# EDGAR Filing Document

**Accession Number:** 0000356494
**File Stem:** 0000356494-25-000067
**Filing Date:** 2025-8
**Character Count:** 991234
**Document Hash:** a29a700d4444100758564583c8437766
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000356494-25-000067.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000356494-25-000067

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 85

**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
- **CENTRAL INDEX KEY:** 0000356494

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03329
- **FILM NUMBER:** 251243937

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

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

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

## Series and Classes Contracts Data

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

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

### Growth Portfolio (Series ID: S000007717)

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

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

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

### Overseas Portfolio (Series ID: S000007720)

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

### Value Portfolio (Series ID: S000007721)

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03329</u>

<u>Variable Insurance Products Fund</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, 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 Value Portfolio<br> **VIP Value Portfolio Service Class 2 true** <br>|

---

This semi-annual shareholder report contains information about VIP Value Portfolio for the period January 1, 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  | $42  | 0.85% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $559664040<br>|
| Number of Holdings | 111<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.5 |
| Industrials | 14.6 |
| Health Care | 12.2 |
| Consumer Discretionary | 9.8 |
| Energy | 8.0 |
| Consumer Staples | 7.5 |
| Information Technology | 6.3 |
| Utilities | 4.9 |
| Communication Services | 4.8 |
| Real Estate | 4.7 |
| Materials | 4.1 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20250630_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 91.4 |
| Canada | 4.2 |
| United Kingdom | 1.1 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.7 |
| Portugal | 0.7 |
| Switzerland | 0.5 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 3.0<br>|
| Exxon Mobil Corp | 2.5<br>|
| Alphabet Inc Class A | 2.1<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| GSK PLC ADR | 1.7<br>|
| East West Bancorp Inc | 1.7<br>|
| Apollo Global Management Inc | 1.6<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Molina Healthcare Inc | 1.4<br>|
|  | 19.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img151_20250630_1.jpg)<br>| ![](img110604_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> 1.9915954.101 904-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Value Portfolio for the period January 1, 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  | $35  | 0.70% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $559664040<br>|
| Number of Holdings | 111<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.5 |
| Industrials | 14.6 |
| Health Care | 12.2 |
| Consumer Discretionary | 9.8 |
| Energy | 8.0 |
| Consumer Staples | 7.5 |
| Information Technology | 6.3 |
| Utilities | 4.9 |
| Communication Services | 4.8 |
| Real Estate | 4.7 |
| Materials | 4.1 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20250630_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 91.4 |
| Canada | 4.2 |
| United Kingdom | 1.1 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.7 |
| Portugal | 0.7 |
| Switzerland | 0.5 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 3.0<br>|
| Exxon Mobil Corp | 2.5<br>|
| Alphabet Inc Class A | 2.1<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| GSK PLC ADR | 1.7<br>|
| East West Bancorp Inc | 1.7<br>|
| Apollo Global Management Inc | 1.6<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Molina Healthcare Inc | 1.4<br>|
|  | 19.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img151_20250630_1.jpg)<br>| ![](img110605_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> 1.9915953.101 900-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Value Portfolio for the period January 1, 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  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $559664040<br>|
| Number of Holdings | 111<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.5 |
| Industrials | 14.6 |
| Health Care | 12.2 |
| Consumer Discretionary | 9.8 |
| Energy | 8.0 |
| Consumer Staples | 7.5 |
| Information Technology | 6.3 |
| Utilities | 4.9 |
| Communication Services | 4.8 |
| Real Estate | 4.7 |
| Materials | 4.1 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20250630_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 91.4 |
| Canada | 4.2 |
| United Kingdom | 1.1 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.7 |
| Portugal | 0.7 |
| Switzerland | 0.5 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 3.0<br>|
| Exxon Mobil Corp | 2.5<br>|
| Alphabet Inc Class A | 2.1<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| GSK PLC ADR | 1.7<br>|
| East West Bancorp Inc | 1.7<br>|
| Apollo Global Management Inc | 1.6<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Molina Healthcare Inc | 1.4<br>|
|  | 19.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img151_20250630_1.jpg)<br>| ![](img110606_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> 1.9915951.101 1456-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Value Portfolio for the period January 1, 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  | $30  | 0.60% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $559664040<br>|
| Number of Holdings | 111<br>|
| Portfolio Turnover | 76%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.5 |
| Industrials | 14.6 |
| Health Care | 12.2 |
| Consumer Discretionary | 9.8 |
| Energy | 8.0 |
| Consumer Staples | 7.5 |
| Information Technology | 6.3 |
| Utilities | 4.9 |
| Communication Services | 4.8 |
| Real Estate | 4.7 |
| Materials | 4.1 |

---

Common Stocks 98.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img151_20250630_AA.jpg) <br>|

---

Common Stocks - 98.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.6 <br>

---

| | |
|:---|:---|
| United States | 91.4 |
| Canada | 4.2 |
| United Kingdom | 1.1 |
| Puerto Rico | 1.0 |
| Hong Kong | 0.7 |
| Portugal | 0.7 |
| Switzerland | 0.5 |
| Spain | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img151_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Portugal - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Wells Fargo & Co | 3.0<br>|
| Exxon Mobil Corp | 2.5<br>|
| Alphabet Inc Class A | 2.1<br>|
| CVS Health Corp | 2.0<br>|
| Travelers Companies Inc/The | 1.8<br>|
| GSK PLC ADR | 1.7<br>|
| East West Bancorp Inc | 1.7<br>|
| Apollo Global Management Inc | 1.6<br>|
| First Citizens BancShares Inc/NC Class A | 1.5<br>|
| Molina Healthcare Inc | 1.4<br>|
|  | 19.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img151_20250630_1.jpg)<br>| ![](img110607_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> 1.9915952.101 898-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 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  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4276900478<br>|
| Number of Holdings | 319<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 13.9 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.2 |
| Industrials | 8.6 |
| Consumer Staples | 5.5 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.2 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 1.4 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| Puerto Rico | 0.3 |
| Ireland | 0.3 |
| Korea (South) | 0.2 |
| Spain | 0.2 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 8.1<br>|
| Apple Inc | 6.7<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class A | 4.5<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Broadcom Inc | 2.0<br>|
| Tesla Inc | 1.4<br>|
| Exxon Mobil Corp | 1.4<br>|
| Cisco Systems Inc | 1.3<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6426_20250630_1.jpg)<br>| ![](img110622_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> 1.9916203.101 6429-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 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  | $28  | 0.54% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4276900478<br>|
| Number of Holdings | 319<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 13.9 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.2 |
| Industrials | 8.6 |
| Consumer Staples | 5.5 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.2 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 1.4 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| Puerto Rico | 0.3 |
| Ireland | 0.3 |
| Korea (South) | 0.2 |
| Spain | 0.2 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 8.1<br>|
| Apple Inc | 6.7<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class A | 4.5<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Broadcom Inc | 2.0<br>|
| Tesla Inc | 1.4<br>|
| Exxon Mobil Corp | 1.4<br>|
| Cisco Systems Inc | 1.3<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6426_20250630_1.jpg)<br>| ![](img110623_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> 1.9916202.101 6428-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 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  | $26  | 0.52% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4276900478<br>|
| Number of Holdings | 319<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 13.9 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.2 |
| Industrials | 8.6 |
| Consumer Staples | 5.5 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.2 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 1.4 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| Puerto Rico | 0.3 |
| Ireland | 0.3 |
| Korea (South) | 0.2 |
| Spain | 0.2 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 8.1<br>|
| Apple Inc | 6.7<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class A | 4.5<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Broadcom Inc | 2.0<br>|
| Tesla Inc | 1.4<br>|
| Exxon Mobil Corp | 1.4<br>|
| Cisco Systems Inc | 1.3<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6426_20250630_1.jpg)<br>| ![](img110624_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> 1.9916201.101 6427-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Stock Selector Portfolio for the period January 1, 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  | $22  | 0.44% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4276900478<br>|
| Number of Holdings | 319<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 13.9 |
| Communication Services | 10.5 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.2 |
| Industrials | 8.6 |
| Consumer Staples | 5.5 |
| Energy | 3.1 |
| Utilities | 2.2 |
| Real Estate | 2.0 |
| Materials | 1.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.7 |
| Preferred Stocks | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6426_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.2 |

---

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 1.4 |
| Taiwan | 0.8 |
| Netherlands | 0.7 |
| United Kingdom | 0.7 |
| Puerto Rico | 0.3 |
| Ireland | 0.3 |
| Korea (South) | 0.2 |
| Spain | 0.2 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6426_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 8.1<br>|
| Apple Inc | 6.7<br>|
| Amazon.com Inc | 4.7<br>|
| Alphabet Inc Class A | 4.5<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Broadcom Inc | 2.0<br>|
| Tesla Inc | 1.4<br>|
| Exxon Mobil Corp | 1.4<br>|
| Cisco Systems Inc | 1.3<br>|
|  | 41.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6426_20250630_1.jpg)<br>| ![](img110625_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> 1.9916200.101 6426-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 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  | $53  | 0.98% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2244593046<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 27.9 |
| Information Technology | 12.4 |
| Materials | 7.6 |
| Communication Services | 7.6 |
| Health Care | 6.6 |
| Consumer Discretionary | 6.0 |
| Consumer Staples | 1.6 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20250630_AA.jpg) <br>|

---

Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| United Kingdom | 17.4 |
| United States | 16.0 |
| Japan | 15.1 |
| Germany | 13.5 |
| France | 10.5 |
| Netherlands | 5.5 |
| Italy | 4.7 |
| Spain | 4.0 |
| Denmark | 2.7 |
| Others | 10.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| SAP SE | 3.4<br>|
| Hitachi Ltd | 2.6<br>|
| Safran SA | 2.5<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
| RELX PLC | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
| Banco Santander SA | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| UniCredit SpA | 2.2<br>|
| Deutsche Telekom AG | 2.1<br>|
|  | 24.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img221_20250630_1.jpg)<br>| ![](img110630_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> 1.9915990.101 362-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 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  | $45  | 0.83% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2244593046<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 27.9 |
| Information Technology | 12.4 |
| Materials | 7.6 |
| Communication Services | 7.6 |
| Health Care | 6.6 |
| Consumer Discretionary | 6.0 |
| Consumer Staples | 1.6 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20250630_AA.jpg) <br>|

---

Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| United Kingdom | 17.4 |
| United States | 16.0 |
| Japan | 15.1 |
| Germany | 13.5 |
| France | 10.5 |
| Netherlands | 5.5 |
| Italy | 4.7 |
| Spain | 4.0 |
| Denmark | 2.7 |
| Others | 10.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| SAP SE | 3.4<br>|
| Hitachi Ltd | 2.6<br>|
| Safran SA | 2.5<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
| RELX PLC | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
| Banco Santander SA | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| UniCredit SpA | 2.2<br>|
| Deutsche Telekom AG | 2.1<br>|
|  | 24.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img221_20250630_1.jpg)<br>| ![](img110631_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> 1.9915991.101 495-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 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  | $44  | 0.80% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2244593046<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 27.9 |
| Information Technology | 12.4 |
| Materials | 7.6 |
| Communication Services | 7.6 |
| Health Care | 6.6 |
| Consumer Discretionary | 6.0 |
| Consumer Staples | 1.6 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20250630_AA.jpg) <br>|

---

Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| United Kingdom | 17.4 |
| United States | 16.0 |
| Japan | 15.1 |
| Germany | 13.5 |
| France | 10.5 |
| Netherlands | 5.5 |
| Italy | 4.7 |
| Spain | 4.0 |
| Denmark | 2.7 |
| Others | 10.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| SAP SE | 3.4<br>|
| Hitachi Ltd | 2.6<br>|
| Safran SA | 2.5<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
| RELX PLC | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
| Banco Santander SA | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| UniCredit SpA | 2.2<br>|
| Deutsche Telekom AG | 2.1<br>|
|  | 24.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img221_20250630_1.jpg)<br>| ![](img110632_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> 1.9915988.101 1472-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Overseas Portfolio for the period January 1, 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  | $40  | 0.73% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2244593046<br>|
| Number of Holdings | 85<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 29.0 |
| Industrials | 27.9 |
| Information Technology | 12.4 |
| Materials | 7.6 |
| Communication Services | 7.6 |
| Health Care | 6.6 |
| Consumer Discretionary | 6.0 |
| Consumer Staples | 1.6 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img221_20250630_AA.jpg) <br>|

---

Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

---

| | |
|:---|:---|
| United Kingdom | 17.4 |
| United States | 16.0 |
| Japan | 15.1 |
| Germany | 13.5 |
| France | 10.5 |
| Netherlands | 5.5 |
| Italy | 4.7 |
| Spain | 4.0 |
| Denmark | 2.7 |
| Others | 10.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img221_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United Kingdom - 17.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 16.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 5.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Italy - 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 4.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| SAP SE | 3.4<br>|
| Hitachi Ltd | 2.6<br>|
| Safran SA | 2.5<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
| RELX PLC | 2.3<br>|
| Schneider Electric SE | 2.3<br>|
| Banco Santander SA | 2.3<br>|
| Tokio Marine Holdings Inc | 2.2<br>|
| UniCredit SpA | 2.2<br>|
| Deutsche Telekom AG | 2.1<br>|
|  | 24.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img221_20250630_1.jpg)<br>| ![](img110633_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> 1.9915989.101 154-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 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  | $46  | 0.90% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $792911867<br>|
| Number of Holdings | 763<br>|
| Portfolio Turnover | 99%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 2.4 |
| BB | 33.0 |
| B | 38.4 |
| CCC,CC,C | 15.6 |
| Not Rated | 3.8 |
| Equities | 4.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.5 |
| Bank Loan Obligations | 9.2 |
| Common Stocks | 2.8 |
| Preferred Securities | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.6 |
| CMOs and Other Mortgage Related Securities | 0.4 |
| Preferred Stocks | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.4 |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 84.6 |
| Canada | 3.0 |
| United Kingdom | 2.1 |
| France | 1.9 |
| Ireland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Israel | 0.6 |
| Switzerland | 0.6 |
| Panama | 0.5 |
| Others | 5.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Panama - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Mesquite Energy Inc | 2.1<br>|
| Fidelity Private Credit Company LLC | 1.7<br>|
| Altice France SA | 1.4<br>|
| TransDigm Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| EchoStar Corp | 1.0<br>|
| Level 3 Financing Inc | 1.0<br>|
| 1261229 BC Ltd | 1.0<br>|
| Carnival Corp | 1.0<br>|
| CHS/Community Health Systems Inc | 0.8<br>|
|  | 12.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img45_20250630_1.jpg)<br>| ![](img110667_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> 1.9915945.101 358-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 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  | $38  | 0.74% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $792911867<br>|
| Number of Holdings | 763<br>|
| Portfolio Turnover | 99%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 2.4 |
| BB | 33.0 |
| B | 38.4 |
| CCC,CC,C | 15.6 |
| Not Rated | 3.8 |
| Equities | 4.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.5 |
| Bank Loan Obligations | 9.2 |
| Common Stocks | 2.8 |
| Preferred Securities | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.6 |
| CMOs and Other Mortgage Related Securities | 0.4 |
| Preferred Stocks | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.4 |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 84.6 |
| Canada | 3.0 |
| United Kingdom | 2.1 |
| France | 1.9 |
| Ireland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Israel | 0.6 |
| Switzerland | 0.6 |
| Panama | 0.5 |
| Others | 5.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Panama - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Mesquite Energy Inc | 2.1<br>|
| Fidelity Private Credit Company LLC | 1.7<br>|
| Altice France SA | 1.4<br>|
| TransDigm Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| EchoStar Corp | 1.0<br>|
| Level 3 Financing Inc | 1.0<br>|
| 1261229 BC Ltd | 1.0<br>|
| Carnival Corp | 1.0<br>|
| CHS/Community Health Systems Inc | 0.8<br>|
|  | 12.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img45_20250630_1.jpg)<br>| ![](img110668_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> 1.9915946.101 492-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 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  | $35  | 0.68% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $792911867<br>|
| Number of Holdings | 763<br>|
| Portfolio Turnover | 99%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 2.4 |
| BB | 33.0 |
| B | 38.4 |
| CCC,CC,C | 15.6 |
| Not Rated | 3.8 |
| Equities | 4.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.5 |
| Bank Loan Obligations | 9.2 |
| Common Stocks | 2.8 |
| Preferred Securities | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.6 |
| CMOs and Other Mortgage Related Securities | 0.4 |
| Preferred Stocks | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.4 |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 84.6 |
| Canada | 3.0 |
| United Kingdom | 2.1 |
| France | 1.9 |
| Ireland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Israel | 0.6 |
| Switzerland | 0.6 |
| Panama | 0.5 |
| Others | 5.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Panama - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Mesquite Energy Inc | 2.1<br>|
| Fidelity Private Credit Company LLC | 1.7<br>|
| Altice France SA | 1.4<br>|
| TransDigm Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| EchoStar Corp | 1.0<br>|
| Level 3 Financing Inc | 1.0<br>|
| 1261229 BC Ltd | 1.0<br>|
| Carnival Corp | 1.0<br>|
| CHS/Community Health Systems Inc | 0.8<br>|
|  | 12.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img45_20250630_1.jpg)<br>| ![](img110669_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> 1.9915943.101 1454-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP High Income Portfolio for the period January 1, 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  | $33  | 0.64% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $792911867<br>|
| Number of Holdings | 763<br>|
| Portfolio Turnover | 99%<br>|

---

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

---

| | |
|:---|:---|
| BBB | 2.4 |
| BB | 33.0 |
| B | 38.4 |
| CCC,CC,C | 15.6 |
| Not Rated | 3.8 |
| Equities | 4.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;BBB - 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 33.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 38.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 80.5 |
| Bank Loan Obligations | 9.2 |
| Common Stocks | 2.8 |
| Preferred Securities | 2.5 |
| Alternative Funds | 1.7 |
| Asset-Backed Securities | 0.6 |
| CMOs and Other Mortgage Related Securities | 0.4 |
| Preferred Stocks | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img45_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 80.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 0.4 |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.0 |

---

---

| | |
|:---|:---|
| United States | 84.6 |
| Canada | 3.0 |
| United Kingdom | 2.1 |
| France | 1.9 |
| Ireland | 0.8 |
| Grand Cayman (UK Overseas Ter) | 0.7 |
| Israel | 0.6 |
| Switzerland | 0.6 |
| Panama | 0.5 |
| Others | 5.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img45_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 84.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.7&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Panama - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Mesquite Energy Inc | 2.1<br>|
| Fidelity Private Credit Company LLC | 1.7<br>|
| Altice France SA | 1.4<br>|
| TransDigm Inc | 1.3<br>|
| CCO Holdings LLC / CCO Holdings Capital Corp | 1.2<br>|
| EchoStar Corp | 1.0<br>|
| Level 3 Financing Inc | 1.0<br>|
| 1261229 BC Ltd | 1.0<br>|
| Carnival Corp | 1.0<br>|
| CHS/Community Health Systems Inc | 0.8<br>|
|  | 12.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img45_20250630_1.jpg)<br>| ![](img110670_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> 1.9915944.101 152-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 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  | $41  | 0.80% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11140500815<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.1 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.8 |
| Communication Services | 10.3 |
| Financials | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Netherlands | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.7<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 5.9<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.4<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img212_20250630_1.jpg)<br>| ![](img110674_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> 1.9915986.101 357-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 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  | $33  | 0.65% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11140500815<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.1 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.8 |
| Communication Services | 10.3 |
| Financials | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Netherlands | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.7<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 5.9<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.4<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img212_20250630_1.jpg)<br>| ![](img110675_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> 1.9915987.101 472-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 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  | $32  | 0.63% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11140500815<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.1 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.8 |
| Communication Services | 10.3 |
| Financials | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Netherlands | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.7<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 5.9<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.4<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img212_20250630_1.jpg)<br>| ![](img110676_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> 1.9915984.101 1453-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Growth Portfolio for the period January 1, 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  | $28  | 0.55% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11140500815<br>|
| Number of Holdings | 146<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.1 |
| Consumer Discretionary | 18.7 |
| Health Care | 13.8 |
| Communication Services | 10.3 |
| Financials | 10.0 |
| Industrials | 8.9 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.8 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.9 |
| Preferred Stocks | 0.3 |
| Preferred Securities | 0.0 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img212_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.8 |

---

---

| | |
|:---|:---|
| United States | 88.7 |
| Taiwan | 2.6 |
| China | 2.0 |
| Brazil | 1.6 |
| Canada | 1.3 |
| Israel | 1.0 |
| Netherlands | 0.7 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img212_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 11.7<br>|
| Amazon.com Inc | 10.9<br>|
| Microsoft Corp | 5.9<br>|
| Alphabet Inc Class A | 4.7<br>|
| Apple Inc | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.5<br>|
| Mastercard Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Meta Platforms Inc Class A | 2.4<br>|
| Visa Inc Class A | 2.4<br>|
|  | 49.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img212_20250630_1.jpg)<br>| ![](img110677_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> 1.9915985.101 151-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Floating Rate High Income Portfolio<br> **VIP Floating Rate High Income Portfolio Investor Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period January 1, 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  | $35  | 0.70% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $422557103<br>|
| Number of Holdings | 555<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 1.4 |
| BB | 20.3 |
| B | 58.1 |
| CCC,CC,C | 9.2 |
| D | 0.0 |
| Not Rated | 4.6 |
| Equities | 1.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 89.0 |
| Corporate Bonds | 3.7 |
| Common Stocks | 1.0 |
| Alternative Funds | 0.6 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| United Kingdom | 2.9 |
| Canada | 1.4 |
| France | 1.3 |
| Netherlands | 0.7 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Puerto Rico | 0.4 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.4<br>|
| Altice France SA | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| MH Sub I LLC | 1.2<br>|
| Polaris Newco LLC | 1.1<br>|
| Lumen Technologies Inc | 1.0<br>|
| X Corp | 1.0<br>|
|  | 14.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2638_20250630_1.jpg)<br>| ![](img110753_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> 1.9916160.101 2639-TSRS-0825 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| VIP Floating Rate High Income Portfolio<br> **VIP Floating Rate High Income Portfolio Initial Class true** <br>|

---

This semi-annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period January 1, 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  | $33  | 0.66% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $422557103<br>|
| Number of Holdings | 555<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 1.4 |
| BB | 20.3 |
| B | 58.1 |
| CCC,CC,C | 9.2 |
| D | 0.0 |
| Not Rated | 4.6 |
| Equities | 1.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 89.0 |
| Corporate Bonds | 3.7 |
| Common Stocks | 1.0 |
| Alternative Funds | 0.6 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| United Kingdom | 2.9 |
| Canada | 1.4 |
| France | 1.3 |
| Netherlands | 0.7 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Puerto Rico | 0.4 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.4<br>|
| Altice France SA | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| MH Sub I LLC | 1.2<br>|
| Polaris Newco LLC | 1.1<br>|
| Lumen Technologies Inc | 1.0<br>|
| X Corp | 1.0<br>|
|  | 14.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2638_20250630_1.jpg)<br>| ![](img110754_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> 1.9916159.101 2638-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 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  | $37  | 0.72% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6435124226<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 23%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.0 |
| Health Care | 11.0 |
| Consumer Staples | 10.0 |
| Information Technology | 9.6 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.3 |
| Energy | 6.7 |
| Utilities | 6.1 |
| Materials | 3.9 |
| Real Estate | 2.4 |

---

Common Stocks 97.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20250630_AA.jpg) <br>|

---

Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.3 <br>

---

| | |
|:---|:---|
| United States | 88.8 |
| Canada | 2.9 |
| United Kingdom | 2.3 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Ireland | 0.8 |
| Korea (South) | 0.8 |
| Germany | 0.8 |
| Japan | 0.6 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Linde PLC | 2.3<br>|
| Alphabet Inc Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Procter & Gamble Co/The | 1.7<br>|
| Microsoft Corp | 1.7<br>|
| Chubb Ltd | 1.6<br>|
|  | 22.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img211_20250630_1.jpg)<br>| ![](img110761_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> 1.9915982.101 356-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 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  | $29  | 0.57% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6435124226<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 23%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.0 |
| Health Care | 11.0 |
| Consumer Staples | 10.0 |
| Information Technology | 9.6 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.3 |
| Energy | 6.7 |
| Utilities | 6.1 |
| Materials | 3.9 |
| Real Estate | 2.4 |

---

Common Stocks 97.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20250630_AA.jpg) <br>|

---

Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.3 <br>

---

| | |
|:---|:---|
| United States | 88.8 |
| Canada | 2.9 |
| United Kingdom | 2.3 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Ireland | 0.8 |
| Korea (South) | 0.8 |
| Germany | 0.8 |
| Japan | 0.6 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Linde PLC | 2.3<br>|
| Alphabet Inc Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Procter & Gamble Co/The | 1.7<br>|
| Microsoft Corp | 1.7<br>|
| Chubb Ltd | 1.6<br>|
|  | 22.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img211_20250630_1.jpg)<br>| ![](img110762_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> 1.9915983.101 471-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 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  | $28  | 0.54% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6435124226<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 23%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.0 |
| Health Care | 11.0 |
| Consumer Staples | 10.0 |
| Information Technology | 9.6 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.3 |
| Energy | 6.7 |
| Utilities | 6.1 |
| Materials | 3.9 |
| Real Estate | 2.4 |

---

Common Stocks 97.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20250630_AA.jpg) <br>|

---

Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.3 <br>

---

| | |
|:---|:---|
| United States | 88.8 |
| Canada | 2.9 |
| United Kingdom | 2.3 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Ireland | 0.8 |
| Korea (South) | 0.8 |
| Germany | 0.8 |
| Japan | 0.6 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Linde PLC | 2.3<br>|
| Alphabet Inc Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Procter & Gamble Co/The | 1.7<br>|
| Microsoft Corp | 1.7<br>|
| Chubb Ltd | 1.6<br>|
|  | 22.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img211_20250630_1.jpg)<br>| ![](img110763_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> 1.9915980.101 1452-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Equity-Income Portfolio℠ for the period January 1, 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  | $24  | 0.47% |

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6435124226<br>|
| Number of Holdings | 123<br>|
| Portfolio Turnover | 23%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 21.1 |
| Industrials | 12.0 |
| Health Care | 11.0 |
| Consumer Staples | 10.0 |
| Information Technology | 9.6 |
| Communication Services | 7.6 |
| Consumer Discretionary | 7.3 |
| Energy | 6.7 |
| Utilities | 6.1 |
| Materials | 3.9 |
| Real Estate | 2.4 |

