations) through June 30, 2025 (Unaudited)**  |
| **Investment Income** |  |  |
| Dividends  |  | $30106 |
| Income from Fidelity Central Funds  |  | 880 |
| **Total income** |  | 30986 |
| **Expenses** |  |  |
| Management fee | $11329 |  |
| Distribution and service plan fees | 1899 |  |
| Custodian fees and expenses | 2195 |  |
| Independent trustees' fees and expenses | 926 |  |
| Audit fees | 32280 |  |
| Legal | 138 |  |
| Total expenses before reductions | 48767 |  |
| Expense reductions | (35456) |  |
| Total expenses after reductions |  | 13311 |
| **Net Investment income (loss)** |  | 17675 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 126380 |  |
| Total net realized gain (loss) |  | 126380 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 59978 |  |
| Fidelity Central Funds  | 1 |  |
| Total change in net unrealized appreciation (depreciation) |  | 59979 |
| **Net gain (loss)** |  | 186359 |
| **Net increase (decrease) in net assets resulting from operations** |  | $204034 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period January 23, 2025 (commencement of operations) through June 30, 2025**<br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $17675 |
| &nbsp;&nbsp;Net realized gain (loss) | 126380<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 59979 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 204034<br>|
| Share transactions - net increase (decrease) | 5746740<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5950774<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $5950774 |

---

**Financial Highlights** 

**VIP Hedged Equity Portfolio Initial Class**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .04  |
| Net realized and unrealized gain (loss)  | .32  |
| Total from investment operations  | .36  |
| Net asset value, end of period  | $10.36 |
| **Total Return** D,E,F | 3.60% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 2.10% I |
| Expenses net of fee waivers, if any  | .52% I<br>|
| Expenses net of all reductions, if any  | .50% I |
| Net investment income (loss)  | .89% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1295 |
| Portfolio turnover rate J | 15% K<br>|

---

A*For the period January 23, 2025 (commencement of operations) through June 30, 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*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*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.*

K*Amount not annualized.*

**VIP Hedged Equity Portfolio Service Class**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .03  |
| Net realized and unrealized gain (loss)  | .32  |
| Total from investment operations  | .35  |
| Net asset value, end of period  | $10.35 |
| **Total Return** D,E,F | 3.50% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 2.20% I |
| Expenses net of fee waivers, if any  | .62% I<br>|
| Expenses net of all reductions, if any  | .60% I |
| Net investment income (loss)  | .79% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1294 |
| Portfolio turnover rate J | 15% K<br>|

---

A*For the period January 23, 2025 (commencement of operations) through June 30, 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*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*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.*

K*Amount not annualized.*

**VIP Hedged Equity Portfolio Service Class 2**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .03  |
| Net realized and unrealized gain (loss)  | .31  |
| Total from investment operations  | .34  |
| Net asset value, end of period  | $10.34 |
| **Total Return** D,E,F | 3.40% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 2.35% I |
| Expenses net of fee waivers, if any  | .77% I<br>|
| Expenses net of all reductions, if any  | .75% I |
| Net investment income (loss)  | .64% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1293 |
| Portfolio turnover rate J | 15% K<br>|

---

A*For the period January 23, 2025 (commencement of operations) through June 30, 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*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*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.*

K*Amount not annualized.*

**VIP Hedged Equity Portfolio Investor Class**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .04  |
| Net realized and unrealized gain (loss)  | .31  |
| Total from investment operations  | .35  |
| Net asset value, end of period  | $10.35 |
| **Total Return** D,E,F | 3.50% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 2.11% I |
| Expenses net of fee waivers, if any  | .55% I<br>|
| Expenses net of all reductions, if any  | .53% I |
| Net investment income (loss)  | .86% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $2069 |
| Portfolio turnover rate J | 15% K<br>|

---

A*For the period January 23, 2025 (commencement of operations) through June 30, 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*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*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.*

K*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended June 30, 2025

**1. Organization.**

VIP Hedged Equity Portfolio (the Fund) is a fund of Variable Insurance Products Fund VI (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. 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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 June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**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.

**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. 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.

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.

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** | $378908 |
| **Gross unrealized depreciation** | <u>(321917)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$56991</u> |
| **Tax cost** | <u>$5657881</u> |

---

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period, unless an average notional amount is presented in the table below.

---

| | |
|:---|:---|
|  | **Average Notional Amount ($)** |
| **VIP Hedged Equity Portfolio** | 9005073 |

---

**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 Hedged Equity Portfolio** | 6280729 | 747245 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Diversifying Solutions LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which each class of the Fund pays a monthly management fee. Under the management contract, the investment adviser pays all other operating expenses, except third-party expenses (including custody, audit and registration fees), the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses. During the period, the management fee for each class of the Fund was as follows:

---

| | |
|:---|:---|
|  | **Annual % of Class-Level Average Net Assets** |
| **Initial Class** | .50% |
| **Service Class** | .50% |
| **Service Class 2** | .50% |
| **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** | $543 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1356</u> |
|  | <u>$1899</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 Hedged Equity Portfolio** | 30 |

---

**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 borne by the investment adviser.

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.