---

Common Stocks 97.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img211_20250630_AA.jpg) <br>|

---

Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 2.3 <br>

---

| | |
|:---|:---|
| United States | 88.8 |
| Canada | 2.9 |
| United Kingdom | 2.3 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Ireland | 0.8 |
| Korea (South) | 0.8 |
| Germany | 0.8 |
| Japan | 0.6 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img211_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| JPMorgan Chase & Co | 3.8<br>|
| Exxon Mobil Corp | 2.9<br>|
| Linde PLC | 2.3<br>|
| Alphabet Inc Class A | 2.3<br>|
| Wells Fargo & Co | 2.2<br>|
| Walmart Inc | 2.0<br>|
| Bank of America Corp | 2.0<br>|
| Procter & Gamble Co/The | 1.7<br>|
| Microsoft Corp | 1.7<br>|
| Chubb Ltd | 1.6<br>|
|  | 22.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img211_20250630_1.jpg)<br>| ![](img110764_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> 1.9915981.101 150-TSRS-0825 <br>|

---

---

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

---

This semi-annual shareholder report contains information about VIP Floating Rate High Income Portfolio for the period April 30, 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 | $15  | 0.88% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $422557103<br>|
| Number of Holdings | 555<br>|
| Portfolio Turnover | 69%<br>|

---

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

---

| | |
|:---|:---|
| A | 0.0 |
| BBB | 1.4 |
| BB | 20.3 |
| B | 58.1 |
| CCC,CC,C | 9.2 |
| D | 0.0 |
| Not Rated | 4.6 |
| Equities | 1.6 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;A - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 20.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 58.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;CCC,CC,C - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;D - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Bank Loan Obligations | 89.0 |
| Corporate Bonds | 3.7 |
| Common Stocks | 1.0 |
| Alternative Funds | 0.6 |
| Asset-Backed Securities | 0.5 |
| Preferred Securities | 0.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.8 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2638_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Bank Loan Obligations - 89.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Alternative Funds - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.8 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| United Kingdom | 2.9 |
| Canada | 1.4 |
| France | 1.3 |
| Netherlands | 0.7 |
| Grand Cayman (UK Overseas Ter) | 0.6 |
| Puerto Rico | 0.4 |
| Luxembourg | 0.3 |
| Sweden | 0.3 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2638_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;France - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.6&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Luxembourg - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Sweden - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Asurion LLC | 2.6<br>|
| Great Outdoors Group LLC | 2.6<br>|
| Fertitta Entertainment LLC/NV | 1.4<br>|
| Altice France SA | 1.3<br>|
| Acrisure LLC | 1.3<br>|
| Clydesdale Acquisition Holdings Inc | 1.2<br>|
| MH Sub I LLC | 1.2<br>|
| Polaris Newco LLC | 1.1<br>|
| Lumen Technologies Inc | 1.0<br>|
| X Corp | 1.0<br>|
|  | 14.7 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2638_20250630_1.jpg)<br>| ![](img113638_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> 1.9919245.100 9075-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>

**Fidelity® Variable Insurance Products:**

**VIP Value Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110948_1.jpg)

![](img110948_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPVAL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Value Portfolio](#Sub_Sec_Fund_151_VIPVAL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements151_VIPVAL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPVAL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPVAL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPVAL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPVAL-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 Value Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** | &nbsp;&nbsp;**Common Stocks - 98.4%** |
|  | Shares | Value ($)<br>|
| CANADA - 4.2%  |  |  |
| Consumer Discretionary - 1.0% |  |  |
| Textiles, Apparel & Luxury Goods - 1.0% |  |  |
| Gildan Activewear Inc  | 110682 | 5453837 |
| Energy - 2.6% |  |  |
| Oil, Gas & Consumable Fuels - 2.6% |  |  |
| Canadian Natural Resources Ltd  | 145966 | 4587733 |
| Imperial Oil Ltd  | 83391 | 6624739 |
| MEG Energy Corp  | 173000 | 3268801 |
|  |  | 14481273 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Methanex Corp (United States)  | 112729 | 3731329 |
| TOTAL CANADA |  | 23666439 |
| HONG KONG - 0.7%  |  |  |
| Financials - 0.7% |  |  |
| Insurance - 0.7% |  |  |
| Prudential PLC  | 324600 | 4062775 |
| PORTUGAL - 0.7%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Galp Energia SGPS SA  | 199000 | 3642864 |
| PUERTO RICO - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Popular Inc  | 50700 | 5587647 |
| SPAIN - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Cellnex Telecom SA (a)(b) | 65500 | 2550455 |
| SWITZERLAND - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Capital Markets - 0.5% |  |  |
| UBS Group AG  | 77469 | 2621517 |
| UNITED KINGDOM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 87134 | 6088924 |
| UNITED STATES - 89.8%  |  |  |
| Communication Services - 4.4% |  |  |
| Interactive Media & Services - 3.7% |  |  |
| Alphabet Inc Class A  | 64700 | 11402081 |
| Meta Platforms Inc Class A  | 8641 | 6377836 |
| ZoomInfo Technologies Inc (c) | 300300 | 3039036 |
|  |  | 20818953 |
| Media - 0.7% |  |  |
| Nexstar Media Group Inc  | 22900 | 3960555 |
| TOTAL COMMUNICATION SERVICES |  | 24779508 |
| Consumer Discretionary - 8.8% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Hilton Grand Vacations Inc (c) | 100662 | 4180493 |
| Household Durables - 2.6% |  |  |
| PulteGroup Inc  | 36200 | 3817652 |
| Somnigroup International Inc  | 82193 | 5593234 |
| TopBuild Corp (c) | 15900 | 5147466 |
|  |  | 14558352 |
| Leisure Products - 1.3% |  |  |
| BRP Inc Subordinate Voting Shares (d) | 43210 | 2097434 |
| Hasbro Inc  | 70100 | 5174782 |
|  |  | 7272216 |
| Specialty Retail - 4.2% |  |  |
| Bath & Body Works Inc  | 182000 | 5452720 |
| Lithia Motors Inc Class A  | 14528 | 4907849 |
| Penske Automotive Group Inc  | 20600 | 3539286 |
| Signet Jewelers Ltd (d) | 70000 | 5568500 |
| Upbound Group Inc  | 150634 | 3780913 |
|  |  | 23249268 |
| TOTAL CONSUMER DISCRETIONARY |  | 49260329 |
| Consumer Staples - 7.5% |  |  |
| Beverages - 3.0% |  |  |
| Constellation Brands Inc Class A  | 31400 | 5108152 |
| Keurig Dr Pepper Inc  | 184054 | 6084826 |
| Primo Brands Corp Class A  | 174300 | 5162766 |
|  |  | 16355744 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Performance Food Group Co (c) | 59400 | 5195718 |
| Food Products - 2.6% |  |  |
| Bunge Global SA  | 58406 | 4688834 |
| Darling Ingredients Inc (c) | 150838 | 5722794 |
| Ingredion Inc  | 30900 | 4190657 |
|  |  | 14602285 |
| Tobacco - 1.0% |  |  |
| Philip Morris International Inc  | 30715 | 5594123 |
| TOTAL CONSUMER STAPLES |  | 41747870 |
| Energy - 4.7% |  |  |
| Oil, Gas & Consumable Fuels - 4.7% |  |  |
| Core Natural Resources Inc  | 62445 | 4354914 |
| Exxon Mobil Corp  | 129908 | 14004083 |
| Phillips 66  | 34600 | 4127780 |
| Targa Resources Corp  | 23263 | 4049623 |
|  |  | 26536400 |
| Financials - 19.3% |  |  |
| Banks - 6.2% |  |  |
| East West Bancorp Inc  | 95456 | 9639147 |
| First Citizens BancShares Inc/NC Class A  | 4325 | 8461733 |
| Wells Fargo & Co  | 201062 | 16109087 |
|  |  | 34209967 |
| Capital Markets - 3.0% |  |  |
| Ameriprise Financial Inc  | 9810 | 5235891 |
| LPL Financial Holdings Inc  | 17548 | 6579974 |
| Raymond James Financial Inc  | 31290 | 4798947 |
|  |  | 16614812 |
| Consumer Finance - 1.9% |  |  |
| OneMain Holdings Inc  | 109240 | 6226680 |
| SLM Corp  | 141700 | 4646343 |
|  |  | 10873023 |
| Financial Services - 5.0% |  |  |
| Apollo Global Management Inc  | 59746 | 8476165 |
| Global Payments Inc  | 48973 | 3919799 |
| Mr Cooper Group Inc (c) | 27600 | 4118196 |
| NCR Atleos Corp (c) | 121040 | 3453271 |
| PennyMac Financial Services Inc  | 36200 | 3606968 |
| WEX Inc (c) | 28600 | 4201054 |
|  |  | 27775453 |
| Insurance - 3.2% |  |  |
| First American Financial Corp  | 8064 | 495049 |
| Reinsurance Group of America Inc  | 38735 | 7683475 |
| Travelers Companies Inc/The  | 37271 | 9971483 |
|  |  | 18150007 |
| TOTAL FINANCIALS |  | 107623262 |
| Health Care - 11.1% |  |  |
| Biotechnology - 1.3% |  |  |
| Gilead Sciences Inc  | 67734 | 7509669 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Lantheus Holdings Inc (c) | 51400 | 4207604 |
| QuidelOrtho Corp (c) | 48896 | 1409183 |
|  |  | 5616787 |
| Health Care Providers & Services - 5.3% |  |  |
| Acadia Healthcare Co Inc (c) | 188522 | 4277564 |
| CVS Health Corp  | 152952 | 10550629 |
| Humana Inc  | 25900 | 6332032 |
| Molina Healthcare Inc (c) | 26804 | 7984912 |
|  |  | 29145137 |
| Life Sciences Tools & Services - 0.8% |  |  |
| ICON PLC (c) | 32200 | 4683489 |
| Pharmaceuticals - 2.7% |  |  |
| GSK PLC ADR (d) | 252292 | 9688013 |
| Merck & Co Inc  | 68589 | 5429505 |
|  |  | 15117518 |
| TOTAL HEALTH CARE |  | 62072600 |
| Industrials - 14.6% |  |  |
| Air Freight & Logistics - 1.8% |  |  |
| FedEx Corp  | 19869 | 4516422 |
| GXO Logistics Inc (c)(d) | 108400 | 5279080 |
|  |  | 9795502 |
| Building Products - 1.7% |  |  |
| AZEK Co Inc/The Class A (c) | 57500 | 3125125 |
| Builders FirstSource Inc (c) | 30471 | 3555661 |
| UFP Industries Inc  | 30000 | 2980800 |
|  |  | 9661586 |
| Commercial Services & Supplies - 1.3% |  |  |
| Brink's Co/The  | 51618 | 4608971 |
| Driven Brands Holdings Inc (c) | 161346 | 2833236 |
|  |  | 7442207 |
| Electrical Equipment - 0.9% |  |  |
| Regal Rexnord Corp  | 34994 | 5072730 |
| Ground Transportation - 1.8% |  |  |
| Ryder System Inc  | 17700 | 2814299 |
| U-Haul Holding Co Class N  | 74426 | 4046542 |
| XPO Inc (c) | 24919 | 3147021 |
|  |  | 10007862 |
| Machinery - 3.4% |  |  |
| Allison Transmission Holdings Inc  | 59454 | 5647535 |
| CNH Industrial NV Class A  | 219000 | 2838240 |
| Gates Industrial Corp PLC (c) | 205100 | 4723453 |
| Oshkosh Corp  | 50200 | 5699709 |
|  |  | 18908937 |
| Professional Services - 2.2% |  |  |
| Amentum Holdings Inc  | 119100 | 2811951 |
| Concentrix Corp (d) | 58028 | 3067070 |
| First Advantage Corp (c)(d) | 191500 | 3180815 |
| KBR Inc  | 69500 | 3331830 |
|  |  | 12391666 |
| Trading Companies & Distributors - 1.5% |  |  |
| Herc Holdings Inc  | 30100 | 3963869 |
| Wesco International Inc  | 23323 | 4319420 |
|  |  | 8283289 |
| TOTAL INDUSTRIALS |  | 81563779 |
| Information Technology - 6.3% |  |  |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| Arrow Electronics Inc (c) | 61793 | 7874282 |
| Avnet Inc  | 107789 | 5721440 |
|  |  | 13595722 |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| First Solar Inc (c) | 30400 | 5032416 |
| ON Semiconductor Corp (c) | 141700 | 7426497 |
|  |  | 12458913 |
| Software - 0.7% |  |  |
| NCR Voyix Corp (c)(d) | 321897 | 3775852 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Western Digital Corp  | 85500 | 5471145 |
| TOTAL INFORMATION TECHNOLOGY |  | 35301632 |
| Materials - 3.5% |  |  |
| Chemicals - 1.3% |  |  |
| Mosaic Co/The  | 77800 | 2838144 |
| Olin Corp  | 102912 | 2067502 |
| Westlake Corp  | 33900 | 2574027 |
|  |  | 7479673 |
| Containers & Packaging - 1.7% |  |  |
| International Paper Co  | 80929 | 3789905 |
| Smurfit WestRock PLC  | 125995 | 5436684 |
|  |  | 9226589 |
| Metals & Mining - 0.5% |  |  |
| Constellium SE (c) | 211900 | 2818269 |
| TOTAL MATERIALS |  | 19524531 |
| Real Estate - 4.7% |  |  |
| Health Care REITs - 2.4% |  |  |
| Ventas Inc  | 100817 | 6366594 |
| Welltower Inc  | 45300 | 6963969 |
|  |  | 13330563 |
| Industrial REITs - 1.5% |  |  |
| EastGroup Properties Inc  | 23700 | 3960744 |
| Prologis Inc  | 42707 | 4489360 |
|  |  | 8450104 |
| Residential REITs - 0.8% |  |  |
| Sun Communities Inc  | 37360 | 4725666 |
| TOTAL REAL ESTATE |  | 26506333 |
| Utilities - 4.9% |  |  |
| Electric Utilities - 3.3% |  |  |
| Constellation Energy Corp  | 18696 | 6034321 |
| Evergy Inc  | 54200 | 3736006 |
| Eversource Energy  | 68900 | 4383418 |
| PG&E Corp  | 308164 | 4295806 |
|  |  | 18449551 |
| Independent Power and Renewable Electricity Producers - 0.7% |  |  |
| AES Corp/The  | 368356 | 3875105 |
| Multi-Utilities - 0.9% |  |  |
| Sempra  | 69115 | 5236844 |
| TOTAL UTILITIES |  | 27561500 |
| TOTAL UNITED STATES |  | 502477744 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $460,150,934) |  | <br> **550698365** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 11954515 | 11956906 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 16448480 | 16450124 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $28,407,030) |  |  | **28407030** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.5%**<br> (Cost $488,557,964)<br>| <br>**579105395** |
| **NET OTHER ASSETS (LIABILITIES) - (3.5)%**  | **(19441355)** |
| **NET ASSETS - 100.0%** | **559664040** |

---

**Legend**

(a) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $2,550,455 or 0.5% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,550,455 or 0.5% of net assets.

(c) Non-income producing

(d) Security or a portion of the security is on loan at period end.

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

(f) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5521796 | 60828922 | 54393812 | 75983 | - | - | 11956906 | 11954515 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9677157 | 131239335 | 124466368 | 6333 | - | - | 16450124 | 16448480 | 0.1% |
| Total | 15198953 | 192068257 | 178860180 | 82316 | - | - | 28407030 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of 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 | 27329963 | 24779508 | 2550455 | - |
| Consumer Discretionary | 54714166 | 54714166 | - | - |
| Consumer Staples | 41747870 | 41747870 | - | - |
| Energy | 44660537 | 41017673 | 3642864 | - |
| Financials | 119895201 | 115832426 | 4062775 | - |
| Health Care | 68161524 | 68161524 | - | - |
| Industrials | 81563779 | 81563779 | - | - |
| Information Technology | 35301632 | 35301632 | - | - |
| Materials | 23255860 | 23255860 | - | - |
| Real Estate | 26506333 | 26506333 | - | - |
| Utilities | 27561500 | 27561500 | - | - |
|  **Money Market Funds** | 28407030 | 28407030 | - | - |
| **Total Investments in Securities:** | 579105395 | 568849301 | 10256094 | - |

---

**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 (including securities loaned of $16,163,222) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $460,150,934) | $550698365 |  |
| Fidelity Central Funds (cost $28,407,030) | 28407030 |  |
| Total Investment in Securities (cost $488,557,964) |  | $579105395 |
| Cash |  | 555543 |
| Foreign currency held at value (cost $11) |  | 12 |
| Receivable for investments sold |  | 8008944 |
| Receivable for fund shares sold |  | 188041 |
| Dividends receivable |  | 1024916 |
| Distributions receivable from Fidelity Central Funds |  | 14472 |
| Other receivables |  | 192 |
| **Total assets** |  | 588897515 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $10319017 |  |
| Payable for fund shares redeemed | 2118563 |  |
| Accrued management fee | 287345 |  |
| Distribution and service plan fees payable | 18103 |  |
| Other payables and accrued expenses | 40478 |  |
| Collateral on securities loaned | 16449969 |  |
| **Total liabilities** |  | 29233475 |
| **Net Assets**  |  | $559664040 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $446793556 |
| Total accumulated earnings (loss) |  | 112870484 |
| **Net Assets** |  | $559664040 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($154,509,919 ÷ 8,324,397 shares) |  | $18.56 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($254,507 ÷ 13,711 shares) |  | $18.56 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($88,818,401 ÷ 4,923,807 shares) |  | $18.04 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($316,081,213 ÷ 17,090,660 shares) |  | $18.49 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6338463 |
| Income from Fidelity Central Funds (including $6,333 from security lending)  |  | 82316 |
| **Total income** |  | 6420779 |
| **Expenses** |  |  |
| Management fee | $1720196 |  |
| Distribution and service plan fees | 106085 |  |
| Custodian fees and expenses | 10330 |  |
| Independent trustees' fees and expenses | 1055 |  |
| Audit fees | 30324 |  |
| Legal | 647 |  |
| Miscellaneous | 1510 |  |
| **Total expenses** |  | 1870147 |
| **Net Investment income (loss)** |  | 4550632 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18552726 |  |
| Foreign currency transactions | (787) |  |
| Total net realized gain (loss) |  | 18551939 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (15091004) |  |
| Assets and liabilities in foreign currencies | 21180 |  |
| Total change in net unrealized appreciation (depreciation) |  | (15069824) |
| **Net gain (loss)** |  | 3482115 |
| **Net increase (decrease) in net assets resulting from operations** |  | $8032747 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4550632 | $6790959 |
| &nbsp;&nbsp;Net realized gain (loss) | 18551939<br>| 66552991<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (15069824) | (12549157)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8032747<br>| 60794793<br>|
| Distributions to shareholders | (22066609)<br>| (62470728)<br>|
| Share transactions - net increase (decrease) | 3882365<br>| 54645571<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (10151497)<br>| 52969636<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 569815537 | 516845901<br>|
| &nbsp;&nbsp;End of period | $559664040 | $569815537 |

---

**Financial Highlights** 

**VIP Value Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.00 | $19.11 | $16.73 | $18.28 | $15.96 | $15.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .16  | .26  | .22  | .23  | .31  | .19  |
| Net realized and unrealized gain (loss)  | .14  | 1.95  | 3.06  | (.96)  | 4.41  | .75  |
| Total from investment operations  | .30  | 2.21  | 3.28  | (.73)  | 4.72  | .94  |
| Distributions from net investment income  | -  | (.27)  | (.24)  | (.23)  | (.32)  | (.20)  |
| Distributions from net realized gain  | (.74)  | (2.05)  | (.67)  | (.59)  | (2.07)  | (.56)  |
| Total distributions  | (.74)  | (2.32)  | (.90) C | (.82)  | (2.40) C | (.76)  |
| Net asset value, end of period  | $18.56 | $19.00 | $19.11 | $16.73 | $18.28 | $15.96 |
| **Total Return** D,E,F | 1.52% <br>| 11.37%  | 19.79%  | (4.11)%  | 30.07%  | 6.33%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .60% I | .61%  | .65%  | .64%  | .64%  | .67%  |
| Expenses net of fee waivers, if any  | .60% I<br>| .60%  | .64%  | .64%  | .64%  | .67%  |
| Expenses net of all reductions, if any  | .60% I | .60%  | .64%  | .64%  | .64%  | .65%  |
| Net investment income (loss)  | 1.74% I | 1.31%  | 1.24%  | 1.32%  | 1.62%  | 1.48%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $154510 | $149730 | $129716 | $121880 | $159917 | $131037 |
| Portfolio turnover rate J | 76% I<br>| 51%  | 51%  | 48%  | 68%  | 81%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns 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.*

**VIP Value Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.01 | $19.12 | $16.74 | $18.28 | $15.96 | $15.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .24  | .20  | .21  | .29  | .18  |
| Net realized and unrealized gain (loss)  | .14  | 1.94  | 3.07  | (.95)  | 4.40  | .75  |
| Total from investment operations  | .29  | 2.18  | 3.27  | (.74)  | 4.69  | .93  |
| Distributions from net investment income  | -  | (.24)  | (.22)  | (.21)  | (.30)  | (.19)  |
| Distributions from net realized gain  | (.74)  | (2.05)  | (.67)  | (.59)  | (2.07)  | (.56)  |
| Total distributions  | (.74)  | (2.29)  | (.89)  | (.80)  | (2.37)  | (.75)  |
| Net asset value, end of period  | $18.56 | $19.01 | $19.12 | $16.74 | $18.28 | $15.96 |
| **Total Return** C,D,E | 1.46% <br>| 11.23%  | 19.67%  | (4.17)%  | 29.92%  | 6.23%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .70% H | .70%  | .75%  | .74%  | .74%  | .77%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .69%  | .74%  | .74%  | .74%  | .77%  |
| Expenses net of all reductions, if any  | .70% H | .69%  | .74%  | .74%  | .74%  | .75%  |
| Net investment income (loss)  | 1.64% H | 1.21%  | 1.14%  | 1.22%  | 1.52%  | 1.38%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $255 | $255 | $281 | $240 | $337 | $275 |
| Portfolio turnover rate I | 76% H<br>| 51%  | 51%  | 48%  | 68%  | 81%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Value Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.51 | $18.69 | $16.39 | $17.93 | $15.70 | $15.55 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .21  | .17  | .18  | .26  | .16  |
| Net realized and unrealized gain (loss)  | .14  | 1.89  | 2.99  | (.93)  | 4.33  | .72  |
| Total from investment operations  | .27  | 2.10  | 3.16  | (.75)  | 4.59  | .88  |
| Distributions from net investment income  | -  | (.24)  | (.20)  | (.20)  | (.28)  | (.17)  |
| Distributions from net realized gain  | (.74)  | (2.05)  | (.67)  | (.59)  | (2.07)  | (.56)  |
| Total distributions  | (.74)  | (2.28) C | (.86) C | (.79)  | (2.36) C | (.73)  |
| Net asset value, end of period  | $18.04 | $18.51 | $18.69 | $16.39 | $17.93 | $15.70 |
| **Total Return** D,E,F | 1.40% <br>| 11.08%  | 19.47%  | (4.29)%  | 29.72%  | 6.02%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .85% I | .86%  | .90%  | .89%  | .89%  | .92%  |
| Expenses net of fee waivers, if any  | .85% I<br>| .86%  | .89%  | .89%  | .89%  | .92%  |
| Expenses net of all reductions, if any  | .85% I | .86%  | .89%  | .89%  | .89%  | .91%  |
| Net investment income (loss)  | 1.49% I | 1.05%  | .99%  | 1.07%  | 1.37%  | 1.22%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88818 | $87336 | $65168 | $43667 | $26890 | $10204 |
| Portfolio turnover rate J | 76% I<br>| 51%  | 51%  | 48%  | 68%  | 81%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns 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.*

**VIP Value Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.94 | $19.06 | $16.69 | $18.23 | $15.92 | $15.75 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .25  | .21  | .22  | .29  | .18  |
| Net realized and unrealized gain (loss)  | .14  | 1.93  | 3.05  | (.95)  | 4.40  | .74  |
| Total from investment operations  | .29  | 2.18  | 3.26  | (.73)  | 4.69  | .92  |
| Distributions from net investment income  | -  | (.25)  | (.22)  | (.22)  | (.31)  | (.19)  |
| Distributions from net realized gain  | (.74)  | (2.05)  | (.67)  | (.59)  | (2.07)  | (.56)  |
| Total distributions  | (.74)  | (2.30)  | (.89)  | (.81)  | (2.38)  | (.75)  |
| Net asset value, end of period  | $18.49 | $18.94 | $19.06 | $16.69 | $18.23 | $15.92 |
| **Total Return** C,D,E | 1.47% <br>| 11.25%  | 19.68%  | (4.13)%  | 29.98%  | 6.20%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .68% H | .68%  | .72%  | .72%  | .72%  | .74%  |
| Expenses net of fee waivers, if any  | .68% H<br>| .68%  | .72%  | .72%  | .72%  | .74%  |
| Expenses net of all reductions, if any  | .68% H | .68%  | .72%  | .72%  | .72%  | .73%  |
| Net investment income (loss)  | 1.66% H | 1.23%  | 1.16%  | 1.24%  | 1.55%  | 1.40%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $316081 | $332495 | $321682 | $317484 | $290021 | $190229 |
| Portfolio turnover rate I | 76% H<br>| 51%  | 51%  | 48%  | 68%  | 81%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Value Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $119483188 |
| **Gross unrealized depreciation** | <u>(29433869)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$90049319</u> |
| **Tax cost** | <u>$489056076</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Value Portfolio** | 209528301 | 223114497 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .66 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $124 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>105961</u> |
|  | <u>$106085</u> |

---

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Portfolio** | 5819 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Value Portfolio** | 35149759 | 42750381 | 478862 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Value Portfolio** | 450 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Value Portfolio** | 677 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Value Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $5728264 | $16096705 |
| Service Class | 9927 | 29741 |
| Service Class 2 | 3527263 | 9458302 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp; <u>12801155</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>36885980</u> |
| Total  | <u>$22066609</u> | <u>$62470728</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Value Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1140452 | 2372372 | $20648303 | $47055188 |
| Reinvestment of distributions | 303565 | 820914 | 5728264 | 16096705 |
| Shares redeemed | <u>(999911)</u> | <u>(2099435)</u> | <u>(18400299)</u> | <u>(42936822)</u> |
| Net increase (decrease) | <u>444106</u> | <u>1093851</u> | <u>$7976268</u> | <u>$20215071</u> |
| **Service Class** |  |  |  |  |
| Shares sold | - | - | $- | $7 |
| Reinvestment of distributions | 345 | 982 | 6523 | 19226 |
| Shares redeemed | <u>(42)</u> | <u>(2249)</u> | <u>(771)</u> | <u>(43703)</u> |
| Net increase (decrease) | <u>303</u> | <u>(1267)</u> | <u>$5752</u> | <u>$(24470)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 672924 | 1301642 | $11846367 | $25551678 |
| Reinvestment of distributions | 192221 | 494318 | 3527263 | 9458302 |
| Shares redeemed | <u>(660070)</u> | <u>(564177)</u> | <u>(11776068)</u> | <u>(10860198)</u> |
| Net increase (decrease) | <u>205075</u> | <u>1231783</u> | <u>$3597562</u> | <u>$24149782</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 405293 | 2031471 | $7379777 | $39873563 |
| Reinvestment of distributions | 680912 | 1887999 | 12801155 | 36885980 |
| Shares redeemed | <u>(1548731)</u> | <u>(3243841)</u> | <u>(27878149)</u> | <u>(66454355)</u> |
| Net increase (decrease) | <u>(462526)</u> | <u>675629</u> | <u>$(7697217)</u> | <u>$10305188</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| VIP Value Portfolio | 75% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Value Portfolio | 25% |

---

**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 and Management Fees**

**VIP Value Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110948_4.jpg)<br>

1.761034.124 VIPVAL-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Overseas Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110954_1.jpg)

![](img110954_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPOVRS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Overseas Portfolio](#Sub_Sec_Fund_221_VIPOVRS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements221_VIPOVRS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPOVRS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPOVRS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPOVRS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPOVRS-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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 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 Overseas Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| JTC PLC (a)(b) | 601600 | 7019182 |
| BELGIUM - 1.1%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| KBC Group NV  | 226971 | 23436821 |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 145868 | 2324795 |
| TOTAL BELGIUM |  | 25761616 |
| CANADA - 1.8%  |  |  |
| Information Technology - 1.8% |  |  |
| Software - 1.8% |  |  |
| Constellation Software Inc/Canada  | 10195 | 37382540 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 13095 | 1 |
| Lumine Group Inc Subordinate Voting Shares (a)(c) | 103290 | 3627950 |
| TOTAL CANADA |  | 41010491 |
| DENMARK - 2.7%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| Novo Nordisk A/S Series B  | 161100 | 11163271 |
| Industrials - 1.8% |  |  |
| Air Freight & Logistics - 1.8% |  |  |
| DSV A/S  | 165300 | 39647924 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Novonesis Novozymes B Series B  | 146900 | 10532037 |
| TOTAL DENMARK |  | 61343232 |
| FRANCE - 10.5%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Accor SA  | 459500 | 23994411 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Hermes International SCA  | 10100 | 27351882 |
| LVMH Moet Hennessy Louis Vuitton SE  | 7716 | 4038400 |
|  |  | 31390282 |
| TOTAL CONSUMER DISCRETIONARY |  | 55384693 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| EssilorLuxottica SA  | 66410 | 18219222 |
| Industrials - 4.1% |  |  |
| Aerospace & Defense - 4.1% |  |  |
| Safran SA  | 172100 | 56125976 |
| Thales SA  | 118800 | 35078621 |
|  |  | 91204597 |
| Information Technology - 1.2% |  |  |
| IT Services - 0.4% |  |  |
| Alten SA  | 109981 | 9645155 |
| Software - 0.8% |  |  |
| Dassault Systemes SE  | 499300 | 18095445 |
| TOTAL INFORMATION TECHNOLOGY |  | 27740600 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Air Liquide SA  | 204412 | 42149986 |
| TOTAL FRANCE |  | 234699098 |
| GERMANY - 13.5%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 2.1% |  |  |
| Deutsche Telekom AG  | 1289400 | 47196682 |
| Financials - 5.8% |  |  |
| Capital Markets - 2.0% |  |  |
| Deutsche Boerse AG  | 140639 | 45945291 |
| Insurance - 3.8% |  |  |
| Allianz SE  | 111586 | 45285342 |
| Hannover Rueck SE  | 117925 | 37116686 |
|  |  | 82402028 |
| TOTAL FINANCIALS |  | 128347319 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.6% |  |  |
| Fresenius SE & Co KGaA  | 285500 | 14353486 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| MTU Aero Engines AG  | 44500 | 19772362 |
| Information Technology - 3.4% |  |  |
| Software - 3.4% |  |  |
| SAP SE  | 253100 | 77392782 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Heidelberg Materials AG  | 69800 | 16437677 |
| TOTAL GERMANY |  | 303500308 |
| INDIA - 0.9%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| HDFC Bank Ltd  | 900391 | 21028385 |
| INDONESIA - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Bank Central Asia Tbk PT  | 34633300 | 18513149 |
| IRELAND - 1.0%  |  |  |
| Industrials - 1.0% |  |  |
| Building Products - 1.0% |  |  |
| Kingspan Group PLC  | 264900 | 22529212 |
| ITALY - 4.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Lottomatica Group Spa  | 352600 | 9785532 |
| Financials - 3.2% |  |  |
| Banks - 3.2% |  |  |
| FinecoBank Banca Fineco SpA  | 1047099 | 23231659 |
| UniCredit SpA  | 723619 | 48542811 |
|  |  | 71774470 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GVS SpA (a)(b)(c) | 109736 | 650196 |
| Pharmaceuticals - 0.9% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 314219 | 19765170 |
| TOTAL HEALTH CARE |  | 20415366 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Interpump Group SpA  | 90300 | 3759076 |
| TOTAL ITALY |  | 105734444 |
| JAPAN - 15.1%  |  |  |
| Communication Services - 2.8% |  |  |
| Entertainment - 2.8% |  |  |
| Capcom Co Ltd  | 534588 | 18312716 |
| Nintendo Co Ltd  | 464300 | 44586655 |
|  |  | 62899371 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Ajinomoto Co Inc  | 1364200 | 37001428 |
| Financials - 2.2% |  |  |
| Insurance - 2.2% |  |  |
| Tokio Marine Holdings Inc  | 1147000 | 48611070 |
| Health Care - 1.5% |  |  |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Hoya Corp  | 288511 | 34264174 |
| Industrials - 5.0% |  |  |
| Industrial Conglomerates - 2.6% |  |  |
| Hitachi Ltd  | 2008700 | 58381567 |
| Machinery - 1.7% |  |  |
| Ebara Corp  | 358900 | 6882868 |
| Mitsubishi Heavy Industries Ltd  | 1206200 | 30184417 |
|  |  | 37067285 |
| Professional Services - 0.7% |  |  |
| BayCurrent Inc  | 298200 | 15340735 |
| TOTAL INDUSTRIALS |  | 110789587 |
| Information Technology - 2.0% |  |  |
| IT Services - 0.3% |  |  |
| TIS Inc  | 207974 | 6987106 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Advantest Corp  | 239000 | 17717320 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| FUJIFILM Holdings Corp  | 894900 | 19379586 |
| TOTAL INFORMATION TECHNOLOGY |  | 44084012 |
| TOTAL JAPAN |  | 337649642 |
| NETHERLANDS - 5.5%  |  |  |
| Communication Services - 1.6% |  |  |
| Entertainment - 1.6% |  |  |
| Universal Music Group NV  | 1075800 | 34899556 |
| Industrials - 2.6% |  |  |
| Professional Services - 1.8% |  |  |
| Wolters Kluwer NV  | 243317 | 40685036 |
| Trading Companies & Distributors - 0.8% |  |  |
| IMCD NV  | 137026 | 18408785 |
| TOTAL INDUSTRIALS |  | 59093821 |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| ASML Holding NV  | 32637 | 26153230 |
| Software - 0.1% |  |  |
| Topicus.com Inc (c) | 23814 | 2983592 |
| TOTAL INFORMATION TECHNOLOGY |  | 29136822 |
| TOTAL NETHERLANDS |  | 123130199 |
| SPAIN - 4.0%  |  |  |
| Financials - 4.0% |  |  |
| Banks - 4.0% |  |  |
| Banco Santander SA  | 6111547 | 50608976 |
| CaixaBank SA  | 4515200 | 39123350 |
| TOTAL SPAIN |  | 89732326 |
| SWEDEN - 1.9%  |  |  |
| Health Care - 0.5% |  |  |
| Life Sciences Tools & Services - 0.5% |  |  |
| AddLife AB B Shares  | 541224 | 10794847 |
| Industrials - 1.4% |  |  |
| Machinery - 1.4% |  |  |
| Atlas Copco AB A Shares  | 485876 | 7854676 |
| Indutrade AB  | 846265 | 23095649 |
|  |  | 30950325 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Kry International Ab (c)(d)(e) | 27308 | 591238 |
| TOTAL SWEDEN |  | 42336410 |
| SWITZERLAND - 1.2%  |  |  |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Partners Group Holding AG  | 13900 | 18131577 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| DSM-Firmenich AG  | 90300 | 9606581 |
| TOTAL SWITZERLAND |  | 27738158 |
| TAIWAN - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1009600 | 36911575 |
| UNITED KINGDOM - 17.4%  |  |  |
| Consumer Discretionary - 3.1% |  |  |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Compass Group PLC  | 1243639 | 42124551 |
| InterContinental Hotels Group PLC  | 235100 | 26880203 |
|  |  | 69004754 |
| Financials - 5.6% |  |  |
| Banks - 1.8% |  |  |
| NatWest Group PLC  | 5772400 | 40539301 |
| Capital Markets - 3.8% |  |  |
| 3i Group PLC  | 749700 | 42427182 |
| London Stock Exchange Group PLC  | 286800 | 41943702 |
|  |  | 84370884 |
| TOTAL FINANCIALS |  | 124910185 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| ConvaTec Group PLC (a)(b) | 3046100 | 12058665 |
| Industrials - 7.1% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| BAE Systems PLC  | 804100 | 20868716 |
| Rolls-Royce Holdings PLC  | 4128200 | 54709582 |
|  |  | 75578298 |
| Professional Services - 2.9% |  |  |
| Intertek Group PLC  | 213000 | 13858549 |
| RELX PLC  | 941448 | 51024297 |
|  |  | 64882846 |
| Trading Companies & Distributors - 0.8% |  |  |
| Diploma PLC  | 271058 | 18186672 |
| TOTAL INDUSTRIALS |  | 158647816 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 1.1% |  |  |
| Halma PLC  | 560700 | 24628635 |
| TOTAL UNITED KINGDOM |  | 389250055 |
| UNITED STATES - 14.7%  |  |  |
| Communication Services - 1.1% |  |  |
| Entertainment - 1.1% |  |  |
| Spotify Technology SA (c) | 31700 | 24324678 |
| Financials - 4.4% |  |  |
| Capital Markets - 1.7% |  |  |
| S&P Global Inc  | 66721 | 35181316 |
| Financial Services - 1.2% |  |  |
| Visa Inc Class A  | 78200 | 27764910 |
| Insurance - 1.5% |  |  |
| Marsh & McLennan Cos Inc  | 153176 | 33490401 |
| TOTAL FINANCIALS |  | 96436627 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Alcon AG  | 338930 | 29986623 |
| Industrials - 3.7% |  |  |
| Electrical Equipment - 2.3% |  |  |
| Schneider Electric SE  | 189500 | 50877888 |
| Professional Services - 1.4% |  |  |
| Experian PLC  | 615800 | 31754501 |
| TOTAL INDUSTRIALS |  | 82632389 |
| Materials - 4.2% |  |  |
| Chemicals - 1.5% |  |  |
| Linde PLC  | 73068 | 34282044 |
| Construction Materials - 2.7% |  |  |
| Amrize Ltd  | 294260 | 14678695 |
| CRH PLC  | 258000 | 23684400 |
| Holcim AG  | 294260 | 21851495 |
|  |  | 60214590 |
| TOTAL MATERIALS |  | 94496634 |
| TOTAL UNITED STATES |  | 327876951 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,406,314,064) |  | <br> **2215764433** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $28,846,703)<br>| 4.32 | 28840935 | **28846703** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $1,435,160,767)<br>| <br>**2244611136** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(18090)** |
| **NET ASSETS - 100.0%** | **2244593046** |

---

**Legend**

(a) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $23,355,993 or 1.0% of net assets.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,728,043 or 0.9% of net assets.

(c) Non-income producing

(d) Level 3 security

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $591,238 or 0.0% of net assets.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Kry International Ab | 5/14/21 - 10/30/24 | 1805778 |

---

**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 | - | 299622822 | 270776119 | 692997 | - | - | 28846703 | 28840935 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 31340010 | 31340010 | 30728 | - | - | - | - | 0.0% |
| Total | - | 330962832 | 302116129 | 723725 | - | - | 28846703 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of 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 | 169320287 | 42637394 | 126682893 | - |
| Consumer Discretionary | 134174979 | 61131825 | 73043154 | - |
| Consumer Staples | 37001428 | - | 37001428 | - |
| Financials | 647941111 | 226400937 | 421540174 | - |
| Health Care | 151255654 | 105828209 | 45427445 | - |
| Industrials | 621351904 | 162620136 | 458731768 | - |
| Information Technology | 281496155 | 85254978 | 195649938 | 591239 |
| Materials | 173222915 | 83177176 | 90045739 | - |
|  **Money Market Funds** | 28846703 | 28846703 | - | - |
| **Total Investments in Securities:** | 2244611136 | 795897358 | 1448122539 | 591239 |

---

**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 $1,406,314,064) | $2215764433 |  |
| Fidelity Central Funds (cost $28,846,703) | 28846703 |  |
| Total Investment in Securities (cost $1,435,160,767) |  | $2244611136 |
| Foreign currency held at value (cost $889,714) |  | 892093 |
| Receivable for investments sold |  | 3675768 |
| Receivable for fund shares sold |  | 1358921 |
| Dividends receivable |  | 1386169 |
| Reclaims receivable |  | 8319703 |
| Distributions receivable from Fidelity Central Funds |  | 99523 |
| Other receivables |  | 85561 |
| **Total assets** |  | 2260428874 |
| **Liabilities** |  |  |
| Payable to custodian bank | $5251 |  |
| Payable for investments purchased  | 2239276 |  |
| Payable for fund shares redeemed | 11415096 |  |
| Accrued management fee | 1344037 |  |
| Distribution and service plan fees payable | 92704 |  |
| Other payables and accrued expenses | 739464 |  |
| **Total liabilities** |  | 15835828 |
| **Net Assets**  |  | $2244593046 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1359754656 |
| Total accumulated earnings (loss) |  | 884838390 |
| **Net Assets** |  | $2244593046 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,158,560,187 ÷ 38,316,592 shares) |  | $30.24 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($188,681,249 ÷ 6,283,854 shares) |  | $30.03 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($378,443,236 ÷ 12,697,328 shares) |  | $29.80 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($518,908,374 ÷ 17,244,216 shares) |  | $30.09 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $29126162 |
| Income from Fidelity Central Funds (including $30,728 from security lending)  |  | 723725 |
| Income before foreign taxes withheld |  | $29849887 |
| Less foreign taxes withheld |  | (3204962) |
| **Total income** |  | 26644925 |
| **Expenses** |  |  |
| Management fee | $7512813 |  |
| Distribution and service plan fees | 523049 |  |
| Custodian fees and expenses | 50514 |  |
| Independent trustees' fees and expenses | 3747 |  |
| Audit fees | 67347 |  |
| Legal | 3188 |  |
| Miscellaneous | 4469 |  |
| **Total expenses** |  | 8165127 |
| **Net Investment income (loss)** |  | 18479798 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 74098247 |  |
| Foreign currency transactions | 80886 |  |
| Total net realized gain (loss) |  | 74179133 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $398,246)  | 281740646 |  |
| Assets and liabilities in foreign currencies | 998416 |  |
| Total change in net unrealized appreciation (depreciation) |  | 282739062 |
| **Net gain (loss)** |  | 356918195 |
| **Net increase (decrease) in net assets resulting from operations** |  | $375397993 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $18479798 | $19723229 |
| &nbsp;&nbsp;Net realized gain (loss) | 74179133<br>| 103187487<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 282739062 | (33929165)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 375397993<br>| 88981551<br>|
| Distributions to shareholders | (21207068)<br>| (119458785)<br>|
| Share transactions - net increase (decrease) | 16874257<br>| 74761412<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 371065182<br>| 44284178<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1873527864 | 1829243686<br>|
| &nbsp;&nbsp;End of period | $2244593046 | $1873527864 |

---

**Financial Highlights** 

**VIP Overseas Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.47 | $25.83 | $21.70 | $29.28 | $26.52 | $23.13 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .30  | .26  | .25  | .15  | .13  |
| Net realized and unrealized gain (loss)  | 4.80  | 1.07  | 4.19  | (7.37)  | 4.91  | 3.46  |
| Total from investment operations  | 5.06  | 1.37  | 4.45  | (7.12)  | 5.06  | 3.59  |
| Distributions from net investment income  | (.03)  | (.46)  | (.26)  | (.25)  | (.14) C | (.10)  |
| Distributions from net realized gain  | (.26)  | (1.27)  | (.07)  | (.21)  | (2.16) C | (.10)  |
| Total distributions  | (.29)  | (1.73)  | (.32) D | (.46)  | (2.30)  | (.20)  |
| Net asset value, end of period  | $30.24 | $25.47 | $25.83 | $21.70 | $29.28 | $26.52 |
| **Total Return** E,F,G | 20.01% <br>| 5.01%  | 20.55%  | (24.48)%  | 19.70%  | 15.61%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .73% J | .74%  | .77%  | .77%  | .77%  | .79%  |
| Expenses net of fee waivers, if any  | .73% J<br>| .74%  | .76%  | .77%  | .77%  | .79%  |
| Expenses net of all reductions, if any  | .73% J | .74%  | .76%  | .77%  | .77%  | .77%  |
| Net investment income (loss)  | 1.87% J | 1.09%  | 1.09%  | 1.10%  | .51%  | .59%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1158560 | $989941 | $944202 | $798673 | $1034416 | $872019 |
| Portfolio turnover rate K | 50% J<br>| 40%  | 31%  | 33%  | 26%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Overseas Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.31 | $25.68 | $21.58 | $29.13 | $26.40 | $23.03 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .27  | .24  | .23  | .12  | .11  |
| Net realized and unrealized gain (loss)  | 4.77  | 1.08  | 4.16  | (7.35)  | 4.88  | 3.44  |
| Total from investment operations  | 5.01  | 1.35  | 4.40  | (7.12)  | 5.00  | 3.55  |
| Distributions from net investment income  | (.03)  | (.45)  | (.23)  | (.23)  | (.11) C | (.08)  |
| Distributions from net realized gain  | (.26)  | (1.27)  | (.07)  | (.21)  | (2.16) C | (.10)  |
| Total distributions  | (.29)  | (1.72)  | (.30)  | (.43) D | (2.27)  | (.18)  |
| Net asset value, end of period  | $30.03 | $25.31 | $25.68 | $21.58 | $29.13 | $26.40 |
| **Total Return** E,F,G | 19.94% <br>| 4.95%  | 20.41%  | (24.58)%  | 19.57%  | 15.49%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .83% J | .84%  | .87%  | .87%  | .87%  | .89%  |
| Expenses net of fee waivers, if any  | .83% J<br>| .84%  | .86%  | .87%  | .87%  | .89%  |
| Expenses net of all reductions, if any  | .83% J | .84%  | .86%  | .87%  | .87%  | .87%  |
| Net investment income (loss)  | 1.77% J | .99%  | .99%  | 1.00%  | .41%  | .49%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $188681 | $162251 | $141807 | $125827 | $168369 | $151886 |
| Portfolio turnover rate K | 50% J<br>| 40%  | 31%  | 33%  | 26%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Overseas Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.15 | $25.51 | $21.44 | $28.94 | $26.25 | $22.90 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .22  | .23  | .20  | .19  | .07  | .08  |
| Net realized and unrealized gain (loss)  | 4.72  | 1.07  | 4.13  | (7.29)  | 4.86  | 3.42  |
| Total from investment operations  | 4.94  | 1.30  | 4.33  | (7.10)  | 4.93  | 3.50  |
| Distributions from net investment income  | (.03)  | (.39)  | (.19)  | (.19)  | (.08) C | (.05)  |
| Distributions from net realized gain  | (.26)  | (1.27)  | (.07)  | (.21)  | (2.16) C | (.10)  |
| Total distributions  | (.29)  | (1.66)  | (.26)  | (.40)  | (2.24)  | (.15)  |
| Net asset value, end of period  | $29.80 | $25.15 | $25.51 | $21.44 | $28.94 | $26.25 |
| **Total Return** D,E,F | 19.79% <br>| 4.81%  | 20.22%  | (24.68)%  | 19.39%  | 15.33%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .98% I | .99%  | 1.02%  | 1.02%  | 1.02%  | 1.04%  |
| Expenses net of fee waivers, if any  | .98% I<br>| .98%  | 1.01%  | 1.02%  | 1.02%  | 1.04%  |
| Expenses net of all reductions, if any  | .98% I | .98%  | 1.01%  | 1.02%  | 1.02%  | 1.02%  |
| Net investment income (loss)  | 1.62% I | .84%  | .84%  | .85%  | .26%  | .34%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $378443 | $321413 | $327991 | $306315 | $398271 | $352459 |
| Portfolio turnover rate J | 50% I<br>| 40%  | 31%  | 33%  | 26%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns 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.*

**VIP Overseas Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.36 | $25.71 | $21.61 | $29.16 | $26.42 | $23.05 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .25  | .28  | .24  | .23  | .12  | .11  |
| Net realized and unrealized gain (loss)  | 4.77  | 1.07  | 4.16  | (7.34)  | 4.90  | 3.44  |
| Total from investment operations  | 5.02  | 1.35  | 4.40  | (7.11)  | 5.02  | 3.55  |
| Distributions from net investment income  | (.03)  | (.43)  | (.24)  | (.23)  | (.12) C | (.08)  |
| Distributions from net realized gain  | (.26)  | (1.27)  | (.07)  | (.21)  | (2.16) C | (.10)  |
| Total distributions  | (.29)  | (1.70)  | (.30) D | (.44)  | (2.28)  | (.18)  |
| Net asset value, end of period  | $30.09 | $25.36 | $25.71 | $21.61 | $29.16 | $26.42 |
| **Total Return** E,F,G | 19.94% <br>| 4.97%  | 20.41%  | (24.54)%  | 19.63%  | 15.49%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .80% J | .81%  | .84%  | .84%  | .85%  | .87%  |
| Expenses net of fee waivers, if any  | .80% J<br>| .81%  | .84%  | .84%  | .84%  | .86%  |
| Expenses net of all reductions, if any  | .80% J | .81%  | .84%  | .84%  | .84%  | .85%  |
| Net investment income (loss)  | 1.79% J | 1.01%  | 1.02%  | 1.02%  | .43%  | .51%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $518908 | $399923 | $415244 | $372398 | $511358 | $419888 |
| Portfolio turnover rate K | 50% J<br>| 40%  | 31%  | 33%  | 26%  | 47%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Overseas Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Overseas Portfolio** | $8675 |

---

**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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $805216124 |
| **Gross unrealized depreciation** | <u>(10121314)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$795094810</u> |
| **Tax cost** | <u>$1449516326</u> |

---

The Fund elected to defer to its next fiscal year approximately $2,497,527 of capital losses recognized during the period November 1, 2024 to December 31, 2024.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Overseas Portfolio** | 504060915 | 507189146 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .72 |
| **Service Class** | .72 |
| **Service Class 2** | .72 |
| **Investor Class** | .80 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .72 |
| **Service Class** | .72 |
| **Service Class 2** | .72 |
| **Investor Class** | .79 |

---

**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** | $86497 |
| **Service Class 2** | <u>436552</u> |
|  | <u>$523049</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 Overseas Portfolio** | 61 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Overseas Portfolio** | 11872897 | 12400326 | (1707074) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Overseas Portfolio** | 1567 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Overseas Portfolio** | 3266 | - | - |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Overseas Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $11147221 | $63286352 |
| Service Class | 1836774 | 10448546 |
| Service Class 2 | 3693437 | 20119858 |
| Investor Class | <u>4529636</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>25604029</u> |
| Total  | <u>$21207068</u> | <u>$119458785</u> |

---

**9. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Overseas Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 4760413 | 7177165 | $129526659 | $198958466 |
| Reinvestment of distributions | 415476 | 2369341 | 11147221 | 63286352 |
| Shares redeemed | <u>(5720578)</u> | <u>(7246670)</u> | <u>(158872564)</u> | <u>(199722639)</u> |
| Net increase (decrease) | <u>(544689)</u> | <u>2299836</u> | <u>$(18198684)</u> | <u>$62522179</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 369650 | 1799520 | $10331041 | $51339474 |
| Reinvestment of distributions | 68922 | 393632 | 1836774 | 10448546 |
| Shares redeemed | <u>(564992)</u> | <u>(1304083)</u> | <u>(15424146)</u> | <u>(35949449)</u> |
| Net increase (decrease) | <u>(126420)</u> | <u>889069</u> | <u>$(3256331)</u> | <u>$25838571</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 985104 | 967939 | $26535541 | $26360079 |
| Reinvestment of distributions | 139533 | 763040 | 3693437 | 20119858 |
| Shares redeemed | <u>(1209590)</u> | <u>(1805849)</u> | <u>(32792430)</u> | <u>(48736646)</u> |
| Net increase (decrease) | <u>(84953)</u> | <u>(74870)</u> | <u>$(2563452)</u> | <u>$(2256709)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 2853825 | 1565499 | $79126547 | $44429166 |
| Reinvestment of distributions | 169586 | 963006 | 4529636 | 25604029 |
| Shares redeemed | <u>(1547433)</u> | <u>(2909061)</u> | <u>(42763459)</u> | <u>(81375824)</u> |
| Net increase (decrease) | <u>1475978</u> | <u>(380556)</u> | <u>$40892724</u> | <u>$(11342629)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Overseas Portfolio | 30% | 1 | 14% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Overseas Portfolio | 40% |

---

**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 and Management Fees**

**VIP Overseas Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110954_4.jpg)<br>

1.705696.127 VIPOVRS-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP High Income Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110963_1.jpg)