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through April 30, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Initial Class** | .52% | 8564 |
| **Service Class** | .62% | 8563 |
| **Service Class 2** | .77% | 8558 |
| **Investor Class** | .55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9403</u> |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>35088</u> |

---

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 $368.

**9. Share Transactions.**

Transactions for each class of shares were as follows and may contain in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025 A**  | **Six months ended** <br> **June 30, 2025 A** |
| **VIP Hedged Equity Portfolio** |  |  |
| **Initial Class** |  |  |
| Shares sold | <u>125000</u> | <u>$1250000</u> |
| Net increase (decrease) | <u>125000</u> | <u>$1250000</u> |
| **Service Class** |  |  |
| Shares sold | <u>125000</u> | <u>$1250000</u> |
| Net increase (decrease) | <u>125000</u> | <u>$1250000</u> |
| **Service Class 2** |  |  |
| Shares sold | <u>125000</u> | <u>$1250000</u> |
| Net increase (decrease) | <u>125000</u> | <u>$1250000</u> |
| **Investor Class** |  |  |
| Shares sold | 202361 | $2022307 |
| Shares redeemed | <u>(2521)</u> | <u>(25567)</u> |
| Net increase (decrease) | <u>199840</u> | <u>$1996740</u> |

---

*A For the period January 23, 2025 (commencement of operations) through June 30, 2025.*

**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% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| VIP Hedged Equity Portfolio | 100% |

---

**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.

**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)**

**Board Approval of Investment Advisory Contracts** 

**VIP Hedged Equity Portfolio**

At its February 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the fund's management contract with Fidelity Diversifying Solutions LLC (FDS) and the sub-advisory agreements with affiliates of FDS (together, the Advisory Contracts) for the fund. FDS and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Fidelity investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools.

<u>Investment Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered the Investment Advisers' strength in managing assets and trading derivatives instruments.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio**. In reviewing the Advisory Contracts, the Board considered the fund's proposed class-level management fee rates, out of which FDS will pay all operating expenses of the fund with certain limited exceptions. In reviewing the Advisory Contracts, the Board also considered the projected total net expense ratio of each class of the fund. The Board noted that the fund's proposed class-level management fee rates were lower than the median fee rate of funds with a similar Morningstar category and comparable investment mandate, regardless of whether their management fee structures are comparable. The Board also considered that the projected total net expense ratio of each class of the fund was below the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board noted that the difference in management fee rates between classes is the result of separate arrangements for class level services and/or waivers of certain expense. The Board further noted that such difference is not the result of any difference in advisory or custodial fees or other expense related to the management of the fund's assets, which do not vary by class.

<u>Other Contractual Arrangements</u>. The Board noted that FDS has agreed to contractually limit each class of the fund's total operating expenses, with certain limited exceptions, as a percentage of their respective net assets exceed a certain limit through April 30, 2025.

Based on its review, the Board concluded that the management fee and the projected total expenses of each class of the fund were fair and reasonable in light of the services that the fund and its shareholders will receive, and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

**Economies of Scale.** The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee for the fund was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be approved through February 2026.

**Board Approval of Investment Advisory Contracts**

**VIP Hedged Equity Portfolio**

At its November 2024 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), approved amended and restated sub-advisory agreements (the Sub-Advisory Contracts) for the fund, including the fund's sub-advisory agreements with FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). The Sub-Advisory Contracts will be effective December 1, 2024.

The Board considered the Sub-Advisory Contracts, which simplified the calculation of the fees paid to the sub-advisers under the agreements. The Board noted that the agreements with FMR UK, FMR H.K., and FMR Japan were amended to provide that Fidelity Diversifying Solutions LLC (FDS) or an affiliate will compensate each sub-adviser at a fee rate equal to 110% of the sub-adviser's costs incurred in providing services under the agreement. The Board considered that, under the Sub-Advisory Contracts, FDS or an affiliate, and not the fund, will pay the sub-advisory fees to each applicable sub-adviser, and that the management fee paid by the fund under the management contract with FDS will remain unchanged.

The Board further considered that the approval of the fund's Sub-Advisory Contracts will not result in any changes in the investment process or strategies employed in the management of the fund's assets or the day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Sub-Advisory Contracts would not change the obligations and services of FDS and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FDS and its affiliates.

In connection with its consideration of future renewals of the fund's advisory contracts, the Board will consider: (i) the nature, extent and quality of services provided to the funds, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the fund's management fee structure is fair and reasonable, and that the fund's Sub-Advisory Contracts should be approved.

![](img111276_4.jpg)<br>

1.9911020.100 VHEI-SANN-0825

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>Purchases 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 Variable Insurance Products Fund VI'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 Variable Insurance Products Fund VI's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](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.](ex99906cert.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 VI

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Heather Bonner</u> |
|  | &nbsp;&nbsp; Heather Bonner |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

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/Heather Bonner</u> |
|  | &nbsp;&nbsp; Heather Bonner |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &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; August 22, 2025 |

---

## 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, Heather Bonner, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund VI;

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:

August 22, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Heather Bonner</u> |
| &nbsp;&nbsp;Heather Bonner |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Variable Insurance Products Fund VI;

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:

August 22, 2025

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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 VI (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: August 22, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Heather Bonner</u> |
| &nbsp;&nbsp;Heather Bonner |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: August 22, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

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.

<br>