![](img110963_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPHI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP High Income Portfolio](#Sub_Sec_Fund_45_VIPHI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements45_VIPHI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPHI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPHI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPHI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPHI-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 High Income Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 1.7%** | &nbsp;&nbsp;**Alternative Funds - 1.7%** | &nbsp;&nbsp;**Alternative Funds - 1.7%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $14,199,031)<br>| 1429651 | **13793700** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.6%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.6%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f) | 250000 | 251145 |
| Golub Cap Partners Clo 76 B Ltd Series 2024-76A Class E, CME Term SOFR 3 month Index + 5.75%, 10.0318% 10/25/2037 (d)(e)(f) | 175000 | 176722 |
| TOTAL BAILIWICK OF JERSEY |  | 427867 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.5%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (d)(e)(f) | 150000 | 148139 |
| Ares Loan Funding VII Ltd Series 2024-ALF7A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5224% 10/22/2037 (d)(e)(f) | 100000 | 100001 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (d)(e)(f) | 125000 | 122717 |
| Bbam US Clo IV Ltd Series 2024-4A Class D, CME Term SOFR 3 month Index + 6.25%, 10.5061% 7/15/2039 (d)(e)(f) | 250000 | 253051 |
| Birch Grove Clo 4 Ltd Series 2024-4A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7561% 7/15/2037 (d)(e)(f) | 250000 | 250776 |
| Birch Grove Clo 5 LLC Series 2024-5A Class ER, CME Term SOFR 3 month Index + 6.75%, 11.0195% 10/20/2037 (d)(e)(f) | 100000 | 100549 |
| Cifc Fdg 2025-Iii Ltd Series 2025-3A Class E, CME Term SOFR 3 month Index + 7.25%, 11.579% 7/21/2038 (d)(e)(f) | 250000 | 254647 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f) | 100000 | 100106 |
| Croton Pk Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.55%, 9.8061% 10/15/2036 (d)(e)(f) | 308000 | 310206 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.5334% 4/15/2038 (d)(e)(f) | 200000 | 202061 |
| Magnetite Xxix Ltd Series 2024-29A Class ER, CME Term SOFR 3 month Index + 6%, 10.2561% 7/15/2037 (d)(e)(f) | 100000 | 101143 |
| Midocean Cr Clo Xix Series 2025-19A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5657% 7/20/2036 (d)(e)(f) | 100000 | 100137 |
| Midocean Cr Clo Xvi Series 2024-16A Class E, CME Term SOFR 3 month Index + 6.25%, 10.5195% 10/20/2037 (d)(e)(f) | 125000 | 126183 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.822% 2/20/2038 (d)(e)(f) | 245000 | 245950 |
| Orchard Park Clo Ltd Series 2024-1A Class E, CME Term SOFR 3 month Index + 5.6%, 9.8695% 10/20/2037 (d)(e)(f) | 121000 | 122082 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (d)(e)(f) | 100000 | 100260 |
| Palmer Square CLO Series 2024-2A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f) | 1000000 | 1008790 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (d)(e)(f) | 250000 | 247673 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f) | 125000 | 126965 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 4021436 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,424,000) |  | <br> **4449303** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 9.2%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.2%** | &nbsp;&nbsp;**Bank Loan Obligations - 9.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| DH Corporation/Societe DH 1LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.5725% 9/13/2029 (d)(e)(g)(h) | 46763 | 46763 |
| FINLAND - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Ahlstrom Holding 3 Oy Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 5/22/2030 (d)(e)(g)(i) | 1155000 | 1150669 |
| FRANCE - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Altice France SA Tranche B-13 1LN, term loan CME Term SOFR 6 month Index + 4%, 10.5% 8/14/2026 (d)(e)(g) | 1825000 | 1601437 |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (d)(e)(g) | 2491692 | 2251518 |
| TOTAL FRANCE |  | 3852955 |
| SWITZERLAND - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8327% 11/15/2030 (d)(e)(g) | 1580000 | 1489150 |
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5827% 2/7/2028 (d)(e)(g) | 1192840 | 1196669 |
| UNITED STATES - 8.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 3/29/2032 (d)(e)(g) | 280000 | 282859 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7913% 4/16/2029 (d)(e)(g) | 797966 | 787297 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7913% 4/15/2030 (d)(e)(g) | 718170 | 708410 |
|  |  | 1778566 |
| Media - 0.1% |  |  |
| CSC Holdings LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8118% 1/18/2028 (d)(e)(g) | 730000 | 719057 |
| TOTAL COMMUNICATION SERVICES |  | 2497623 |
| Consumer Discretionary - 2.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 1/28/2032 (d)(e)(g) | 280000 | 280176 |
| Broadline Retail - 0.4% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8956% 6/18/2029 (d)(e)(g) | 1568695 | 1515971 |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/23/2032 (d)(e)(g) | 1967611 | 1962082 |
|  |  | 3478053 |
| Diversified Consumer Services - 0.5% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (d)(e)(g) | 3321693 | 2906482 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (d)(g) | 1014049 | 945600 |
|  |  | 3852082 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5572% 9/18/2026 (d)(e)(g) | 1126847 | 1126284 |
| Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 1/27/2029 (d)(e)(g) | 473776 | 472947 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 1/28/2032 (d)(e)(g) | 778050 | 776105 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5572% 6/1/2028 (d)(e)(g) | 1507923 | 1476513 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (d)(e)(g) | 2275603 | 2186856 |
|  |  | 6038705 |
| Household Durables - 0.3% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6768% 6/29/2028 (d)(e)(g) | 989602 | 880043 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 10/30/2027 (d)(e)(g) | 1000368 | 992185 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6768% 10/30/2027 (d)(e)(g) | 253038 | 251836 |
|  |  | 2124064 |
| Specialty Retail - 0.3% |  |  |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1618% 6/6/2031 (d)(e)(g) | 2744632 | 2555939 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 12/17/2027 (d)(e)(g) | 159584 | 157132 |
|  |  | 2713071 |
| TOTAL CONSUMER DISCRETIONARY |  | 18486151 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 12/30/2027 (d)(e)(g) | 867229 | 865781 |
| Mesquite Energy Inc 1LN, term loan 0% (d)(g)(h)(i)(j) | 658000 | 0 |
| Mesquite Energy Inc 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(g)(h)(i)(j) | 1525908 | 0 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8075% 10/30/2028 (d)(e)(g) | 3226913 | 1735369 |
|  |  | 2601150 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.0% |  |  |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2597% 2/3/2032 (d)(e)(g) | 160000 | 159467 |
| Financial Services - 0.6% |  |  |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 0% 5/31/2032 (d)(e)(g)(i) | 785000 | 781075 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 7/31/2031 (d)(e)(g) | 1139282 | 1142404 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.072% 2/20/2032 (d)(e)(g) | 2365000 | 2361547 |
|  |  | 4285026 |
| Insurance - 0.0% |  |  |
| Alliant Hldgs Intermediate LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0715% 9/19/2031 (d)(e)(g) | 104281 | 104292 |
| TOTAL FINANCIALS |  | 4548785 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 12/18/2030 (d)(e)(g)(i) | 1180000 | 1180743 |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7956% 6/28/2029 (d)(e)(g) | 420483 | 341643 |
| Pharmaceuticals - 0.5% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5613% 10/8/2030 (d)(e)(g) | 3545000 | 3411495 |
| TOTAL HEALTH CARE |  | 4933881 |
| Industrials - 0.3% |  |  |
| Building Products - 0.1% |  |  |
| Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 4/29/2029 (d)(e)(g) | 760046 | 698133 |
| Commercial Services & Supplies - 0.0% |  |  |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7759% 8/1/2030 (d)(e)(g) | 388112 | 323297 |
| Machinery - 0.0% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/28/2032 (d)(e)(g)(i) | 110000 | 110550 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5799% 5/28/2032 (d)(e)(g) | 65000 | 65358 |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0476% 4/1/2031 (d)(e)(g) | 50000 | 50083 |
|  |  | 115441 |
| Transportation Infrastructure - 0.2% |  |  |
| Student Transportation of America Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/24/2032 (d)(e)(g)(i) | 728000 | 729136 |
| Student Transportation of America Holdings Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/24/2032 (d)(e)(g)(i) | 52000 | 52081 |
|  |  | 781217 |
| TOTAL INDUSTRIALS |  | 2028638 |
| Information Technology - 2.7% |  |  |
| Communications Equipment - 0.4% |  |  |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5768% 12/17/2029 (d)(e)(g) | 2800000 | 2830632 |
| IT Services - 0.8% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (d)(e)(g) | 1262096 | 1205301 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (d)(g) | 926253 | 745634 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 3/20/2032 (d)(e)(g) | 324188 | 325302 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 1550000 | 1506089 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9268% 10/26/2029 (d)(e)(g) | 2339003 | 2282726 |
|  |  | 6065052 |
| Software - 1.3% |  |  |
| Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1768% 12/10/2029 (d)(e)(g) | 61126 | 61111 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 12/11/2028 (d)(e)(g) | 1262685 | 1261902 |
| Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 10/16/2026 (d)(e)(g) | 792908 | 784646 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0768% 11/22/2032 (d)(e)(g) | 400000 | 408000 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 10/9/2029 (d)(e)(g) | 333884 | 334511 |
| Finastra USA Inc 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 11.428% 9/13/2029 (d)(e)(g)(h) | 2002300 | 2002300 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (d)(e)(g) | 1994819 | 1941896 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 0% 8/31/2028 (d)(e)(g)(i) | 965000 | 965106 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 8/31/2028 (d)(e)(g) | 1172033 | 1172163 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3113% 2/10/2031 (d)(e)(g) | 1501112 | 1506396 |
|  |  | 10438031 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3215% 2/20/2032 (d)(e)(g) | 1197000 | 1189519 |
| TOTAL INFORMATION TECHNOLOGY |  | 20523234 |
| Materials - 1.0% |  |  |
| Chemicals - 0.9% |  |  |
| American Rock Salt Co LLC 1LN, term loan 11.5943% 6/12/2028 (d)(g) | 678214 | 678214 |
| American Rock Salt Co LLC 1LN, term loan 2% 6/12/2028 (d)(g)(k) | 431355 | 431355 |
| Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (d)(e)(g) | 1237490 | 1234780 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3206% 7/3/2028 (d)(e)(g) | 968553 | 880947 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3118% 3/15/2029 (d)(e)(g) | 2093004 | 2087332 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6768% 4/2/2029 (d)(e)(g) | 259571 | 241076 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/25/2031 (d)(e)(g) | 1720000 | 1659800 |
| Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2871% 1/31/2029 (d)(e)(g) | 29925 | 29912 |
|  |  | 7243416 |
| Containers & Packaging - 0.0% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.5018% 4/13/2029 (d)(e)(g) | 210718 | 210210 |
| Metals & Mining - 0.1% |  |  |
| Vibrantz Technologies Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.6417% 4/23/2029 (d)(e)(g) | 797949 | 695101 |
| TOTAL MATERIALS |  | 8148727 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.8268% 3/29/2030 (d)(e)(g) | 780094 | 773268 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1913% 3/24/2028 (d)(e)(g) | 406896 | 402192 |
|  |  | 1175460 |
| TOTAL UNITED STATES |  | 64943649 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $75,079,354) |  | <br> **72679855** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class G, CME Term SOFR 1 month Index + 2.9145%, 7.2265% 6/15/2038 (d)(e)(f) | 522536 | 522862 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class F, CME Term SOFR 1 month Index + 2.7815%, 7.0935% 11/15/2038 (d)(e)(f) | 746132 | 745199 |
| Extended Stay America Trust Series 2021-ESH Class F, CME Term SOFR 1 month Index + 3.8145%, 8.1265% 7/15/2038 (d)(e)(f) | 279619 | 279619 |
| Hilton USA Trust Series 2016-HHV Class F, 4.3333% 11/5/2038 (d)(f) | 475000 | 457337 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.6265% 7/15/2038 (d)(e)(f) | 1111000 | 1109612 |
| TOTAL UNITED STATES |  | 3114629 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $2,987,924) |  | <br> **3114629** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 2.8%** | &nbsp;&nbsp;**Common Stocks - 2.8%** | &nbsp;&nbsp;**Common Stocks - 2.8%** |
|  | Shares | Value ($)<br>|
| TANZANIA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Helios Towers PLC (l) | 750900 | 1253359 |
| UNITED STATES - 2.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Main Street Sports Group (h) | 163 | 2241 |
| Energy - 2.1% |  |  |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Mesquite Energy Inc (h)(l) | 82533 | 16585787 |
| New Fortress Energy Inc  | 28760 | 95483 |
|  |  | 16681270 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Cano Health LLC (h)(l) | 65803 | 825170 |
| Cano Health LLC warrants (h)(l) | 2914 | 11160 |
| Surgery Partners Inc (l) | 37400 | 831402 |
|  |  | 1667732 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Spirit Aviation Holdings Inc  | 9586 | 47834 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Coherent Corp (l) | 4000 | 356840 |
| IT Services - 0.2% |  |  |
| GTT Communications Inc (h)(l) | 23507 | 956970 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| MKS Inc  | 3500 | 347760 |
| ON Semiconductor Corp (l) | 11200 | 586992 |
|  |  | 934752 |
| TOTAL INFORMATION TECHNOLOGY |  | 2248562 |
| TOTAL UNITED STATES |  | 20647639 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,897,509) |  | <br> **21900998** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 1.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.4%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| EchoStar Corp 3.875% 11/30/2030 pay-in-kind  | 2856216 | 3363194 |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Tempus AI Inc 0.75% 7/15/2030 (f) | 430000 | 434085 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| MKS Inc 1.25% 6/1/2030  | 1290000 | 1271295 |
| ON Semiconductor Corp 0% 5/1/2027 (m) | 288000 | 340963 |
| Wolfspeed Inc 1.875% 12/1/2029  | 1960000 | 485100 |
|  |  | 2097358 |
| Software - 0.4% |  |  |
| Core Scientific Inc 0% 6/15/2031 (f)(m) | 1894000 | 2057358 |
| Riot Platforms Inc 0.75% 1/15/2030 (f) | 800000 | 828000 |
|  |  | 2885358 |
| TOTAL INFORMATION TECHNOLOGY |  | 4982716 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Redfin Corp 0.5% 4/1/2027  | 1931000 | 1733263 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| PG&E Corp 4.25% 12/1/2027  | 585000 | 580496 |
| TOTAL UNITED STATES |  | 11093754 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $10,913,760) |  | <br> **11093754** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Acrisure Holdings Inc Series A-2 (h)<br>(Cost $1,183,989)<br>| 49169 | **1205132** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 79.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 79.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 79.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ANGOLA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Azule Energy Finance Plc 8.125% 1/23/2030 (f) | 555000 | 548339 |
| AUSTRALIA - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| FMG Resources August 2006 Pty Ltd 4.375% 4/1/2031 (f) | 505000 | 471873 |
| FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (f) | 422000 | 416928 |
| Mineral Resources Ltd 8% 11/1/2027 (f) | 395000 | 396841 |
| Mineral Resources Ltd 8.5% 5/1/2030 (f) | 790000 | 786092 |
| Mineral Resources Ltd 9.25% 10/1/2028 (f) | 675000 | 690800 |
| TOTAL AUSTRALIA |  | 2762534 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (f) | 2520000 | 2507400 |
| Samarco Mineracao SA 9% 6/30/2031 pay-in-kind (d)(f) | 1310046 | 1284664 |
| TOTAL BRAZIL |  | 3792064 |
| CANADA - 3.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| TELUS Corp 6.625% 10/15/2055 (d) | 395000 | 397360 |
| TELUS Corp 7% 10/15/2055 (d) | 785000 | 790253 |
|  |  | 1187613 |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| 1011778 BC ULC / New Red Finance Inc 3.875% 1/15/2028 (f) | 580000 | 564954 |
| 1011778 BC ULC / New Red Finance Inc 4% 10/15/2030 (f) | 1950000 | 1817144 |
| 1011778 BC ULC / New Red Finance Inc 4.375% 1/15/2028 (f) | 435000 | 426583 |
| 1011778 BC ULC / New Red Finance Inc 5.625% 9/15/2029 (f) | 780000 | 791016 |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (f) | 2060000 | 2112682 |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 955000 | 958178 |
|  |  | 6670557 |
| Consumer Staples - 0.2% |  |  |
| Household Products - 0.2% |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (f) | 1935000 | 1757139 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Parkland Corp 6.625% 8/15/2032 (f) | 1535000 | 1568894 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (d)(f) | 281000 | 289921 |
|  |  | 1858815 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bombardier Inc 6.75% 6/15/2033 (f) | 695000 | 720160 |
| Bombardier Inc 7% 6/1/2032 (f) | 770000 | 801866 |
| Bombardier Inc 7.25% 7/1/2031 (f) | 1105000 | 1159919 |
|  |  | 2681945 |
| Commercial Services & Supplies - 0.4% |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (f)(n) | 2785000 | 2899355 |
| Machinery - 0.1% |  |  |
| New Flyer Holdings Inc 9.25% 7/1/2030 (f)(n) | 410000 | 432567 |
| TOTAL INDUSTRIALS |  | 6013867 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Open Text Holdings Inc 4.125% 12/1/2031 (f) | 1110000 | 1021990 |
| Open Text Holdings Inc 4.125% 2/15/2030 (f) | 1080000 | 1020724 |
|  |  | 2042714 |
| Materials - 0.6% |  |  |
| Chemicals - 0.0% |  |  |
| Methanex Corp 5.65% 12/1/2044  | 372000 | 294994 |
| Containers & Packaging - 0.2% |  |  |
| Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC 9.5% 5/15/2030 (f) | 1850000 | 1892348 |
| Metals & Mining - 0.4% |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (f) | 1945000 | 1991600 |
| Champion Iron Canada Inc 7.875% 7/15/2032 (f) | 390000 | 395416 |
|  |  | 2387016 |
| TOTAL MATERIALS |  | 4574358 |
| TOTAL CANADA |  | 24105063 |
| COLOMBIA - 0.3%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canacol Energy Ltd 5.75% 11/24/2028 (f) | 1920000 | 669946 |
| Gran Tierra Energy Inc 9.5% 10/15/2029 (f) | 505000 | 384017 |
|  |  | 1053963 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA 5.375% 12/30/2030 (f) | 1365000 | 1217839 |
| TOTAL COLOMBIA |  | 2271802 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Ivanhoe Mine Ltd 7.875% 1/23/2030 (f) | 870000 | 868385 |
| FINLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| Amer Sports Co 6.75% 2/16/2031 (f) | 770000 | 801444 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Ahlstrom Holding 3 Oy 4.875% 2/4/2028 (f) | 1270000 | 1207721 |
| TOTAL FINLAND |  | 2009165 |
| FRANCE - 1.3%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Altice France SA 5.125% 1/15/2029 (f) | 2490000 | 2057363 |
| Altice France SA 5.125% 7/15/2029 (f) | 3325000 | 2748196 |
| Altice France SA 5.5% 1/15/2028 (f) | 795000 | 669064 |
| Altice France SA 5.5% 10/15/2029 (f) | 2055000 | 1703420 |
| Iliad Holding SASU 7% 4/15/2032 (f) | 755000 | 773558 |
|  |  | 7951601 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Vallourec SACA 7.5% 4/15/2032 (f) | 1400000 | 1467431 |
| Viridien 10% 10/15/2030 (f) | 740000 | 728198 |
|  |  | 2195629 |
| TOTAL FRANCE |  | 10147230 |
| GERMANY - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| ZF North America Capital Inc 6.75% 4/23/2030 (f) | 655000 | 629171 |
| ZF North America Capital Inc 6.875% 4/14/2028 (f)(n) | 370000 | 371119 |
| ZF North America Capital Inc 7.125% 4/14/2030 (f)(n) | 370000 | 361766 |
|  |  | 1362056 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (f) | 2435000 | 2433293 |
| TOTAL GERMANY |  | 3795349 |
| GHANA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Kosmos Energy Ltd 7.125% 4/4/2026 (f) | 1100000 | 1060125 |
| Kosmos Energy Ltd 7.75% 5/1/2027 (f) | 1140000 | 1005982 |
| Kosmos Energy Ltd 8.75% 10/1/2031 (f) | 355000 | 262700 |
| Tullow Oil PLC 10.25% 5/15/2026 (f) | 450000 | 389250 |
| TOTAL GHANA |  | 2718057 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| Global Aircraft Leasing Co Ltd 8.75% 9/1/2027 (f) | 1235000 | 1266012 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (f) | 785000 | 714546 |
| IRELAND - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (f) | 2010000 | 2025075 |
| Financials - 0.5% |  |  |
| Consumer Finance - 0.0% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 1/31/2056 (d) | 465000 | 465741 |
| Financial Services - 0.5% |  |  |
| GGAM Finance Ltd 6.875% 4/15/2029 (f) | 970000 | 1002813 |
| GGAM Finance Ltd 8% 2/15/2027 (f) | 1565000 | 1613579 |
| GGAM Finance Ltd 8% 6/15/2028 (f) | 1040000 | 1100028 |
|  |  | 3716420 |
| TOTAL FINANCIALS |  | 4182161 |
| TOTAL IRELAND |  | 6207236 |
| ISRAEL - 0.6%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Energean Israel Finance Ltd 5.375% 3/30/2028 (f)(o) | 340000 | 323425 |
| Energean PLC 6.5% 4/30/2027 (f) | 2105000 | 2062900 |
|  |  | 2386325 |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  | 700000 | 714837 |
| Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031  | 210000 | 237795 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  | 1240000 | 1258166 |
|  |  | 2210798 |
| TOTAL ISRAEL |  | 4597123 |
| LUXEMBOURG - 0.4%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Altice Financing SA 5.75% 8/15/2029 (f) | 2160000 | 1577190 |
| Altice France Holding SA 6% 2/15/2028 (f) | 1565000 | 547750 |
|  |  | 2124940 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| ION Trading Technologies Sarl 5.75% 5/15/2028 (f) | 1383000 | 1334378 |
| TOTAL LUXEMBOURG |  | 3459318 |
| MADAGASCAR - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axian Telecom Holding & Management PLC 7.25% 7/11/2030 (f)(p) | 785000 | 782253 |
| NETHERLANDS - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Ziggo BV 4.875% 1/15/2030 (f) | 770000 | 719198 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sigma Holdco BV 7.875% 5/15/2026 (f) | 390000 | 390004 |
| TOTAL NETHERLANDS |  | 1109202 |
| NIGERIA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| IHS Holding Ltd 7.875% 5/29/2030 (f) | 560000 | 561226 |
| IHS Holding Ltd 8.25% 11/29/2031 (f) | 960000 | 969005 |
| TOTAL NIGERIA |  | 1530231 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (f) | 1030000 | 1049047 |
| TGS ASA 8.5% 1/15/2030 (f) | 1070000 | 1104222 |
| TOTAL NORWAY |  | 2153269 |
| PANAMA - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (f) | 1885000 | 1890301 |
| Wireless Telecommunication Services - 0.3% |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (f) | 2260000 | 2314523 |
| TOTAL PANAMA |  | 4204824 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (f) | 810000 | 476897 |
| SOUTH AFRICA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liquid Telecommunications Financing Plc 5.5% 9/4/2026 (f) | 1285000 | 1090644 |
| SPAIN - 0.2%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA 4.75% 10/15/2028 (f) | 370000 | 355691 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (f) | 1480000 | 1414753 |
| TOTAL SPAIN |  | 1770444 |
| SWITZERLAND - 0.3%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 6.375% 2/1/2030 (f) | 830000 | 778108 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 7.875% 5/1/2027 (f) | 280000 | 281730 |
| VistaJet Malta Finance PLC / Vista Management Holding Inc 9.5% 6/1/2028 (f) | 275000 | 282643 |
|  |  | 1342481 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Consolidated Energy Finance SA 12% 2/15/2031 (f) | 1170000 | 1147579 |
| TOTAL SWITZERLAND |  | 2490060 |
| TANZANIA - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (f) | 1610000 | 1642361 |
| TURKEY - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Eldorado Gold Corp 6.25% 9/1/2029 (f) | 860000 | 861694 |
| UNITED KINGDOM - 1.6%  |  |  |
| Communication Services - 0.4% |  |  |
| Media - 0.4% |  |  |
| Virgin Media Secured Finance PLC 4.5% 8/15/2030 (f) | 2610000 | 2432748 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (f) | 415000 | 380206 |
| TOTAL COMMUNICATION SERVICES |  | 2812954 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (f) | 255000 | 266208 |
| Automobiles - 0.2% |  |  |
| Mclaren Finance PLC 7.5% 8/1/2026 (f) | 1025000 | 1025820 |
| Specialty Retail - 0.1% |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (f) | 850000 | 856640 |
| TOTAL CONSUMER DISCRETIONARY |  | 2148668 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 3280000 | 3620537 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (f) | 650000 | 617977 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| INEOS Quattro Finance 2 Plc 9.625% 3/15/2029 (f) | 1540000 | 1560051 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (f) | 1725000 | 1727812 |
| TOTAL UNITED KINGDOM |  | 12487999 |
| UNITED STATES - 66.0%  |  |  |
| Communication Services - 5.5% |  |  |
| Diversified Telecommunication Services - 1.3% |  |  |
| Cablevision Lightpath LLC 3.875% 9/15/2027 (f) | 455000 | 438534 |
| Cablevision Lightpath LLC 5.625% 9/15/2028 (f) | 950000 | 917753 |
| Frontier Communications Holdings LLC 5.875% 11/1/2029  | 615000 | 621138 |
| Frontier Communications Holdings LLC 8.75% 5/15/2030 (f) | 685000 | 716422 |
| Level 3 Financing Inc 11% 11/15/2029 (f) | 636969 | 730659 |
| Level 3 Financing Inc 3.875% 10/15/2030 (f) | 975000 | 845813 |
| Level 3 Financing Inc 4% 4/15/2031 (f) | 2380000 | 2034900 |
| Level 3 Financing Inc 4.5% 4/1/2030 (f) | 890000 | 805450 |
| Level 3 Financing Inc 6.875% 6/30/2033 (f) | 3130000 | 3184847 |
|  |  | 10295516 |
| Interactive Media & Services - 0.1% |  |  |
| Snap Inc 6.875% 3/1/2033 (f) | 760000 | 779856 |
| Media - 4.1% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 1/15/2034 (f)(n) | 1370000 | 1219556 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.25% 2/1/2031 (f) | 1350000 | 1261134 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032  | 2885000 | 2686635 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (f) | 1530000 | 1458671 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.75% 2/1/2032 (f)(n) | 1975000 | 1873341 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (f) | 905000 | 896661 |
| Clear Channel Outdoor Holdings Inc 7.5% 6/1/2029 (f) | 500000 | 462449 |
| Clear Channel Outdoor Holdings Inc 7.75% 4/15/2028 (f) | 750000 | 708750 |
| Clear Channel Outdoor Holdings Inc 7.875% 4/1/2030 (f)(n) | 1525000 | 1574172 |
| Clear Channel Outdoor Holdings Inc 9% 9/15/2028 (f)(n) | 515000 | 539629 |
| CSC Holdings LLC 3.375% 2/15/2031 (f) | 2500000 | 1732223 |
| CSC Holdings LLC 4.125% 12/1/2030 (f) | 1300000 | 917166 |
| CSC Holdings LLC 4.5% 11/15/2031 (f) | 345000 | 242771 |
| CSC Holdings LLC 4.625% 12/1/2030 (f) | 2140000 | 995220 |
| CSC Holdings LLC 5.375% 2/1/2028 (f) | 2110000 | 1931823 |
| DISH DBS Corp 5.125% 6/1/2029  | 2040000 | 1359701 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 785000 | 809198 |
| EchoStar Corp 10.75% 11/30/2029  | 2759657 | 2838583 |
| EchoStar Corp 6.75% 11/30/2030 pay-in-kind (d) | 2164497 | 1975386 |
| Sirius XM Radio LLC 5.5% 7/1/2029 (f)(n) | 410000 | 407300 |
| TEGNA Inc 4.625% 3/15/2028 (n) | 240000 | 233242 |
| TEGNA Inc 5% 9/15/2029  | 425000 | 405953 |
| Univision Communications Inc 4.5% 5/1/2029 (f)(n) | 370000 | 336404 |
| Univision Communications Inc 6.625% 6/1/2027 (f) | 890000 | 887572 |
| Univision Communications Inc 7.375% 6/30/2030 (f) | 1140000 | 1120318 |
| Univision Communications Inc 8% 8/15/2028 (f) | 1165000 | 1182218 |
| Univision Communications Inc 8.5% 7/31/2031 (f)(n) | 2590000 | 2592869 |
|  |  | 32648945 |
| TOTAL COMMUNICATION SERVICES |  | 43724317 |
| Consumer Discretionary - 9.2% |  |  |
| Automobile Components - 0.4% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 2/15/2030 (f) | 1760000 | 1830025 |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 205000 | 210423 |
| Patrick Industries Inc 6.375% 11/1/2032 (f) | 1195000 | 1198283 |
|  |  | 3238731 |
| Automobiles - 0.1% |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (f) | 785000 | 771280 |
| Broadline Retail - 0.6% |  |  |
| CMG Media Corp 8.875% 6/18/2029 (f) | 420000 | 395919 |
| GrubHub Holdings Inc 5.5% 7/1/2027 (f)(n) | 480000 | 465796 |
| Kohl's Corp 4.25% 7/17/2025  | 85000 | 84772 |
| Match Group Holdings II LLC 3.625% 10/1/2031 (f) | 220000 | 196843 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (f) | 580000 | 542408 |
| Match Group Holdings II LLC 5% 12/15/2027 (f) | 167000 | 166084 |
| Wayfair LLC 7.25% 10/31/2029 (f)(n) | 935000 | 935419 |
| Wayfair LLC 7.75% 9/15/2030 (f)(n) | 2025000 | 2037567 |
|  |  | 4824808 |
| Diversified Consumer Services - 1.1% |  |  |
| Service Corp International/US 4% 5/15/2031 (n) | 1022000 | 956264 |
| Service Corp International/US 4.625% 12/15/2027  | 167000 | 165980 |
| Service Corp International/US 5.125% 6/1/2029 (n) | 365000 | 363437 |
| Service Corp International/US 5.75% 10/15/2032  | 1420000 | 1434482 |
| Sotheby's 7.375% 10/15/2027 (f) | 2465000 | 2436623 |
| StoneMor Inc 8.5% 5/15/2029 (f) | 500000 | 457506 |
| TKC Holdings Inc 10.5% 5/15/2029 (f) | 1530000 | 1572124 |
| TKC Holdings Inc 6.875% 5/15/2028 (f) | 1290000 | 1282032 |
| WASH Multifamily Acquisition Inc 5.75% 4/15/2026 (f) | 150000 | 149459 |
|  |  | 8817907 |
| Hotels, Restaurants & Leisure - 4.4% |  |  |
| Aramark Services Inc 5% 2/1/2028 (f) | 775000 | 771881 |
| Caesars Entertainment Inc 6% 10/15/2032 (f)(n) | 605000 | 593331 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (f) | 1415000 | 1451954 |
| Caesars Entertainment Inc 7% 2/15/2030 (f) | 875000 | 906134 |
| Carnival Corp 5.75% 3/15/2030 (f) | 790000 | 803336 |
| Carnival Corp 5.875% 6/15/2031 (f) | 2040000 | 2078250 |
| Carnival Corp 6% 5/1/2029 (f) | 1310000 | 1323679 |
| Carnival Corp 6.125% 2/15/2033 (f) | 945000 | 966893 |
| Carnival Corp 6.65% 1/15/2028  | 175000 | 180307 |
| Carnival Corp 7% 8/15/2029 (f) | 1535000 | 1617055 |
| Churchill Downs Inc 5.75% 4/1/2030 (f)(n) | 2370000 | 2377724 |
| ClubCorp Holdings Inc 8.5% 9/15/2025 (f) | 195000 | 189149 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 1847000 | 1769087 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 6.75% 1/15/2030 (f) | 2355000 | 2173198 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (f) | 800000 | 724686 |
| Hilton Domestic Operating Co Inc 3.75% 5/1/2029 (f) | 295000 | 282791 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (f) | 1615000 | 1518463 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (f) | 785000 | 799819 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (f) | 1530000 | 1553758 |
| Life Time Inc 6% 11/15/2031 (f) | 1595000 | 1620440 |
| MajorDrive Holdings IV LLC 6.375% 6/1/2029 (f) | 815000 | 640214 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (f) | 1000000 | 1032208 |
| NCL Finance Ltd 6.125% 3/15/2028 (f) | 370000 | 376019 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (f)(n) | 1050000 | 1086054 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (f) | 870000 | 875315 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (f) | 975000 | 1002183 |
| Station Casinos LLC 4.5% 2/15/2028 (f)(n) | 750000 | 735453 |
| Station Casinos LLC 6.625% 3/15/2032 (f)(n) | 1540000 | 1574669 |
| Viking Cruises Ltd 9.125% 7/15/2031 (f) | 275000 | 296175 |
| Viking Ocean Cruises Ship VII Ltd 5.625% 2/15/2029 (f) | 370000 | 368196 |
| VOC Escrow Ltd 5% 2/15/2028 (f) | 510000 | 507424 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (f) | 815000 | 820226 |
| Yum! Brands Inc 3.625% 3/15/2031  | 365000 | 336910 |
| Yum! Brands Inc 4.75% 1/15/2030 (f)(n) | 882000 | 873688 |
| Yum! Brands Inc 5.375% 4/1/2032 (n) | 290000 | 290214 |
|  |  | 34516883 |
| Household Durables - 0.9% |  |  |
| LGI Homes Inc 7% 11/15/2032 (f)(n) | 1585000 | 1508524 |
| LGI Homes Inc 8.75% 12/15/2028 (f) | 580000 | 602932 |
| New Home Co Inc/The 8.5% 11/1/2030 (f) | 465000 | 473586 |
| Newell Brands Inc 6.375% 5/15/2030  | 465000 | 452052 |
| Newell Brands Inc 6.375% 9/15/2027 (n) | 230000 | 233088 |
| Newell Brands Inc 6.625% 9/15/2029 (n) | 240000 | 237568 |
| Newell Brands Inc 8.5% 6/1/2028 (f) | 720000 | 756153 |
| Somnigroup International Inc 3.875% 10/15/2031 (f) | 870000 | 790973 |
| TopBuild Corp 4.125% 2/15/2032 (f) | 800000 | 741834 |
| Whirlpool Corp 6.125% 6/15/2030  | 440000 | 443867 |
| Whirlpool Corp 6.5% 6/15/2033 (n) | 765000 | 767450 |
|  |  | 7008027 |
| Specialty Retail - 1.4% |  |  |
| Asbury Automotive Group Inc 4.75% 3/1/2030  | 565000 | 547049 |
| Asbury Automotive Group Inc 5% 2/15/2032 (f) | 580000 | 551852 |
| Bath & Body Works Inc 6.625% 10/1/2030 (f) | 835000 | 860592 |
| Bath & Body Works Inc 6.694% 1/15/2027 (n) | 375000 | 383626 |
| Bath & Body Works Inc 6.95% 3/1/2033 (n) | 710000 | 729897 |
| Carvana Co 10.25% 5/1/2030 (f) | 85000 | 90100 |
| Carvana Co 11% 6/1/2030 pay-in-kind (d)(f) | 597877 | 628577 |
| Carvana Co 14% 6/1/2031 pay-in-kind (d)(f) | 764852 | 906037 |
| Carvana Co 4.875% 9/1/2029 (f) | 525000 | 475125 |
| Carvana Co 5.5% 4/15/2027 (f) | 622000 | 606450 |
| Carvana Co 5.875% 10/1/2028 (f) | 305000 | 292038 |
| Carvana Co 9% 12/1/2028 pay-in-kind (d)(f) | 335900 | 344522 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (f)(n) | 740000 | 759879 |
| Michaels Cos Inc/The 5.25% 5/1/2028 (f)(n) | 375000 | 299812 |
| Sgus LLC 11% 12/15/2029 (f)(h) | 351818 | 351818 |
| Staples Inc 10.75% 9/1/2029 (f) | 2000000 | 1892851 |
| Staples Inc 12.75% 1/15/2030 (f) | 750000 | 496317 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (f)(n) | 1040000 | 1092966 |
|  |  | 11309508 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Crocs Inc 4.125% 8/15/2031 (f)(n) | 1407000 | 1267020 |
| Crocs Inc 4.25% 3/15/2029 (f) | 167000 | 159316 |
| Wolverine World Wide Inc 4% 8/15/2029 (f) | 1155000 | 1035574 |
|  |  | 2461910 |
| TOTAL CONSUMER DISCRETIONARY |  | 72949054 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 0.3% |  |  |
| Primo Water Holdings Inc / Triton Water Holdings Inc 6.25% 4/1/2029 (f) | 2625000 | 2643298 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.25% 3/15/2026 (f) | 195000 | 192314 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (f)(n) | 1662000 | 1574545 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.875% 2/15/2030 (f) | 1200000 | 1179619 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.25% 3/15/2033 (f) | 845000 | 871048 |
| C&S Group Enterprises LLC 5% 12/15/2028 (f) | 1465000 | 1322771 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (f)(n) | 1935000 | 2003989 |
| Performance Food Group Inc 4.25% 8/1/2029 (f) | 400000 | 385700 |
| Performance Food Group Inc 5.5% 10/15/2027 (f) | 125000 | 124738 |
| Performance Food Group Inc 6.125% 9/15/2032 (f)(n) | 1460000 | 1493484 |
| US Foods Inc 5.75% 4/15/2033 (f) | 3120000 | 3116725 |
| US Foods Inc 7.25% 1/15/2032 (f) | 750000 | 789783 |
|  |  | 13054716 |
| Food Products - 1.1% |  |  |
| Darling Ingredients Inc 6% 6/15/2030 (f) | 680000 | 688978 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (f) | 705000 | 748149 |
| Fiesta Purchaser Inc 9.625% 9/15/2032 (f) | 1100000 | 1160685 |
| Lamb Weston Holdings Inc 4.125% 1/31/2030 (f)(n) | 820000 | 781949 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (f) | 830000 | 777295 |
| Pilgrim's Pride Corp 3.5% 3/1/2032  | 1385000 | 1246850 |
| Post Holdings Inc 4.625% 4/15/2030 (f)(n) | 1125000 | 1081389 |
| Post Holdings Inc 6.25% 10/15/2034 (f) | 360000 | 362044 |
| Post Holdings Inc 6.25% 2/15/2032 (f) | 305000 | 313444 |
| Post Holdings Inc 6.375% 3/1/2033 (f) | 575000 | 580242 |
| TreeHouse Foods Inc 4% 9/1/2028  | 850000 | 775035 |
|  |  | 8516060 |
| TOTAL CONSUMER STAPLES |  | 24214074 |
| Energy - 9.6% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.25% 4/1/2028 (f) | 305000 | 306009 |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (f)(n) | 1240000 | 1263359 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (f) | 1150000 | 1189573 |
| Nabors Industries Inc 7.375% 5/15/2027 (f) | 885000 | 873936 |
| Nabors Industries Inc 8.875% 8/15/2031 (f) | 340000 | 252554 |
| Nabors Industries Ltd 7.5% 1/15/2028 (f) | 1480000 | 1320352 |
| Transocean Inc 8% 2/1/2027 (f) | 2615000 | 2576086 |
| Transocean Inc 8.25% 5/15/2029 (f) | 2695000 | 2491368 |
| Transocean Inc 8.5% 5/15/2031 (f) | 850000 | 758751 |
| Transocean Poseidon Ltd 6.875% 2/1/2027 (f) | 312375 | 312982 |
| USA Compression Partners LP / USA Compression Finance Corp 6.875% 9/1/2027  | 360000 | 360724 |
| USA Compression Partners LP / USA Compression Finance Corp 7.125% 3/15/2029 (f)(n) | 915000 | 937813 |
| Valaris Ltd 8.375% 4/30/2030 (f) | 1255000 | 1287597 |
|  |  | 13931104 |
| Oil, Gas & Consumable Fuels - 7.8% |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp 5.75% 3/1/2027 (f) | 532000 | 531350 |
| California Resources Corp 7.125% 2/1/2026 (f) | 95000 | 95057 |
| California Resources Corp 8.25% 6/15/2029 (f) | 2020000 | 2073484 |
| CITGO Petroleum Corp 6.375% 6/15/2026 (f) | 1535000 | 1534260 |
| CITGO Petroleum Corp 8.375% 1/15/2029 (f) | 755000 | 785313 |
| CNX Resources Corp 7.25% 3/1/2032 (f) | 1530000 | 1584180 |
| CNX Resources Corp 7.375% 1/15/2031 (f) | 385000 | 401592 |
| Comstock Resources Inc 5.875% 1/15/2030 (f)(n) | 1225000 | 1189866 |
| Comstock Resources Inc 6.75% 3/1/2029 (f) | 1585000 | 1588549 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 5.5% 6/15/2031 (f) | 1420000 | 1402813 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC 7.5% 12/15/2033 (f) | 925000 | 1003706 |
| CVR Energy Inc 5.75% 2/15/2028 (f) | 754000 | 721959 |
| CVR Energy Inc 8.5% 1/15/2029 (f) | 1975000 | 1975774 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.125% 6/1/2028 (f) | 1315000 | 1320425 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 7.375% 6/30/2033 (f) | 870000 | 865946 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (f) | 915000 | 949662 |
| DT Midstream Inc 4.125% 6/15/2029 (f) | 935000 | 903047 |
| DT Midstream Inc 4.375% 6/15/2031 (f) | 365000 | 349518 |
| Genesis Energy LP / Genesis Energy Finance Corp 7.875% 5/15/2032 (n) | 375000 | 389900 |
| Global Partners LP / GLP Finance Corp 6.875% 1/15/2029 (n) | 1220000 | 1238833 |
| Global Partners LP / GLP Finance Corp 7.125% 7/1/2033 (f) | 295000 | 299134 |
| Harvest Midstream I LP 7.5% 5/15/2032 (f) | 1430000 | 1510322 |
| Harvest Midstream I LP 7.5% 9/1/2028 (f) | 645000 | 655988 |
| Hess Midstream Operations LP 4.25% 2/15/2030 (f) | 1155000 | 1110501 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (f)(n) | 1855000 | 1863218 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (f) | 770000 | 809807 |
| Howard Midstream Energy Partners LLC 8.875% 7/15/2028 (f) | 745000 | 782132 |
| Kinetik Holdings LP 5.875% 6/15/2030 (f)(n) | 890000 | 897547 |
| Kinetik Holdings LP 6.625% 12/15/2028 (f) | 1585000 | 1621122 |
| Matador Resources Co 6.25% 4/15/2033 (f) | 400000 | 397043 |
| Matador Resources Co 6.5% 4/15/2032 (f) | 1070000 | 1070557 |
| Moss Creek Resources Holdings Inc 8.25% 9/1/2031 (f) | 1350000 | 1313057 |
| Murphy Oil Corp 6% 10/1/2032 (n) | 840000 | 800879 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (f)(n) | 860000 | 793331 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (f) | 1085000 | 1094641 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (f) | 1705000 | 1756994 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (f) | 2215000 | 1988597 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (f) | 1930000 | 1877226 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (f) | 1010000 | 1013787 |
| Permian Resources Operating LLC 7% 1/15/2032 (f)(n) | 1670000 | 1731259 |
| Prairie Acquiror LP 9% 8/1/2029 (f) | 495000 | 515600 |
| Rockies Express Pipeline LLC 4.8% 5/15/2030 (f) | 250000 | 242369 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (f) | 1010000 | 991512 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (f) | 665000 | 694040 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (f) | 225000 | 225392 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (f) | 1407000 | 1473227 |
| Sunoco LP / Sunoco Finance Corp 4.5% 4/30/2030  | 910000 | 874967 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  | 620000 | 601890 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  | 500000 | 501338 |
| Sunoco LP 6.25% 7/1/2033 (f) | 1140000 | 1159037 |
| Sunoco LP 7.25% 5/1/2032 (f) | 480000 | 503991 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (f) | 1542000 | 1532944 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (f) | 2100000 | 2049277 |
| Talos Production Inc 9% 2/1/2029 (f)(n) | 710000 | 726943 |
| Venture Global Calcasieu 3.875% 8/15/2029 (f) | 310000 | 292246 |
| Venture Global Calcasieu 4.125% 8/15/2031 (f) | 395000 | 365609 |
| Venture Global LNG Inc 7% 1/15/2030 (f) | 510000 | 515566 |
| Venture Global Plaquemines LNG LLC 0% 1/15/2034 (f) | 1565000 | 1565001 |
| Venture Global Plaquemines LNG LLC 0% 1/15/2036 (f) | 1215000 | 1215000 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (f) | 1390000 | 1488444 |
|  |  | 61826769 |
| TOTAL ENERGY |  | 75757873 |
| Financials - 7.4% |  |  |
| Banks - 0.1% |  |  |
| Western Alliance Bancorp 3% 6/15/2031 (d) | 845000 | 785317 |
| Capital Markets - 1.4% |  |  |
| AssuredPartners Inc 5.625% 1/15/2029 (f) | 795000 | 792892 |
| BroadStreet Partners Inc 5.875% 4/15/2029 (f) | 870000 | 859786 |
| Coinbase Global Inc 3.375% 10/1/2028 (f) | 840000 | 787500 |
| Focus Financial Partners LLC 6.75% 9/15/2031 (f) | 1305000 | 1332097 |
| Hightower Holding LLC 6.75% 4/15/2029 (f) | 625000 | 622885 |
| Hightower Holding LLC 9.125% 1/31/2030 (f) | 1455000 | 1543083 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (f) | 560000 | 543252 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (f) | 1665000 | 1680894 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (f) | 1020000 | 1048770 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (f) | 630000 | 627730 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (f) | 1335000 | 1400948 |
|  |  | 11239837 |
| Consumer Finance - 0.9% |  |  |
| Ally Financial Inc 5.75% 11/20/2025  | 235000 | 235534 |
| Ally Financial Inc 6.7% 2/14/2033 (n) | 685000 | 713725 |
| Ford Motor Credit Co LLC 4% 11/13/2030  | 350000 | 319532 |
| OneMain Finance Corp 6.625% 5/15/2029  | 555000 | 570013 |
| OneMain Finance Corp 6.75% 3/15/2032  | 790000 | 804858 |
| OneMain Finance Corp 7.125% 11/15/2031  | 385000 | 400614 |
| OneMain Finance Corp 7.125% 9/15/2032  | 1545000 | 1599491 |
| OneMain Finance Corp 7.5% 5/15/2031  | 1535000 | 1603405 |
| PRA Group Inc 5% 10/1/2029 (f)(n) | 685000 | 631290 |
| PRA Group Inc 8.875% 1/31/2030 (f)(n) | 605000 | 623513 |
|  |  | 7501975 |
| Financial Services - 2.2% |  |  |
| Block Inc 3.5% 6/1/2031  | 715000 | 655846 |
| Block Inc 6.5% 5/15/2032  | 1525000 | 1573378 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 10% 11/15/2029 (f)(n) | 460000 | 455411 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 2455000 | 2063619 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 680000 | 635866 |
| Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (f) | 1160000 | 1184887 |
| NFE Financing LLC 12% 11/15/2029 (f) | 1041914 | 473029 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (f) | 1570000 | 1605278 |
| Rocket Cos Inc 6.125% 8/1/2030 (f) | 945000 | 962983 |
| Rocket Cos Inc 6.375% 8/1/2033 (f) | 1255000 | 1284117 |
| Saks Global Enterprises LLC 11% 12/15/2029 (f) | 1290000 | 683700 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (f) | 1185000 | 1230704 |
| UWM Holdings LLC 6.625% 2/1/2030 (f)(n) | 840000 | 840868 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (f) | 765000 | 785068 |
| WEX Inc 6.5% 3/15/2033 (f)(n) | 925000 | 933234 |
| Windstream Services LLC / Windstream Escrow Finance Corp 8.25% 10/1/2031 (f) | 1670000 | 1748968 |
|  |  | 17116956 |
| Insurance - 2.6% |  |  |
| Acrisure LLC / Acrisure Finance Inc 4.25% 2/15/2029 (f) | 290000 | 278320 |
| Acrisure LLC / Acrisure Finance Inc 6% 8/1/2029 (f) | 635000 | 617340 |
| Acrisure LLC / Acrisure Finance Inc 6.75% 7/1/2032 (f) | 390000 | 395527 |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f) | 150000 | 154955 |
| Acrisure LLC / Acrisure Finance Inc 8.25% 2/1/2029 (f) | 880000 | 910666 |
| Acrisure LLC / Acrisure Finance Inc 8.5% 6/15/2029 (f) | 535000 | 557909 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 5.875% 11/1/2029 (f) | 1110000 | 1094193 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.5% 10/1/2031 (f) | 1780000 | 1813106 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 10/15/2027 (f) | 1435000 | 1434153 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 570000 | 579465 |
| AmWINS Group Inc 4.875% 6/30/2029 (f) | 2230000 | 2167146 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (f)(n) | 1255000 | 1283752 |
| Athene Holding Ltd 6.875% 6/28/2055 (d) | 1175000 | 1169243 |
| HUB International Ltd 5.625% 12/1/2029 (f)(n) | 500000 | 500068 |
| HUB International Ltd 7.25% 6/15/2030 (f) | 2210000 | 2309527 |
| HUB International Ltd 7.375% 1/31/2032 (f) | 410000 | 428995 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (f) | 1630000 | 1693164 |
| Ryan Specialty LLC 5.875% 8/1/2032 (f)(n) | 1790000 | 1804080 |
| USI Inc/NY 7.5% 1/15/2032 (f) | 740000 | 780817 |
|  |  | 19972426 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.2% |  |  |
| Starwood Property Trust Inc 6.5% 10/15/2030 (f) | 780000 | 805303 |
| Starwood Property Trust Inc 6.5% 7/1/2030 (f) | 1110000 | 1146475 |
|  |  | 1951778 |
| TOTAL FINANCIALS |  | 58568289 |
| Health Care - 5.8% |  |  |
| Biotechnology - 0.0% |  |  |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (f) | 480000 | 383709 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Avantor Funding Inc 3.875% 11/1/2029 (f)(n) | 830000 | 785845 |
| Avantor Funding Inc 4.625% 7/15/2028 (f) | 548000 | 538114 |
| Hologic Inc 3.25% 2/15/2029 (f) | 500000 | 476476 |
| Insulet Corp 6.5% 4/1/2033 (f) | 375000 | 390969 |
| Medline Borrower LP 3.875% 4/1/2029 (f) | 2555000 | 2450861 |
| Medline Borrower LP 5.25% 10/1/2029 (f)(n) | 970000 | 962439 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f) | 1540000 | 1582017 |
|  |  | 7186721 |
| Health Care Providers & Services - 3.3% |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (f)(n) | 1215000 | 1251732 |
| CHS/Community Health Systems Inc 4.75% 2/15/2031 (f) | 2405000 | 2055993 |
| CHS/Community Health Systems Inc 5.25% 5/15/2030 (f)(n) | 2590000 | 2296677 |
| CHS/Community Health Systems Inc 5.625% 3/15/2027 (f) | 1515000 | 1492245 |
| CHS/Community Health Systems Inc 6.125% 4/1/2030 (f) | 625000 | 462163 |
| CHS/Community Health Systems Inc 6.875% 4/15/2029 (f) | 520000 | 414622 |
| CVS Health Corp 6.75% 12/10/2054 (d) | 465000 | 466013 |
| CVS Health Corp 7% 3/10/2055 (d)(n) | 1870000 | 1928737 |
| DaVita Inc 3.75% 2/15/2031 (f) | 440000 | 400180 |
| DaVita Inc 4.625% 6/1/2030 (f) | 1655000 | 1585691 |
| DaVita Inc 6.75% 7/15/2033 (f)(n) | 1935000 | 1998076 |
| HAH Group Holding Co LLC 9.75% 10/1/2031 (f) | 405000 | 401522 |
| HealthEquity Inc 4.5% 10/1/2029 (f)(n) | 1275000 | 1239661 |
| Humana Inc 5.875% 3/1/2033 (n) | 730000 | 754408 |
| ModivCare Inc 5% 10/1/2029 (f) | 120000 | 3599 |
| Molina Healthcare Inc 3.875% 11/15/2030 (f) | 855000 | 794381 |
| Molina Healthcare Inc 3.875% 5/15/2032 (f)(n) | 390000 | 354981 |
| Molina Healthcare Inc 6.25% 1/15/2033 (f) | 535000 | 544576 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (f) | 460000 | 468746 |
| Tenet Healthcare Corp 4.25% 6/1/2029  | 735000 | 712815 |
| Tenet Healthcare Corp 4.375% 1/15/2030  | 745000 | 721160 |
| Tenet Healthcare Corp 4.625% 6/15/2028  | 1320000 | 1303449 |
| Tenet Healthcare Corp 6.125% 6/15/2030  | 2275000 | 2312826 |
| Tenet Healthcare Corp 6.75% 5/15/2031 (n) | 240000 | 248301 |
| US Acute Care Solutions LLC 9.75% 5/15/2029 (f) | 1385000 | 1428542 |
|  |  | 25641096 |
| Health Care Technology - 0.4% |  |  |
| IQVIA Inc 6.25% 6/1/2032 (f) | 1930000 | 1980602 |
| IQVIA Inc 6.5% 5/15/2030 (f)(n) | 1515000 | 1561938 |
|  |  | 3542540 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (f) | 665000 | 624259 |
| Charles River Laboratories International Inc 4% 3/15/2031 (f)(n) | 170000 | 155770 |
|  |  | 780029 |
| Pharmaceuticals - 1.1% |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (f) | 3610000 | 3641660 |
| Bausch Health Americas Inc 9.25% 4/1/2026 (f) | 2040000 | 2027250 |
| Bausch Health Cos Inc 11% 9/30/2028 (f) | 670000 | 663300 |
| Bausch Health Cos Inc 5.25% 1/30/2030 (f) | 285000 | 180459 |
| Jazz Securities DAC 4.375% 1/15/2029 (f) | 810000 | 782392 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (f)(n) | 415000 | 399135 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (f)(n) | 895000 | 776732 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 6.75% 5/15/2034 (f)(n) | 380000 | 364931 |
|  |  | 8835859 |
| TOTAL HEALTH CARE |  | 46369954 |
| Industrials - 10.2% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| ATI Inc 4.875% 10/1/2029  | 720000 | 705219 |
| ATI Inc 5.875% 12/1/2027  | 770000 | 770351 |
| BWX Technologies Inc 4.125% 6/30/2028 (f) | 2000000 | 1951139 |
| Moog Inc 4.25% 12/15/2027 (f) | 400000 | 390525 |
| Spirit AeroSystems Inc 9.75% 11/15/2030 (f) | 565000 | 623111 |
| TransDigm Inc 6% 1/15/2033 (f) | 2350000 | 2362769 |
| TransDigm Inc 6.375% 3/1/2029 (f) | 2420000 | 2482778 |
| TransDigm Inc 6.375% 5/31/2033 (f) | 4960000 | 4964497 |
|  |  | 14250389 |
| Air Freight & Logistics - 0.3% |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (f)(n) | 2055000 | 2063549 |
| Building Products - 1.4% |  |  |
| Advanced Drainage Systems Inc 6.375% 6/15/2030 (f) | 1225000 | 1252877 |
| BCPE Ulysses Intermediate Inc 7.75% 4/1/2027 pay-in-kind (d)(f) | 1310000 | 1266147 |
| Builders FirstSource Inc 4.25% 2/1/2032 (f)(n) | 1270000 | 1176605 |
| Builders FirstSource Inc 6.75% 5/15/2035 (f) | 1005000 | 1034763 |
| Camelot Return Merger Sub Inc 8.75% 8/1/2028 (f)(n) | 1495000 | 1378704 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (f) | 1935000 | 1977903 |
| JH North America Holdings Inc 6.125% 7/31/2032 (f)(n) | 775000 | 787868 |
| Masterbrand Inc 7% 7/15/2032 (f) | 1140000 | 1164227 |
| Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC 6.75% 4/1/2032 (f) | 305000 | 312826 |
| MIWD Holdco II LLC / MIWD Finance Corp 5.5% 2/1/2030 (f)(n) | 590000 | 560863 |
|  |  | 10912783 |
| Commercial Services & Supplies - 3.0% |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6% 6/1/2029 (f) | 1060000 | 1030925 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp 6.875% 6/15/2030 (f) | 1115000 | 1130124 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (f) | 1260000 | 1316312 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl 4.625% 6/1/2028 (f) | 1365000 | 1323693 |
| Artera Services LLC 8.5% 2/15/2031 (f)(n) | 4495000 | 3743081 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 3090000 | 2850946 |
| Clean Harbors Inc 6.375% 2/1/2031 (f) | 910000 | 932316 |
| CoreCivic Inc 8.25% 4/15/2029 (n) | 1530000 | 1622190 |
| GEO Group Inc/The 10.25% 4/15/2031  | 1535000 | 1683524 |
| GEO Group Inc/The 8.625% 4/15/2029  | 750000 | 794047 |
| GFL Environmental Inc 6.75% 1/15/2031 (f) | 555000 | 580765 |
| Madison IAQ LLC 4.125% 6/30/2028 (f) | 400000 | 388589 |
| Madison IAQ LLC 5.875% 6/30/2029 (f) | 1615000 | 1588795 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 2870000 | 2776725 |
| OT Midco Inc 10% 2/15/2030 (f) | 1265000 | 977578 |
| Waste Pro USA Inc 7% 2/1/2033 (f) | 710000 | 737064 |
| Williams Scotsman Inc 6.625% 4/15/2030 (f) | 550000 | 571313 |
|  |  | 24047987 |
| Construction & Engineering - 0.5% |  |  |
| Pike Corp 5.5% 9/1/2028 (f) | 1425000 | 1424069 |
| Pike Corp 8.625% 1/31/2031 (f) | 850000 | 924442 |
| Railworks Holdings LP / Railworks Rally Inc 8.25% 11/15/2028 (f) | 1295000 | 1324137 |
|  |  | 3672648 |
| Electrical Equipment - 0.0% |  |  |
| Sensata Technologies BV 4% 4/15/2029 (f) | 700000 | 665756 |
| Ground Transportation - 0.5% |  |  |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.25% 1/15/2030 (f)(n) | 155000 | 161881 |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc 8.375% 6/15/2032 (f)(n) | 770000 | 805589 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (f) | 1155000 | 1178531 |
| XPO Inc 6.25% 6/1/2028 (f) | 205000 | 208061 |
| XPO Inc 7.125% 2/1/2032 (f)(n) | 975000 | 1021866 |
| XPO Inc 7.125% 6/1/2031 (f)(n) | 345000 | 360657 |
|  |  | 3736585 |
| Machinery - 0.5% |  |  |
| Beach Acquisition Bidco LLC 10% 7/15/2033 pay-in-kind (d)(f)(p) | 1470000 | 1523677 |
| Enpro Inc 6.125% 6/1/2033 (f)(n) | 1160000 | 1185893 |
| Mueller Water Products Inc 4% 6/15/2029 (f) | 1277000 | 1225969 |
|  |  | 3935539 |
| Passenger Airlines - 0.2% |  |  |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (f)(n) | 145000 | 148081 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (f)(n) | 560000 | 587179 |
| JetBlue Airways Corp / JetBlue Loyalty LP 9.875% 9/20/2031 (f) | 615000 | 598322 |
|  |  | 1333582 |
| Professional Services - 0.9% |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (f)(n) | 1560000 | 1605479 |
| Booz Allen Hamilton Inc 3.875% 9/1/2028 (f)(n) | 2038000 | 1969463 |
| CACI International Inc 6.375% 6/15/2033 (f) | 1505000 | 1553082 |
| Science Applications International Corp 4.875% 4/1/2028 (f)(n) | 630000 | 620233 |
| TriNet Group Inc 3.5% 3/1/2029 (f) | 415000 | 389997 |
| TriNet Group Inc 7.125% 8/15/2031 (f)(n) | 590000 | 614542 |
|  |  | 6752796 |
| Trading Companies & Distributors - 1.0% |  |  |
| Fortress Transportation and Infrastructure Investors LLC 5.875% 4/15/2033 (f) | 480000 | 473957 |
| Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (f) | 385000 | 397523 |
| Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (f) | 1090000 | 1156504 |
| Herc Holdings Inc 7% 6/15/2030 (f) | 1530000 | 1597867 |
| Herc Holdings Inc 7.25% 6/15/2033 (f) | 1100000 | 1152581 |
| QXO Building Products Inc 6.75% 4/30/2032 (f) | 1140000 | 1174430 |
| United Rentals North America Inc 6% 12/15/2029 (f)(n) | 365000 | 373795 |
| United Rentals North America Inc 6.125% 3/15/2034 (f) | 1925000 | 1982795 |
|  |  | 8309452 |
| Transportation Infrastructure - 0.1% |  |  |
| Beacon Mobility Corp 7.25% 8/1/2030 (f)(p) | 685000 | 699407 |
| TOTAL INDUSTRIALS |  | 80380473 |
| Information Technology - 4.6% |  |  |
| Communications Equipment - 0.1% |  |  |
| Viasat Inc 6.5% 7/15/2028 (f) | 730000 | 689916 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Coherent Corp 5% 12/15/2029 (f)(n) | 1990000 | 1954444 |
| Insight Enterprises Inc 6.625% 5/15/2032 (f)(n) | 635000 | 654136 |
| Lightning Power LLC 7.25% 8/15/2032 (f) | 1035000 | 1089287 |
| Sensata Technologies Inc 3.75% 2/15/2031 (f) | 365000 | 332705 |
| TTM Technologies Inc 4% 3/1/2029 (f) | 1640000 | 1566958 |
|  |  | 5597530 |
| IT Services - 1.2% |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (f) | 1745000 | 1665204 |
| Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (f)(n) | 825000 | 843526 |
| Ahead DB Holdings LLC 6.625% 5/1/2028 (f) | 1580000 | 1584841 |
| ASGN Inc 4.625% 5/15/2028 (f) | 635000 | 619299 |
| Cogent Communications Group LLC / Cogent Finance Inc 7% 6/15/2027 (f) | 935000 | 936670 |
| CoreWeave Inc 9.25% 6/1/2030 (f) | 1475000 | 1507942 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (f) | 1232000 | 1164172 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 5.25% 12/1/2027 (f) | 322000 | 321561 |
| Sabre GLBL Inc 11.125% 7/15/2030 (f) | 775000 | 810650 |
|  |  | 9453865 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Entegris Inc 3.625% 5/1/2029 (f)(n) | 630000 | 597068 |
| Entegris Inc 5.95% 6/15/2030 (f) | 2980000 | 3027364 |
| ON Semiconductor Corp 3.875% 9/1/2028 (f)(n) | 827000 | 800022 |
| Wolfspeed Inc 7.9583% 6/23/2030 (f)(h)(q) | 471331 | 463082 |
|  |  | 4887536 |
| Software - 1.7% |  |  |
| Cloud Software Group Inc 6.5% 3/31/2029 (f) | 1840000 | 1857136 |
| Cloud Software Group Inc 8.25% 6/30/2032 (f)(n) | 385000 | 409728 |
| Cloud Software Group Inc 9% 9/30/2029 (f)(n) | 2880000 | 2985194 |
| Elastic NV 4.125% 7/15/2029 (f) | 1205000 | 1151403 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (f) | 160000 | 163631 |
| Fair Isaac Corp 5.25% 5/15/2026 (f) | 167000 | 167085 |
| Fair Isaac Corp 6% 5/15/2033 (f) | 1795000 | 1811453 |
| Gen Digital Inc 6.25% 4/1/2033 (f)(n) | 980000 | 1006305 |
| Gen Digital Inc 7.125% 9/30/2030 (f)(n) | 340000 | 352865 |
| McAfee Corp 7.375% 2/15/2030 (f) | 605000 | 571352 |
| Rackspace Finance LLC 3.5% 5/15/2028 (f) | 815325 | 327755 |
| SS&C Technologies Inc 5.5% 9/30/2027 (f) | 270000 | 270237 |
| SS&C Technologies Inc 6.5% 6/1/2032 (f) | 655000 | 679966 |
| UKG Inc 6.875% 2/1/2031 (f)(n) | 945000 | 980508 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 780000 | 787348 |
|  |  | 13521966 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Seagate Data Storage Technology Pte Ltd 5.75% 12/1/2034 (f) | 755000 | 751225 |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (f) | 930000 | 943884 |
| Seagate Data Storage Technology Pte Ltd 8.25% 12/15/2029 (f) | 345000 | 369150 |
| Seagate Data Storage Technology Pte Ltd 8.5% 7/15/2031 (f) | 415000 | 444050 |
|  |  | 2508309 |
| TOTAL INFORMATION TECHNOLOGY |  | 36659122 |
| Materials - 6.2% |  |  |
| Chemicals - 2.9% |  |  |
| Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/2031 (f) | 890000 | 938316 |
| Axalta Coating Systems LLC 3.375% 2/15/2029 (f) | 330000 | 312576 |
| Celanese US Holdings LLC 6.5% 4/15/2030 (n) | 635000 | 649971 |
| Celanese US Holdings LLC 6.75% 4/15/2033 (n) | 1265000 | 1278138 |
| Chemours Co/The 4.625% 11/15/2029 (f) | 2025000 | 1762631 |
| Chemours Co/The 5.75% 11/15/2028 (f)(n) | 2125000 | 1991774 |
| Chemours Co/The 8% 1/15/2033 (f) | 400000 | 374563 |
| CVR Partners LP / CVR Nitrogen Finance Corp 6.125% 6/15/2028 (f) | 1029000 | 1027700 |
| Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (d)(f) | 2708262 | 2423894 |
| LSB Industries Inc 6.25% 10/15/2028 (f) | 620000 | 615483 |
| Methanex US Operations Inc 6.25% 3/15/2032 (f) | 1445000 | 1440799 |
| Olin Corp 6.625% 4/1/2033 (f) | 790000 | 777533 |
| Olympus Water US Holding Corp 4.25% 10/1/2028 (f) | 740000 | 703712 |
| Olympus Water US Holding Corp 6.25% 10/1/2029 (f)(n) | 1325000 | 1264273 |
| Olympus Water US Holding Corp 7.25% 6/15/2031 (f)(n) | 770000 | 785400 |
| Olympus Water US Holding Corp 9.75% 11/15/2028 (f)(n) | 785000 | 826629 |
| Scih Salt Hldgs Inc 4.875% 5/1/2028 (f) | 1510000 | 1471176 |
| Scih Salt Hldgs Inc 6.625% 5/1/2029 (f) | 1340000 | 1310123 |
| Tronox Inc 4.625% 3/15/2029 (f)(n) | 765000 | 660125 |
| WR Grace Holdings LLC 5.625% 8/15/2029 (f) | 2635000 | 2385166 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (f)(n) | 295000 | 302085 |
|  |  | 23302067 |
| Construction Materials - 0.4% |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (f) | 1525000 | 1568188 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 1370000 | 1436386 |
| VM Consolidated Inc 5.5% 4/15/2029 (f) | 400000 | 392688 |
|  |  | 3397262 |
| Containers & Packaging - 1.9% |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4% 9/1/2029 (f) | 2625000 | 2396302 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 6% 6/15/2027 (f) | 1155000 | 1158548 |
| Ball Corp 2.875% 8/15/2030  | 365000 | 329008 |
| Ball Corp 3.125% 9/15/2031  | 405000 | 363349 |
| Ball Corp 6% 6/15/2029  | 440000 | 450543 |
| Clydesdale Acquisition Holdings Inc 6.625% 4/15/2029 (f) | 1460000 | 1481148 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (f) | 1000000 | 1026268 |
| Clydesdale Acquisition Holdings Inc 8.75% 4/15/2030 (f)(n) | 1525000 | 1559807 |
| Crown Americas LLC 5.875% 6/1/2033 (f)(n) | 1940000 | 1953260 |
| Graham Packaging Co Inc 7.125% 8/15/2028 (f) | 1180000 | 1177821 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (f)(n) | 500000 | 468615 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (f)(n) | 1520000 | 1552036 |
| Sealed Air Corp 5% 4/15/2029 (f) | 890000 | 880303 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (f) | 435000 | 441378 |
|  |  | 15238386 |
| Metals & Mining - 1.0% |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (f) | 300000 | 314846 |
| Alumina Pty Ltd 6.375% 9/15/2032 (f) | 2370000 | 2408422 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (f) | 145000 | 124031 |
| Cleveland-Cliffs Inc 6.875% 11/1/2029 (f) | 400000 | 393816 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (f)(n) | 1535000 | 1446985 |
| Cleveland-Cliffs Inc 7.375% 5/1/2033 (f)(n) | 400000 | 375583 |
| Commercial Metals Co 3.875% 2/15/2031  | 440000 | 403826 |
| Commercial Metals Co 4.125% 1/15/2030 (n) | 575000 | 549945 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (f) | 1595000 | 1560565 |
|  |  | 7578019 |
| TOTAL MATERIALS |  | 49515734 |
| Real Estate - 2.0% |  |  |
| Diversified REITs - 0.9% |  |  |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (f) | 640000 | 599552 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (f) | 1139000 | 1207388 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (f) | 1870000 | 1807410 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 8.625% 6/15/2032 (f) | 940000 | 949539 |
| Vici Properties LP / Vici Note Co Inc 4.125% 8/15/2030 (f) | 730000 | 700668 |
| Vornado Realty LP 3.4% 6/1/2031  | 885000 | 789489 |
|  |  | 6054046 |
| Health Care REITs - 0.3% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (f) | 800000 | 763626 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 327000 | 231180 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 205000 | 161518 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027 (n) | 1737000 | 1604217 |
|  |  | 2760541 |
| Hotel & Resort REITs - 0.2% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (f) | 820000 | 794502 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (f) | 300000 | 308531 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (f)(n) | 840000 | 864147 |
|  |  | 1967180 |
| Real Estate Management & Development - 0.4% |  |  |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp 9.75% 4/15/2030 (f) | 785000 | 797649 |
| Howard Hughes Corp/The 4.125% 2/1/2029 (f) | 555000 | 528522 |
| Howard Hughes Corp/The 4.375% 2/1/2031 (f) | 455000 | 419894 |
| Kennedy-Wilson Inc 4.75% 2/1/2030 (n) | 975000 | 892925 |
| Taylor Morrison Communities Inc 5.125% 8/1/2030 (f)(n) | 637000 | 634761 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (f) | 167000 | 169255 |
|  |  | 3443006 |
| Specialized REITs - 0.2% |  |  |
| Iron Mountain Inc 4.5% 2/15/2031 (f) | 365000 | 347769 |
| Iron Mountain Inc 6.25% 1/15/2033 (f) | 395000 | 406141 |
| SBA Communications Corp 3.125% 2/1/2029 (n) | 1077000 | 1017203 |
| SBA Communications Corp 3.875% 2/15/2027  | 167000 | 164428 |
|  |  | 1935541 |
| TOTAL REAL ESTATE |  | 16160314 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 2.2% |  |  |
| Clearway Energy Operating LLC 3.75% 1/15/2032 (f) | 170000 | 152558 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (f)(n) | 1200000 | 1101862 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (f) | 585000 | 578030 |
| Edison International 7.875% 6/15/2054 (d)(n) | 865000 | 819472 |
| Edison International 8.125% 6/15/2053 (d)(n) | 230000 | 222156 |
| NRG Energy Inc 3.625% 2/15/2031 (f) | 525000 | 483160 |
| NRG Energy Inc 5.25% 6/15/2029 (f) | 1405000 | 1397310 |
| NRG Energy Inc 5.75% 7/15/2029 (f) | 1075000 | 1076381 |
| NRG Energy Inc 6.25% 11/1/2034 (f) | 1360000 | 1385633 |
| PG&E Corp 7.375% 3/15/2055 (d) | 3377000 | 3198087 |
| Vistra Operations Co LLC 4.375% 5/1/2029 (f)(n) | 1480000 | 1442420 |
| Vistra Operations Co LLC 5% 7/31/2027 (f) | 167000 | 166795 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (f) | 1455000 | 1455995 |
| Vistra Operations Co LLC 6.875% 4/15/2032 (f)(n) | 1170000 | 1223214 |
| Vistra Operations Co LLC 7.75% 10/15/2031 (f) | 670000 | 712105 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (f)(n) | 580000 | 594577 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (f)(n) | 895000 | 955953 |
| XPLR Infrastructure Operating Partners LP 8.625% 3/15/2033 (f)(n) | 295000 | 316174 |
|  |  | 17281882 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Alpha Generation LLC 6.75% 10/15/2032 (f) | 1670000 | 1721511 |
| Sunnova Energy Corp 5.875% (f)(j) | 2255000 | 45100 |
|  |  | 1766611 |
| TOTAL UTILITIES |  | 19048493 |
| TOTAL UNITED STATES |  | 523347697 |
| ZAMBIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| First Quantum Minerals Ltd 6.875% 10/15/2027 (f) | 798000 | 795087 |
| First Quantum Minerals Ltd 8% 3/1/2033 (f) | 855000 | 876965 |
| First Quantum Minerals Ltd 8.625% 6/1/2031 (f) | 260000 | 269235 |
| First Quantum Minerals Ltd 9.375% 3/1/2029 (f) | 1905000 | 2018634 |
| TOTAL ZAMBIA |  | 3959921 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $624,402,885) |  | <br> **627169719** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| MicroStrategy Inc 10% <br>(Cost $1,563,999)<br>| 18400 | **1639440** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 2.5%** | &nbsp;&nbsp;**Preferred Securities - 2.5%** | &nbsp;&nbsp;**Preferred Securities - 2.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA 7.45% (d)(f)(r) | 1100000 | 1107496 |
| SWITZERLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| UBS Group AG 7% (d)(f)(r) | 430000 | 439480 |
| UNITED KINGDOM - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Barclays PLC 7.625% (d)(r) | 1180000 | 1188882 |
| HSBC Holdings PLC 7.05% (d)(r) | 1545000 | 1570383 |
| TOTAL UNITED KINGDOM |  | 2759265 |
| UNITED STATES - 2.0%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Energy Transfer LP Series G, 7.125% (d)(r) | 1560000 | 1603315 |
| Mesquite Energy Inc 7.25% (h)(j)(r) | 5722000 | 57220 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (d)(e)(r) | 1885000 | 1910391 |
|  |  | 3570926 |
| Financials - 1.5% |  |  |
| Banks - 0.9% |  |  |
| Bank of America Corp 5.875% (d)(n)(r) | 1360000 | 1406356 |
| BW Real Estate Inc 9.5% (d)(f)(r) | 465000 | 478539 |
| Citigroup Inc 6.75% (d)(r) | 965000 | 980425 |
| Citigroup Inc 6.95% (d)(r) | 395000 | 406927 |
| Citigroup Inc 7.125% (d)(r) | 1595000 | 1658498 |
| JPMorgan Chase & Co 6.5% (d)(r) | 1575000 | 1652214 |
| Wells Fargo & Co 7.625% (d)(n)(r) | 385000 | 414784 |
|  |  | 6997743 |
| Capital Markets - 0.3% |  |  |
| Charles Schwab Corp/The 4% (d)(r) | 870000 | 809806 |
| Goldman Sachs Group Inc/The 6.125% (d)(r) | 395000 | 398938 |
| Goldman Sachs Group Inc/The 6.85% (d)(r) | 1400000 | 1486448 |
|  |  | 2695192 |
| Consumer Finance - 0.3% |  |  |
| Ally Financial Inc 4.7% (d)(r) | 1110000 | 1002164 |
| Ally Financial Inc 4.7% (d)(r) | 1285000 | 1248398 |
|  |  | 2250562 |
| TOTAL FINANCIALS |  | 11943497 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 5% (d)(r) | 275000 | 241681 |
| TOTAL UNITED STATES |  | 15756104 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $23,871,094) |  | <br> **20062345** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** | &nbsp;&nbsp;**Money Market Funds - 12.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (s) | 4.32 | 20109368 | 20113390 |
| Fidelity Securities Lending Cash Central Fund (s)(t) | 4.32 | 77371018 | 77378755 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $97,492,145) |  |  | **97492145** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 110.3%**<br> (Cost $863,015,690)<br>| <br>**874601020** |
| **NET OTHER ASSETS (LIABILITIES) - (10.3)%**  | **(81689153)** |
| **NET ASSETS - 100.0%** | **792911867** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,793,700 or 1.7% of net assets.

(c) Affiliated Fund

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $570,335,162 or 71.9% of net assets.

(g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(h) Level 3 security

(i) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(j) Non-income producing - Security is in default.

(k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $431,355 and $431,355, respectively.

(l) Non-income producing

(m) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(n) Security or a portion of the security is on loan at period end.

(o) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $323,425 or 0.0% of net assets.

(p) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(q) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(r) Security is perpetual in nature with no stated maturity date.

(s) 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.

(t) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Fidelity Private Credit Company LLC | 4/23/22 - 6/09/25 | 14199031 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9446852 | 178115252 | 167448714 | 392564 | - | - | 20113390 | 20109368 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 59502238 | 216792168 | 198915651 | 76130 | - | - | 77378755 | 77371018 | 0.3% |
| Total | 68949090 | 394907420 | 366364365 | 468694 | - | - | 97492145 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 12874932 | 960373 | - | 720373 | - | (41605) | 13793700 | 1429651 |
|  | 12874932 | 960373 | - | 720373 | - | (41605) | 13793700 |  |

---

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>** |  |  |  |  |
|  **Alternative Funds** | 13793700 | - | 13793700 | - |
|  **Asset-Backed Securities** | 4449303 | - | 4449303 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 6350578 | - | 6350578 | - |
| Consumer Discretionary | 18486151 | - | 18486151 | - |
| Energy | 3797819 | - | 3797819 | - |
| Financials | 4548785 | - | 4548785 | - |
| Health Care | 4933881 | - | 4933881 | - |
| Industrials | 2028638 | - | 2028638 | - |
| Information Technology | 20569997 | - | 18520934 | 2049063 |
| Materials | 10788546 | - | 10788546 | - |
| Utilities | 1175460 | - | 1175460 | - |
|  **Commercial Mortgage Securities** | 3114629 | - | 3114629 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1255600 | 1253359 | - | 2241 |
| Energy | 16681270 | 95483 | - | 16585787 |
| Health Care | 1667732 | 831402 | - | 836330 |
| Industrials | 47834 | 47834 | - | - |
| Information Technology | 2248562 | 1291592 | - | 956970 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 3363194 | - | 3363194 | - |
| Health Care | 434085 | - | 434085 | - |
| Information Technology | 4982716 | - | 4982716 | - |
| Real Estate | 1733263 | - | 1733263 | - |
| Utilities | 580496 | - | 580496 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 1205132 | - | - | 1205132 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 67320018 | - | 67320018 | - |
| Consumer Discretionary | 85956854 | - | 85605036 | 351818 |
| Consumer Staples | 26361217 | - | 26361217 | - |
| Energy | 92292807 | - | 92292807 | - |
| Financials | 64016462 | - | 64016462 | - |
| Health Care | 49554420 | - | 49554420 | - |
| Industrials | 90170114 | - | 90170114 | - |
| Information Technology | 41678575 | - | 41215493 | 463082 |
| Materials | 70250041 | - | 70250041 | - |
| Real Estate | 16160314 | - | 16160314 | - |
| Utilities | 23408897 | - | 23408897 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 1639440 | 1639440 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 3570926 | - | 3513706 | 57220 |
| Financials | 16249738 | - | 16249738 | - |
| Utilities | 241681 | - | 241681 | - |
|  **Money Market Funds** | 97492145 | 97492145 | - | - |
| **Total Investments in Securities:** | 874601020 | 102651255 | 749442122 | 22507643 |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at June 30, 2025($)** |
| **Bank Loan Obligations** | 2798134 | 16811 | (22889) | (163) | (749068) | 6238 | - | - | 2049063 | (3011) |
| **Common Stocks** | 9064288 | 42860 | 9315980 | 16666 | (58466) | - | - | - | 18381328 | 9315981 |
| **Convertible Preferred Stocks** | - | - | 21142 | 1183990 | - | - | - | - | 1205132 | 21143 |
| **Preferred Securities** | - | - | (5223088) | 5280308 | - | - | - | - | 57220 | (5223088) |
| **Non-Convertible Corporate Bonds** | 1342689 | - | 5410020 | 343902 | (6173108) | (108603) | - | - | 814900 | 17449 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |  |  |  |

---

**Financial Statements (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 (including securities loaned of $74,587,562) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $751,324,514) | $763315175 |  |
| Fidelity Central Funds (cost $97,492,145) | 97492145 |  |
| Other affiliated issuers (cost $14,199,031) | 13793700 |  |
| Total Investment in Securities (cost $863,015,690) |  | $874601020 |
| Cash |  | 147098 |
| Receivable for investments sold |  | 8456865 |
| Receivable for fund shares sold |  | 362974 |
| Interest receivable |  | 10970667 |
| Distributions receivable from Fidelity Central Funds |  | 100178 |
| **Total assets** |  | 894638802 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $20358115 |  |
| Delayed delivery | 2935957 |  |
| Payable for fund shares redeemed | 552776 |  |
| Accrued management fee | 415714 |  |
| Distribution and service plan fees payable | 35614 |  |
| Other payables and accrued expenses | 50004 |  |
| Collateral on securities loaned | 77378755 |  |
| **Total liabilities** |  | 101726935 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $792911867 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $927676528 |
| Total accumulated earnings (loss) |  | (134764661) |
| **Net Assets** |  | $792911867 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($232,205,038 ÷ 46,854,947 shares) |  | $4.96 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($43,390,313 ÷ 8,827,828 shares) |  | $4.92 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($155,435,252 ÷ 33,148,001 shares) |  | $4.69 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($361,881,264 ÷ 73,679,717 shares) |  | $4.91 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $442416 |
| Affiliated issuers |  | 720373 |
| Interest  |  | 26455360 |
| Income from Fidelity Central Funds (including $76,130 from security lending)  |  | 468694 |
| **Total income** |  | 28086843 |
| **Expenses** |  |  |
| Management fee | $2486964 |  |
| Distribution and service plan fees | 206027 |  |
| Custodian fees and expenses | 7641 |  |
| Independent trustees' fees and expenses | 1453 |  |
| Audit fees | 47342 |  |
| Legal | 11244 |  |
| Interest | 4901 |  |
| Miscellaneous | 1756 |  |
| Total expenses before reductions | 2767328 |  |
| Expense reductions | (54858) |  |
| Total expenses after reductions |  | 2712470 |
| **Net Investment income (loss)** |  | 25374373 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4796135) |  |
| Foreign currency transactions | 372 |  |
| Total net realized gain (loss) |  | (4795763) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 17765137 |  |
| Affiliated issuers  | (41605) |  |
| Total change in net unrealized appreciation (depreciation) |  | 17723532 |
| **Net gain (loss)** |  | 12927769 |
| **Net increase (decrease) in net assets resulting from operations** |  | $38302142 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25374373 | $50391196 |
| &nbsp;&nbsp;Net realized gain (loss) | (4795763)<br>| (15918448)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 17723532 | 31098697<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 38302142<br>| 65571445<br>|
| Distributions to shareholders | (1614785)<br>| (46744062)<br>|
| Share transactions - net increase (decrease) | (22033505)<br>| (10705545)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14653852<br>| 8121838<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 778258015 | 770136177<br>|
| &nbsp;&nbsp;End of period | $792911867 | $778258015 |

---

**Financial Highlights** 

**VIP High Income Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.72 | $4.60 | $4.41 | $5.25 | $5.31 | $5.43 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .160  | .313  | .281  | .251  | .245  | .266  |
| Net realized and unrealized gain (loss)  | .089  | .102  | .175  | (.842)  | (.016)  | (.121)  |
| Total from investment operations  | .249  | .415  | .456  | (.591)  | .229  | .145  |
| Distributions from net investment income  | (.009)  | (.295)  | (.266)  | (.249)  | (.289)  | (.265)  |
| Total distributions  | (.009)  | (.295)  | (.266)  | (.249)  | (.289)  | (.265)  |
| Net asset value, end of period  | $4.96 | $4.72 | $4.60 | $4.41 | $5.25 | $5.31 |
| **Total Return** C,D,E | 5.28% <br>| 8.97%  | 10.48%  | (11.37)%  | 4.41%  | 2.75%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .66%  | .68%  | .72%  | .67%  | .67%  |
| Expenses net of fee waivers, if any  | .64% H<br>| .65%  | .67%  | .71%  | .66%  | .67%  |
| Expenses net of all reductions, if any  | .64% H | .64%  | .67%  | .71%  | .66%  | .67%  |
| Net investment income (loss)  | 6.75% H | 6.55%  | 6.15%  | 5.22%  | 4.57%  | 5.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $232205 | $229560 | $239269 | $235522 | $312771 | $313973 |
| Portfolio turnover rate I | 99% H<br>| 42%  | 48%  | 32%  | 66%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.68 | $4.56 | $4.37 | $5.21 | $5.26 | $5.38 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .156  | .305  | .274  | .244  | .238  | .259  |
| Net realized and unrealized gain (loss)  | .093  | .095  | .179  | (.840)  | (.007)  | (.120)  |
| Total from investment operations  | .249  | .400  | .453  | (.596)  | .231  | .139  |
| Distributions from net investment income  | (.009)  | (.280)  | (.263)  | (.244)  | (.281)  | (.259)  |
| Total distributions  | (.009)  | (.280)  | (.263)  | (.244)  | (.281)  | (.259)  |
| Net asset value, end of period  | $4.92 | $4.68 | $4.56 | $4.37 | $5.21 | $5.26 |
| **Total Return** C,D,E | 5.33% <br>| 8.72%  | 10.50%  | (11.56)%  | 4.50%  | 2.65%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .76% H | .75%  | .78%  | .81%  | .77%  | .77%  |
| Expenses net of fee waivers, if any  | .74% H<br>| .74%  | .77%  | .81%  | .76%  | .77%  |
| Expenses net of all reductions, if any  | .74% H | .74%  | .77%  | .81%  | .76%  | .77%  |
| Net investment income (loss)  | 6.65% H | 6.46%  | 6.05%  | 5.12%  | 4.47%  | 5.04%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $43390 | $43831 | $64790 | $43707 | $53927 | $53326 |
| Portfolio turnover rate I | 99% H<br>| 42%  | 48%  | 32%  | 66%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.47 | $4.38 | $4.21 | $5.03 | $5.09 | $5.22 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .146  | .286  | .257  | .228  | .222  | .244  |
| Net realized and unrealized gain (loss)  | .084  | .094  | .168  | (.809)  | (.009)  | (.121)  |
| Total from investment operations  | .230  | .380  | .425  | (.581)  | .213  | .123  |
| Distributions from net investment income  | (.010)  | (.290)  | (.255)  | (.239)  | (.273)  | (.253)  |
| Total distributions  | (.010)  | (.290)  | (.255)  | (.239)  | (.273)  | (.253)  |
| Net asset value, end of period  | $4.69 | $4.47 | $4.38 | $4.21 | $5.03 | $5.09 |
| **Total Return** C,D,E | 5.15% <br>| 8.62%  | 10.24%  | (11.67)%  | 4.29%  | 2.42%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .91% H | .91%  | .93%  | .96%  | .92%  | .92%  |
| Expenses net of fee waivers, if any  | .90% H<br>| .90%  | .92%  | .96%  | .91%  | .92%  |
| Expenses net of all reductions, if any  | .90% H | .90%  | .92%  | .96%  | .91%  | .92%  |
| Net investment income (loss)  | 6.49% H | 6.30%  | 5.90%  | 4.97%  | 4.32%  | 4.89%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $155435 | $156357 | $128067 | $127406 | $166773 | $170257 |
| Portfolio turnover rate I | 99% H<br>| 42%  | 48%  | 32%  | 66%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP High Income Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $4.68 | $4.56 | $4.38 | $5.22 | $5.27 | $5.39 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .158  | .309  | .278  | .248  | .242  | .263  |
| Net realized and unrealized gain (loss)  | .082  | .106  | .167  | (.840)  | (.004)  | (.119)  |
| Total from investment operations  | .240  | .415  | .445  | (.592)  | .238  | .144  |
| Distributions from net investment income  | (.010)  | (.295)  | (.265)  | (.248)  | (.288)  | (.264)  |
| Total distributions  | (.010)  | (.295)  | (.265)  | (.248)  | (.288)  | (.264)  |
| Net asset value, end of period  | $4.91 | $4.68 | $4.56 | $4.38 | $5.22 | $5.27 |
| **Total Return** C,D,E | 5.14% <br>| 9.05%  | 10.30%  | (11.46)%  | 4.63%  | 2.74%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .70% H | .70%  | .71%  | .75%  | .70%  | .71%  |
| Expenses net of fee waivers, if any  | .68% H<br>| .69%  | .70%  | .75%  | .70%  | .71%  |
| Expenses net of all reductions, if any  | .68% H | .68%  | .70%  | .75%  | .70%  | .71%  |
| Net investment income (loss)  | 6.71% H | 6.51%  | 6.12%  | 5.19%  | 4.53%  | 5.11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $361881 | $348510 | $338010 | $336906 | $441896 | $431557 |
| Portfolio turnover rate I | 99% H<br>| 42%  | 48%  | 32%  | 66%  | 72%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP High Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the six month period ended June 30, 2025 was 9.80%.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker and valuations using NAV as a practical expedient.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Bank Loan Obligations | $2049063  | Discounted cash flow  | Yield  | 11.1% | Decrease |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
| Common Stocks | $18381328  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.8 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 0.4 | Increase |
|  |  | Market approach  | Transaction price  | $13.75 | Increase |
|  |  | Discounted cash flow  | Discount rate  | 9.1% | Decrease |
|  |  | Black scholes  | Discount rate | 3.9% | Increase |
|  |  |  | Term | 4.0 | Increase |
|  |  |  | Volatility | 60.0% | Increase |
| Convertible Preferred Stocks | $1205132  | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA) | 22.1 | Increase |
| Non-Convertible Corporate Bonds | $814900  | Market approach  | Transaction price | $100.00  | Increase |
|  |  | Discounted cash flow  | Yield | 15.9% | Decrease |
| Preferred Securities | $57220  | Indicative market price  | Evaluated bid | $1.00 | Increase |

---

*A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.* 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds, foreign currency transactions, market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $41450279 |
| **Gross unrealized depreciation** | <u>(24185644)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$17264635</u> |
| **Tax cost** | <u>$857336385</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(51797224) |
| Long-term | <u>(121599069)</u> |
| **Total capital loss carryforward** | <u>$(173396293)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment. The commitment amount for Wolfspeed New 2L Convertible Notes represents the maximum amount of the commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **VIP High Income Portfolio** | Fidelity Private Credit Company LLC | 1100010 |
| **VIP High Income Portfolio** | Wolfspeed New 2L Convertible Notes | 313159 |

---

**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.

**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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP High Income Portfolio** | 345806605 | 338861744 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .10% of Service Class' average net assets and .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class** | $21459 |
| **Service Class 2** | <u>184568</u> |
|  | <u>$206027</u> |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP High Income Portfolio** | Borrower | 19274500 | 4.58% | 4901 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP High Income Portfolio** | - | 592874 | 90455 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP High Income Portfolio** | 623 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP High Income Portfolio** | 7930 | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2026. During the period, this waiver reduced the Fund's management fee by $47,287.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7,571.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP High Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $434159 | $13658357 |
| Service Class | 82527 | 2500065 |
| Service Class 2 | 354888 | 9839737 |
| Investor Class | <u>743211</u> | <u>20745903</u> |
| Total  | <u>$1614785</u> | <u>$46744062</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP High Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 2618094 | 4541977 | $12512567 | $21979321 |
| Reinvestment of distributions | 90649 | 2870141 | 434159 | 13658357 |
| Shares redeemed | <u>(4532527)</u> | <u>(10755831)</u> | <u>(21615643)</u> | <u>(52214040)</u> |
| Net increase (decrease) | <u>(1823784)</u> | <u>(3343713)</u> | <u>$(8668917)</u> | <u>$(16576362)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 364675 | 940380 | $1716312 | $4560148 |
| Reinvestment of distributions | 17374 | 529870 | 82527 | 2500065 |
| Shares redeemed | <u>(920827)</u> | <u>(6321936)</u> | <u>(4357369)</u> | <u>(30874434)</u> |
| Net increase (decrease) | <u>(538778)</u> | <u>(4851686)</u> | <u>$(2558530)</u> | <u>$(23814221)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 10195460 | 14991891 | $46229889 | $69337250 |
| Reinvestment of distributions | 78342 | 2181760 | 354888 | 9839737 |
| Shares redeemed | <u>(12115980)</u> | <u>(11432312)</u> | <u>(53765713)</u> | <u>(51665017)</u> |
| Net increase (decrease) | <u>(1842178)</u> | <u>5741339</u> | <u>$(7180936)</u> | <u>$27511970</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 6451862 | 5777065 | $30562778 | $27767030 |
| Reinvestment of distributions | 156785 | 4396178 | 743160 | 20745500 |
| Shares redeemed | <u>(7465407)</u> | <u>(9692502)</u> | <u>(34931060)</u> | <u>(46339462)</u> |
| Net increase (decrease) | <u>(856760)</u> | <u>480741</u> | <u>$(3625122)</u> | <u>$2173068</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| **VIP High Income Portfolio** | 54% | 1 | 11% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**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 and Management Fees**

**VIP High Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Investor Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Investor Class, the Board considered the effective management fee rate for Investor Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Investor Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Investor Class of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The information provided to the Board indicated that the level of servicing for both Fidelity's and competitors' classes ranges across classes from those that provide all servicing at the class level, like Investor Class, to those that split servicing between the class level and the annuity level. When servicing is provided at the annuity level, it is not reflected in the total expense ratio of the class and, for that reason, the fees of funds that provide service at the class level are not directly comparable to the fees of funds that provide service at the annuity level. The Board considered that, although total expenses ranked above median asset-sized peer group, Fidelity believes the fees for Investor Class of the fund are reasonable given both the value proposition Fidelity offers and the disparity in servicing models within the competitive environment. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its total peer group median.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability**. The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110963_4.jpg)<br>

1.705694.127 VIPHI-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Growth Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110965_1.jpg)

![](img110965_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPGRWT-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Growth Portfolio](#Sub_Sec_Fund_212_VIPGRWT-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements212_VIPGRWT-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPGRWT-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPGRWT-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPGRWT-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPGRWT-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 Growth Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (b) | 395700 | 11075643 |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 301300 | 59253282 |
| TOTAL BELGIUM |  | 70328925 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (b) | 55082 | 143963968 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 3449000 | 33489790 |
| TOTAL BRAZIL |  | 177453758 |
| CANADA - 1.3%  |  |  |
| Information Technology - 1.3% |  |  |
| IT Services - 1.3% |  |  |
| Shopify Inc Class A (United States) (b) | 1217300 | 140415555 |
| CHINA - 2.0%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| Tencent Holdings Ltd  | 1943900 | 125256390 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.9% |  |  |
| BYD Co Ltd H Shares  | 6321500 | 98425965 |
| TOTAL CHINA |  | 223682355 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Chemometec A/S  | 152700 | 14091676 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (b) | 413400 | 44014698 |
| ISRAEL - 1.0%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (b)(c) | 2212268 | 23 |
| Gamida Cell Ltd warrants 4/21/2028 (b)(c) | 441000 | 4 |
|  |  | 27 |
| Pharmaceuticals - 0.4% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 2929400 | 49096744 |
| TOTAL HEALTH CARE |  | 49096771 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Wix.com Ltd (b) | 372200 | 58978812 |
| TOTAL ISRAEL |  | 108075583 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 856400 | 44719345 |
| NETHERLANDS - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| BE Semiconductor Industries NV  | 490000 | 73332688 |
| TAIWAN - 2.6%  |  |  |
| Information Technology - 2.6% |  |  |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| eMemory Technology Inc  | 128000 | 10338478 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 1253704 | 283951419 |
| TOTAL TAIWAN |  | 294289897 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 114110 | 25405887 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (b) | 183853 | 5769307 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| RELX PLC ADR  | 629900 | 34228767 |
| TOTAL UNITED KINGDOM |  | 65403961 |
| UNITED STATES - 87.6%  |  |  |
| Communication Services - 9.2% |  |  |
| Entertainment - 2.1% |  |  |
| Live Nation Entertainment Inc (b) | 593000 | 89709040 |
| ROBLOX Corp Class A (b) | 1330600 | 139979120 |
|  |  | 229688160 |
| Interactive Media & Services - 7.1% |  |  |
| Alphabet Inc Class A  | 2937676 | 517706642 |
| Epic Games Inc (b)(c)(d) | 5869 | 4318938 |
| Meta Platforms Inc Class A  | 365500 | 269771895 |
|  |  | 791797475 |
| TOTAL COMMUNICATION SERVICES |  | 1021485635 |
| Consumer Discretionary - 16.3% |  |  |
| Broadline Retail - 11.0% |  |  |
| Amazon.com Inc (b) | 5463380 | 1198610938 |
| Savers Value Village Inc (b)(e) | 1132500 | 11551500 |
|  |  | 1210162438 |
| Diversified Consumer Services - 0.2% |  |  |
| Duolingo Inc Class A (b) | 54800 | 22469096 |
| Hotels, Restaurants & Leisure - 2.7% |  |  |
| Airbnb Inc Class A (b) | 785500 | 103953070 |
| Booking Holdings Inc  | 20200 | 116942648 |
| Carnival Corp (b) | 904000 | 25420480 |
| Kura Sushi USA Inc Class A (b) | 211154 | 18176136 |
| Starbucks Corp  | 455100 | 41700813 |
|  |  | 306193147 |
| Household Durables - 0.5% |  |  |
| Blu Homes Inc (b)(c)(d) | 14533890 | 4506 |
| DR Horton Inc  | 186200 | 24004904 |
| TopBuild Corp (b) | 100100 | 32406374 |
|  |  | 56415784 |
| Specialty Retail - 1.9% |  |  |
| Floor & Decor Holdings Inc Class A (b) | 249500 | 18952020 |
| Lowe's Cos Inc  | 887000 | 196798690 |
|  |  | 215750710 |
| TOTAL CONSUMER DISCRETIONARY |  | 1810991175 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 694900 | 49164175 |
| Constellation Brands Inc Class A  | 405900 | 66031812 |
|  |  | 115195987 |
| Personal Care Products - 1.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 1626900 | 131453520 |
| TOTAL CONSUMER STAPLES |  | 246649507 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Cheniere Energy Inc  | 418826 | 101992508 |
| Range Resources Corp  | 1455900 | 59211453 |
|  |  | 161203961 |
| Financials - 10.0% |  |  |
| Banks - 0.3% |  |  |
| Huntington Bancshares Inc/OH  | 1335100 | 22376276 |
| M&T Bank Corp  | 110200 | 21377698 |
|  |  | 43753974 |
| Capital Markets - 1.7% |  |  |
| Evercore Inc Class A  | 128600 | 34724572 |
| Intercontinental Exchange Inc  | 655900 | 120337973 |
| Morgan Stanley  | 217900 | 30693394 |
|  |  | 185755939 |
| Consumer Finance - 1.0% |  |  |
| Capital One Financial Corp  | 520500 | 110741580 |
| Financial Services - 6.0% |  |  |
| Mastercard Inc Class A  | 491250 | 276053025 |
| Rocket Cos Inc Class A (e) | 2212454 | 31372598 |
| Toast Inc Class A (b) | 2137400 | 94665446 |
| Visa Inc Class A  | 740500 | 262914525 |
|  |  | 665005594 |
| Insurance - 1.0% |  |  |
| Arthur J Gallagher & Co  | 338036 | 108212084 |
| TOTAL FINANCIALS |  | 1113469171 |
| Health Care - 11.8% |  |  |
| Biotechnology - 3.6% |  |  |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1781700 | 17817 |
| Adamas Pharmaceuticals Inc rights (b)(c) | 1781700 | 18 |
| Alnylam Pharmaceuticals Inc (b) | 392424 | 127965543 |
| Arcellx Inc (b) | 51857 | 3414783 |
| Beam Therapeutics Inc (b) | 796270 | 13544553 |
| Biogen Inc (b) | 232200 | 29161998 |
| Blueprint Medicines Corp (b) | 36400 | 4665752 |
| Cytokinetics Inc (b) | 184431 | 6093600 |
| Exact Sciences Corp (b) | 1601500 | 85103710 |
| Gilead Sciences Inc  | 858900 | 95226243 |
| Hookipa Pharma Inc (b) | 101448 | 127317 |
| Janux Therapeutics Inc (b) | 117000 | 2702700 |
| Krystal Biotech Inc (b) | 36000 | 4948560 |
| Legend Biotech Corp ADR (b) | 318600 | 11307114 |
| Moderna Inc (b) | 357800 | 9871702 |
| Seres Therapeutics Inc (b)(e) | 20280 | 225311 |
| Synlogic Inc (b) | 76833 | 97578 |
| Vor BioPharma Inc (b)(e) | 618395 | 1001800 |
| XOMA Royalty Corp (b) | 255512 | 6438902 |
|  |  | 401915001 |
| Health Care Equipment & Supplies - 3.3% |  |  |
| Align Technology Inc (b) | 284500 | 53864385 |
| Boston Scientific Corp (b) | 2361200 | 253616492 |
| Ceribell Inc  | 105200 | 1970396 |
| Glaukos Corp (b) | 237000 | 24479730 |
| Penumbra Inc (b) | 118101 | 30308260 |
| Pulmonx Corp (b) | 211900 | 548821 |
| RxSight Inc (b) | 58000 | 754000 |
|  |  | 365542084 |
| Health Care Providers & Services - 0.8% |  |  |
| HealthEquity Inc (b) | 827496 | 86688481 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (b) | 132100 | 38042158 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (b) | 471028 | 5454504 |
| Bio-Techne Corp  | 71100 | 3658095 |
| Codexis Inc (b) | 1141000 | 2784040 |
| MaxCyte Inc (United States) (b) | 639600 | 1394328 |
|  |  | 13290967 |
| Pharmaceuticals - 3.7% |  |  |
| Aclaris Therapeutics Inc (b) | 134507 | 191000 |
| Eli Lilly & Co  | 346687 | 270252917 |
| Royalty Pharma PLC Class A  | 3622000 | 130500660 |
| Zevra Therapeutics Inc (b) | 642100 | 5656901 |
|  |  | 406601478 |
| TOTAL HEALTH CARE |  | 1312080169 |
| Industrials - 8.5% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| GE Aerospace  | 620600 | 159736234 |
| Loar Holdings Inc (b) | 9800 | 844466 |
|  |  | 160580700 |
| Building Products - 0.0% |  |  |
| Simpson Manufacturing Co Inc  | 29100 | 4519521 |
| Electrical Equipment - 1.3% |  |  |
| GE Vernova Inc  | 278025 | 147116929 |
| Ground Transportation - 0.6% |  |  |
| Uber Technologies Inc (b) | 774978 | 72305447 |
| Machinery - 2.4% |  |  |
| Deere & Co  | 285000 | 144919650 |
| Ingersoll Rand Inc  | 611415 | 50857500 |
| Westinghouse Air Brake Technologies Corp  | 288397 | 60375912 |
|  |  | 256153062 |
| Professional Services - 2.2% |  |  |
| Equifax Inc  | 683612 | 177308444 |
| KBR Inc  | 335755 | 16096095 |
| UL Solutions Inc Class A  | 660100 | 48094886 |
|  |  | 241499425 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 304845 | 66616522 |
| TOTAL INDUSTRIALS |  | 948791606 |
| Information Technology - 25.7% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Flex Ltd (b) | 991825 | 49511904 |
| Jabil Inc  | 265000 | 57796500 |
|  |  | 107308404 |
| IT Services - 0.1% |  |  |
| Gartner Inc (b) | 21800 | 8811996 |
| Semiconductors & Semiconductor Equipment - 12.1% |  |  |
| Astera Labs Inc (b) | 18300 | 1654686 |
| NVIDIA Corp  | 8276340 | 1307578957 |
| SiTime Corp (b) | 202836 | 43220295 |
|  |  | 1352453938 |
| Software - 8.6% |  |  |
| Appfolio Inc Class A (b) | 22100 | 5089188 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 2365967 | 2365967 |
| Circle Internet Group Inc Class A (e) | 17600 | 3190704 |
| CyberArk Software Ltd (b) | 52800 | 21483264 |
| Docusign Inc (b) | 458900 | 35743721 |
| HubSpot Inc (b) | 141200 | 78596156 |
| Microsoft Corp  | 1305088 | 649163822 |
| Monday.com Ltd (b) | 204700 | 64374056 |
| Nutanix Inc Class A (b) | 277688 | 21226471 |
| OpenAI Global LLC rights (b)(c)(d) | 6112033 | 8984689 |
| Palo Alto Networks Inc (b) | 168700 | 34522768 |
| SailPoint Inc  | 57900 | 1323593 |
| Zeta Global Holdings Corp Class A (b) | 1020100 | 15801349 |
| Zscaler Inc (b) | 49200 | 15445848 |
|  |  | 957311596 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Apple Inc  | 2106132 | 432115102 |
| TOTAL INFORMATION TECHNOLOGY |  | 2858001036 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 20700 | 4183677 |
| Martin Marietta Materials Inc  | 85700 | 47045872 |
|  |  | 51229549 |
| Containers & Packaging - 0.5% |  |  |
| International Paper Co  | 1292100 | 60509043 |
| Metals & Mining - 0.7% |  |  |
| Carpenter Technology Corp  | 277000 | 76557260 |
| TOTAL MATERIALS |  | 188295852 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Zillow Group Inc Class A (b) | 248100 | 16992369 |
| Zillow Group Inc Class C (b) | 1045900 | 73265295 |
|  |  | 90257664 |
| TOTAL UNITED STATES |  | 9751225776 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,680,979,536) |  | <br> **11007034217** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $1,940,200)<br>| 1940200 | **1902172** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 1016 | 1314633 |
| Canva Inc Series A2 (b)(c)(d) | 184 | 238083 |
| TOTAL AUSTRALIA |  | 1552716 |
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 61700 | 790377 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ElevateBio LLC Series C (b)(c)(d) | 198400 | 390848 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (c)(d) | 205955 | 8419440 |
| Anduril Industries Inc Series G (c)(d) | 12300 | 502824 |
|  |  | 8922264 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (c)(d) | 356400 | 13029984 |
| Software - 0.1% |  |  |
| Asapp Inc Series C (b)(c)(d) | 654971 | 1041404 |
| Asapp Inc Series D (b)(c)(d) | 4123720 | 5443310 |
|  |  | 6484714 |
| TOTAL INFORMATION TECHNOLOGY |  | 19514698 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc Series C2 (b)(c)(d) | 137249 | 1726592 |
| Illuminated Holdings Inc Series C3 (b)(c)(d) | 171560 | 2158226 |
| Illuminated Holdings Inc Series C4 (b)(c)(d) | 48240 | 606859 |
| Illuminated Holdings Inc Series C5 (b)(c)(d) | 96064 | 1208485 |
|  |  | 5700162 |
| TOTAL UNITED STATES |  | 35318349 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $50,304,586) |  | <br> **36871065** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Illuminated Holdings Inc 15% (c)(d)(f)<br>(Cost $2,538,700)<br>| 2538700 | **3027907** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.32 | 114543733 | 114566642 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.32 | 43360181 | 43364516 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $157,931,158) |  |  | **157931158** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $6,893,694,180)<br>| <br>**11206766519** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(66265704)** |
| **NET ASSETS - 100.0%** | **11140500815** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing

(c) Level 3 security

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $57,475,244 or 0.5% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Security is perpetual in nature with no stated maturity date.

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

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/24 | 787341 |
| Anduril Industries Inc Series F | 8/07/24 | 4476761 |
| Anduril Industries Inc Series G | 4/17/25 | 502858 |
| Asapp Inc Series C | 4/30/21 | 4320909 |
| Asapp Inc Series D | 8/29/23 | 15923745 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 2 |
| Blu Homes Inc | 5/21/20 | 25138 |
| Canva Inc Series A | 9/22/23 | 1083728 |
| Canva Inc Series A2 | 9/22/23 | 196266 |
| ElevateBio LLC Series C | 3/09/21 | 832288 |
| Epic Games Inc | 3/29/21 | 5194065 |
| Illuminated Holdings Inc 15% | 6/14/23 | 1940200 |
| Illuminated Holdings Inc 15% | 9/27/23 | 2538700 |
| Illuminated Holdings Inc Series C2 | 7/07/20 | 3431225 |
| Illuminated Holdings Inc Series C3 | 7/07/20 | 5146800 |
| Illuminated Holdings Inc Series C4 | 1/08/21 | 1736640 |
| Illuminated Holdings Inc Series C5 | 6/16/21 | 4149965 |
| OpenAI Global LLC rights | 9/30/24 | 6112033 |
| X.Ai Holdings Corp Series C | 11/22/24 | 7716060 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 157994350 | 1250934083 | 1294361791 | 4338220 | - | - | 114566642 | 114543733 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 9880953 | 313311294 | 279827730 | 719727 | - | (1) | 43364516 | 43360181 | 0.1% |
| Total | 167875303 | 1564245377 | 1574189521 | 5057947 | - | (1) | 157931158 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of 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 | 1146742025 | 1017166697 | 125256390 | 4318938 |
| Consumer Discretionary | 2078786995 | 1980356524 | 98425965 | 4506 |
| Consumer Staples | 246649507 | 246649507 | - | - |
| Energy | 161203961 | 161203961 | - | - |
| Financials | 1113469171 | 1113469171 | - | - |
| Health Care | 1540100891 | 1495363684 | 44719345 | 17862 |
| Industrials | 983020373 | 983020373 | - | - |
| Information Technology | 3425017988 | 3413667332 | - | 11350656 |
| Materials | 221785642 | 221785642 | - | - |
| Real Estate | 90257664 | 90257664 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Materials | 1902172 | - | - | 1902172 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 790377 | - | - | 790377 |
| Health Care | 390848 | - | - | 390848 |
| Industrials | 8922264 | - | - | 8922264 |
| Information Technology | 21067414 | - | - | 21067414 |
| Materials | 5700162 | - | - | 5700162 |
|  **Preferred Securities** |  |  |  |  |
| Materials | 3027907 | - | - | 3027907 |
|  **Money Market Funds** | 157931158 | 157931158 | - | - |
| **Total Investments in Securities:** | 11206766519 | 10880871713 | 268401700 | 57493106 |

---

**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 (including securities loaned of $42,096,849) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,735,763,022) | $11048835361 |  |
| Fidelity Central Funds (cost $157,931,158) | 157931158 |  |
| Total Investment in Securities (cost $6,893,694,180) |  | $11206766519 |
| Foreign currency held at value (cost $16,165) |  | 17021 |
| Receivable for investments sold |  | 22504690 |
| Receivable for fund shares sold |  | 12114803 |
| Dividends receivable |  | 4085743 |
| Interest receivable |  | 417114 |
| Distributions receivable from Fidelity Central Funds |  | 1115095 |
| Other receivables |  | 25627 |
| **Total assets** |  | 11247046612 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $41894309 |  |
| Payable for fund shares redeemed | 15570233 |  |
| Accrued management fee | 5059117 |  |
| Distribution and service plan fees payable | 619750 |  |
| Other payables and accrued expenses | 58613 |  |
| Collateral on securities loaned | 43343775 |  |
| **Total liabilities** |  | 106545797 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $11140500815 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6462807082 |
| Total accumulated earnings (loss) |  | 4677693733 |
| **Net Assets** |  | $11140500815 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,566,613,407 ÷ 54,758,893 shares) |  | $101.66 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,666,994,234 ÷ 16,578,338 shares) |  | $100.55 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,402,638,912 ÷ 24,749,426 shares) |  | $97.08 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,504,254,262 ÷ 14,970,014 shares) |  | $100.48 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $32014177 |
| Interest  |  | 145515 |
| Income from Fidelity Central Funds (including $719,727 from security lending)  |  | 5057947 |
| **Total income** |  | 37217639 |
| **Expenses** |  |  |
| Management fee | $29421171 |  |
| Distribution and service plan fees | 3575793 |  |
| Custodian fees and expenses | 26533 |  |
| Independent trustees' fees and expenses | 20061 |  |
| Audit fees | 39487 |  |
| Legal | 10141 |  |
| Interest | 876 |  |
| Miscellaneous | 25940 |  |
| Total expenses before reductions | 33120002 |  |
| Expense reductions | (1013) |  |
| Total expenses after reductions |  | 33118989 |
| **Net Investment income (loss)** |  | 4098650 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,582)  | 403851385 |  |
| Foreign currency transactions | (24090) |  |
| Total net realized gain (loss) |  | 403827295 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 214005193 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 31833 |  |
| Total change in net unrealized appreciation (depreciation) |  | 214037025 |
| **Net gain (loss)** |  | 617864320 |
| **Net increase (decrease) in net assets resulting from operations** |  | $621962970 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4098650 | $(12564516) |
| &nbsp;&nbsp;Net realized gain (loss) | 403827295<br>| 2287642347<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 214037025 | 348236212<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 621962970<br>| 2623314043<br>|
| Distributions to shareholders | (128275548)<br>| (2314983640)<br>|
| Share transactions - net increase (decrease) | (300383848)<br>| 1839294188<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 193303574<br>| 2147624591<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10947197241 | 8799572650<br>|
| &nbsp;&nbsp;End of period | $11140500815 | $10947197241 |

---

**Financial Highlights** 

**VIP Growth Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $96.94 | $93.10 | $71.51 | $102.43 | $103.00 | $79.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | (.05)  | .10  | .20  | .37 C | .01  |
| Net realized and unrealized gain (loss)  | 5.79  | 28.89  | 25.61  | (24.46)  | 21.52  | 32.21  |
| Total from investment operations  | 5.86  | 28.84  | 25.71  | (24.26)  | 21.89  | 32.22  |
| Distributions from net investment income  | -  | - D | (.11) E | (.51)  | -  | (.07)  |
| Distributions from net realized gain  | (1.14)  | (25.00)  | (4.01) E | (6.15)  | (22.46)  | (8.25)  |
| Total distributions  | (1.14)  | (25.00)  | (4.12)  | (6.66)  | (22.46)  | (8.31) F |
| Net asset value, end of period  | $101.66 | $96.94 | $93.10 | $71.51 | $102.43 | $103.00 |
| **Total Return** G,H,I | 6.07% <br>| 30.39%  | 36.24%  | (24.46)%  | 23.21%  | 43.89%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .55% L | .57%  | .61%  | .61%  | .61%  | .62%  |
| Expenses net of fee waivers, if any  | .55% L<br>| .56%  | .60%  | .60%  | .60%  | .62%  |
| Expenses net of all reductions, if any  | .55% L | .56%  | .60%  | .60%  | .60%  | .61%  |
| Net investment income (loss)  | .16% L | (.04)%  | .12%  | .25%  | .36% C | .02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5566613 | $5543151 | $4627696 | $3612472 | $5103811 | $4533075 |
| Portfolio turnover rate M | 50% L<br>| 58%  | 48%  | 36%  | 45%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .07%.*

D*Amount represents less than $.005 per share.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total distributions per share do not sum due to rounding.*

G*Total returns for periods of less than one year are not annualized.*

H*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

I*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

J*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.*

K*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.*

L*Annualized.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $95.95 | $92.36 | $70.98 | $101.70 | $102.42 | $78.69 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .03  | (.16)  | .02  | .12  | .27 C | (.07)  |
| Net realized and unrealized gain (loss)  | 5.71  | 28.66  | 25.40  | (24.28)  | 21.37  | 32.03  |
| Total from investment operations  | 5.74  | 28.50  | 25.42  | (24.16)  | 21.64  | 31.96  |
| Distributions from net investment income  | -  | -  | (.03) D | (.42)  | -  | (.05)  |
| Distributions from net realized gain  | (1.14)  | (24.91)  | (4.01) D | (6.15)  | (22.36)  | (8.18)  |
| Total distributions  | (1.14)  | (24.91)  | (4.04)  | (6.56) E | (22.36)  | (8.23)  |
| Net asset value, end of period  | $100.55 | $95.95 | $92.36 | $70.98 | $101.70 | $102.42 |
| **Total Return** F,G,H | 6.00% <br>| 30.27%  | 36.09%  | (24.52)%  | 23.08%  | 43.77%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .65% K | .67%  | .71%  | .71%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .65% K<br>| .66%  | .70%  | .70%  | .70%  | .72%  |
| Expenses net of all reductions, if any  | .65% K | .66%  | .70%  | .70%  | .70%  | .71%  |
| Net investment income (loss)  | .06% K | (.15)%  | .02%  | .15%  | .26% C | (.08)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1666994 | $1598804 | $1233245 | $878031 | $1176735 | $1018192 |
| Portfolio turnover rate L | 50% K<br>| 58%  | 48%  | 36%  | 45%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.03)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $92.74 | $89.92 | $69.27 | $99.42 | $100.58 | $77.43 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.31)  | (.10)  | - C | .11 D | (.19)  |
| Net realized and unrealized gain (loss)  | 5.52  | 27.90  | 24.76  | (23.72)  | 20.95  | 31.46  |
| Total from investment operations  | 5.48  | 27.59  | 24.66  | (23.72)  | 21.06  | 31.27  |
| Distributions from net investment income  | -  | -  | - E | (.28)  | -  | (.04)  |
| Distributions from net realized gain  | (1.14)  | (24.77)  | (4.01) E | (6.15)  | (22.22)  | (8.08)  |
| Total distributions  | (1.14)  | (24.77)  | (4.01)  | (6.43)  | (22.22)  | (8.12)  |
| Net asset value, end of period  | $97.08 | $92.74 | $89.92 | $69.27 | $99.42 | $100.58 |
| **Total Return** F,G,H | 5.93% <br>| 30.07%  | 35.89%  | (24.64)%  | 22.90%  | 43.55%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .80% K | .82%  | .86%  | .86%  | .85%  | .87%  |
| Expenses net of fee waivers, if any  | .80% K<br>| .81%  | .85%  | .85%  | .85%  | .87%  |
| Expenses net of all reductions, if any  | .80% K | .81%  | .85%  | .85%  | .85%  | .86%  |
| Net investment income (loss)  | (.09)% K | (.30)%  | (.13)%  | -% L | .11% D | (.23)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2402639 | $2328041 | $1850474 | $1410220 | $1941161 | $1587581 |
| Portfolio turnover rate M | 50% K<br>| 58%  | 48%  | 36%  | 45%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.005 per share.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.29 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.18)%.*

E*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount represents less than .005%.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Growth Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $95.87 | $92.30 | $70.94 | $101.65 | $102.38 | $78.66 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | (.13)  | .04  | .14  | .29 C | (.05)  |
| Net realized and unrealized gain (loss)  | 5.71  | 28.64  | 25.39  | (24.26)  | 21.37  | 32.02  |
| Total from investment operations  | 5.75  | 28.51  | 25.43  | (24.12)  | 21.66  | 31.97  |
| Distributions from net investment income  | -  | -  | (.05) D | (.44)  | -  | (.06)  |
| Distributions from net realized gain  | (1.14)  | (24.94)  | (4.01) D | (6.15)  | (22.39)  | (8.20)  |
| Total distributions  | (1.14)  | (24.94)  | (4.07) E | (6.59)  | (22.39)  | (8.25) E |
| Net asset value, end of period  | $100.48 | $95.87 | $92.30 | $70.94 | $101.65 | $102.38 |
| **Total Return** F,G,H | 6.02% <br>| 30.30%  | 36.12%  | (24.50)%  | 23.12%  | 43.80%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .63% K | .64%  | .68%  | .68%  | .68%  | .70%  |
| Expenses net of fee waivers, if any  | .63% K<br>| .64%  | .68%  | .68%  | .68%  | .70%  |
| Expenses net of all reductions, if any  | .63% K | .64%  | .68%  | .68%  | .68%  | .69%  |
| Net investment income (loss)  | .08% K | (.12)%  | .05%  | .17%  | .28% C | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1504254 | $1477202 | $1088157 | $753877 | $1010025 | $792875 |
| Portfolio turnover rate L | 50% K<br>| 58%  | 48%  | 36%  | 45%  | 53%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.30 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.01)%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Total distributions per share do not sum due to rounding.*

F*Total returns for periods of less than one year are not annualized.*

G*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

H*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

I*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

K*Annualized.*

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Growth Portfolio (the Fund) is a non-diversified fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Growth Portfolio** | $23000 |

---

**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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, partnerships and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $4590063143 |
| **Gross unrealized depreciation** | <u>(284337407)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$4305725736</u> |
| **Tax cost** | <u>$6901040783</u> |

---

The Fund elected to defer to its next fiscal year approximately $25,447,880 of capital losses recognized during the period November 1, 2024 to December 31, 2024.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **VIP Growth Portfolio** | Anduril Industries, Inc. Class B | 53107 |
| **VIP Growth Portfolio** | Anduril Industries, Inc. Class C | 41 |

---

**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. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Growth Portfolio** | 2576003356 | 2947291983 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .57 |
| **Service Class** | .57 |
| **Service Class 2** | .57 |
| **Investor Class** | .64 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .55 |
| **Service Class** | .55 |
| **Service Class 2** | .55 |
| **Investor Class** | .63 |

---

**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** | $776597 |
| **Service Class 2** | <u>2799196</u> |
|  | <u>$3575793</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 Growth Portfolio** | 21192 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Growth Portfolio** | Borrower | 6928000 | 4.55% | 876 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Growth Portfolio** | 76532928 | 122271633 | 46804511 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Growth Portfolio** | 8497 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Growth Portfolio** | 81115 | 4606 | - |

---

**8. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1,013.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $63908471 | $1165932137 |
| Service Class | 18717714 | 334968394 |
| Service Class 2 | 28211990 | 504573004 |
| Investor Class | <u>17437373</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>309510105</u> |
| Total  | <u>$128275548</u> | <u>$2314983640</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Growth Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 1236594 | 2176081 | $114927818 | $238099627 |
| Reinvestment of distributions | 643007 | 11611911 | 63908471 | 1165932136 |
| Shares redeemed | <u>(4301294)</u> | <u>(6314180)</u> | <u>(403355362)</u> | <u>(685462274)</u> |
| Net increase (decrease) | <u>(2421693)</u> | <u>7473812</u> | <u>$(224519073)</u> | <u>$718569489</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 873231 | 1730095 | $81369610 | $181465664 |
| Reinvestment of distributions | 190317 | 3370407 | 18717714 | 334968394 |
| Shares redeemed | <u>(1148514)</u> | <u>(1789922)</u> | <u>(106995045)</u> | <u>(192197635)</u> |
| Net increase (decrease) | <u>(84966)</u> | <u>3310580</u> | <u>$(6907721)</u> | <u>$324236423</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 1402586 | 2591752 | $124218189 | $275791457 |
| Reinvestment of distributions | 296968 | 5250108 | 28211990 | 504573004 |
| Shares redeemed | <u>(2053176)</u> | <u>(3316919)</u> | <u>(181767754)</u> | <u>(345338627)</u> |
| Net increase (decrease) | <u>(353622)</u> | <u>4524941</u> | <u>$(29337575)</u> | <u>$435025834</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 403271 | 1561593 | $36549454 | $167294891 |
| Reinvestment of distributions | 177444 | 3116864 | 17437373 | 309510105 |
| Shares redeemed | <u>(1018963)</u> | <u>(1059460)</u> | <u>(93606306)</u> | <u>(115342554)</u> |
| Net increase (decrease) | <u>(438248)</u> | <u>3618997</u> | <u>$(39619479)</u> | <u>$361462442</u> |

---

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number ofUnaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Growth Portfolio | 21% | 2 | 38% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**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 and Management Fees**

**VIP Growth Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The information provided to the Board indicated that the level of servicing for both Fidelity's and competitors' classes ranges across classes from those that provide all servicing at the class level, like Initial Class, to those that split servicing between the class level and the annuity level. When servicing is provided at the annuity level, it is not reflected in the total expense ratio of the class and, for that reason, the fees of funds that provide service at the class level are not directly comparable to the fees of funds that provide service at the annuity level. The Board considered that, although total expenses ranked above asset-sized peer group median, Fidelity believes the fees for Initial Class of the fund are reasonable given both the value proposition Fidelity offers and the disparity in servicing models within the competitive environment.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110965_4.jpg)<br>

1.705692.127 VIPGRWT-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Floating Rate High Income Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img110972_1.jpg)

![](img110972_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPFHI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Floating Rate High Income Portfolio](#Sub_Sec_Fund_2638_VIPFHI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2638_VIPFHI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPFHI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPFHI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPFHI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPFHI-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 Floating Rate High Income Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Alternative Funds - 0.6%** | &nbsp;&nbsp;**Alternative Funds - 0.6%** | &nbsp;&nbsp;**Alternative Funds - 0.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Private Credit Company LLC (b)(c)<br>(Cost $2,711,430)<br>| 273003 | **2634012** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Goldentree Ln Mgmt US Clo 21 Ltd Series 2024-21A Class E, CME Term SOFR 3 month Index + 5.7%, 9.9695% 7/20/2037 (d)(e)(f) | 250000 | 251145 |
| GoldenTree Loan Management US CLO 21 Ltd Series 2024-21A Class DJ, CME Term SOFR 3 month Index + 4.25%, 8.5195% 7/20/2037 (d)(e)(f) | 250000 | 250689 |
| TOTAL BAILIWICK OF JERSEY |  | 501834 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.4%  |  |  |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (d)(e)(f) | 150000 | 148139 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (d)(e)(f) | 125000 | 122717 |
| Birch Grove Clo 12 Ltd Series 2025-12A Class D1, CME Term SOFR 3 month Index + 2.75%, 7.0928% 4/22/2038 (d)(e)(f) | 150000 | 150075 |
| Birch Grove Clo 4 Ltd Series 2024-4A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7561% 7/15/2037 (d)(e)(f) | 250000 | 250776 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (d)(e)(f) | 100000 | 100106 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.5334% 4/15/2038 (d)(e)(f) | 200000 | 202061 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.822% 2/20/2038 (d)(e)(f) | 175000 | 175679 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (d)(e)(f) | 100000 | 100259 |
| Palmer Square Loan Funding Series 2024-3A Class D, CME Term SOFR 3 month Index + 5.4%, 9.7073% 8/8/2032 (d)(e)(f) | 250000 | 247803 |
| Rr 31 Ltd Series 2024-31A Class D, CME Term SOFR 3 month Index + 6%, 10.2561% 10/15/2039 (d)(e)(f) | 125000 | 126965 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 1624580 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $2,125,000) |  | <br> **2126414** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 89.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 89.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 89.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Patagonia Holdco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0482% 8/1/2029 (d)(e)(g) | 381140 | 307771 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.1% |  |  |
| Bombardier Recreational Products Inc Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 12/13/2029 (d)(e)(g) | 184568 | 184684 |
| Bombardier Recreational Products Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 1/22/2031 (d)(e)(g) | 87225 | 87134 |
|  |  | 271818 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| 1011778 BC ULC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 9/20/2030 (d)(e)(g) | 1353972 | 1346634 |
| Four Seasons Hotels Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 11/30/2029 (d)(e)(g) | 853816 | 858085 |
| Ontario Gaming GTA LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 8/1/2030 (d)(e)(g) | 527910 | 522135 |
|  |  | 2726854 |
| TOTAL CONSUMER DISCRETIONARY |  | 2998672 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Kronos Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 7/8/2031 (d)(e)(g) | 541239 | 482920 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Jones Deslauriers Insurance Management Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0297% 3/15/2030 (d)(e)(g) | 846597 | 841306 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| VetStrategy Canada Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 12/12/2028 (d)(e)(g) | 942989 | 947412 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Air Canada Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3215% 3/21/2031 (d)(e)(g) | 296250 | 296158 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Groupe Solmax Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.2536% 5/29/2028 (d)(e)(g) | 640879 | 535134 |
| TOTAL CANADA |  | 6101602 |
| FINLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Ahlstrom-Munksjo Oyj 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.3072% 2/4/2028 (d)(e)(g) | 160979 | 160527 |
| FRANCE - 1.0%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Altice France SA Tranche B14 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7561% 8/15/2028 (d)(e)(g) | 4898433 | 4426273 |
| GERMANY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| TK Elevator US Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2368% 4/30/2030 (d)(e)(g) | 712308 | 713846 |
| Professional Services - 0.0% |  |  |
| Stepstone Group MidCo 2 GmbH/The Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.6077% 12/19/2031 (d)(e)(g) | 315000 | 302926 |
| TOTAL GERMANY |  | 1016772 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Azorra Soar Tlb Finance Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8185% 10/18/2029 (d)(e)(g) | 411888 | 413432 |
| HONG KONG - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Diversified Consumer Services - 0.2% |  |  |
| Fugue Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5827% 1/9/2032 (d)(e)(g) | 643462 | 646950 |
| INDIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| BYJU's Alpha Inc Tranche B 1LN, term loan 3 month U.S. LIBOR + 8%, 0% (d)(e)(g)(h)(i) | 413962 | 27251 |
| BYJU's Alpha Inc Tranche BRIDGE TERM LOAN, term loan CME Term SOFR 3 month Index + 8%, 12.3249% 4/9/2026 (d)(e)(g)(j) | 2373 | 2348 |
| BYJU's Alpha Inc Tranche DIP TERM 1LN, term loan CME Term SOFR 1 month Index + 8%, 6.3297% 4/9/2026 (d)(e)(g)(j)(k) | 7719 | 7642 |
| BYJU's Alpha Inc Tranche PREPETITION REIMBURSEMENT TL , term loan CME Term SOFR 3 month Index + 8%, 12.3249% 4/9/2026 (d)(e)(g)(j) | 10953 | 10844 |
| TOTAL INDIA |  | 48085 |
| IRELAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Financing BV Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.2956% 6/4/2032 (d)(e)(g) | 255000 | 254681 |
| LUXEMBOURG - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Travelport Finance Luxembourg Sarl 1LN, term loan CME Term SOFR 3 month Index + 2.48%, 12.1842% 9/29/2028 (d)(e)(g) | 439950 | 337389 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| SK Neptune Husky Finance Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 0% (d)(e)(g)(h)(i) | 330781 | 10172 |
| Materials - 0.2% |  |  |
| Containers & Packaging - 0.2% |  |  |
| Klockner Pentaplast of America Inc Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.725%, 9.2266% 2/12/2026 (d)(e)(g) | 792227 | 725537 |
| TOTAL LUXEMBOURG |  | 1073098 |
| NETHERLANDS - 0.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Flora Food Management US Corp Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.31% 1/3/2028 (d)(e)(g) | 624127 | 624053 |
| Industrials - 0.3% |  |  |
| Building Products - 0.3% |  |  |
| Hunter Douglas Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 1/17/2032 (d)(e)(g) | 1148902 | 1143641 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Nouryon Finance BV Tranche B-1 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5097% 4/3/2028 (d)(e)(g) | 588297 | 590504 |
| Nouryon Finance BV Tranche B-2 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5503% 4/3/2028 (d)(e)(g) | 211790 | 212611 |
|  |  | 803115 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Enstall Group BV Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5572% 8/30/2028 (d)(e)(g)(j) | 632530 | 464908 |
| TOTAL NETHERLANDS |  | 3035717 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Coral-US Co-Borrower LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5061% 2/2/2032 (d)(e)(g) | 1485000 | 1466898 |
| SWEDEN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Anticimex Global AB Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.4%, 7.66% 11/16/2028 (d)(e)(g) | 906247 | 907606 |
| Anticimex Global AB Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.66% 11/16/2028 (d)(e)(g) | 263627 | 264352 |
| TOTAL SWEDEN |  | 1171958 |
| SWITZERLAND - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Consolidated Energy Finance SA Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8327% 11/15/2030 (d)(e)(g) | 1165250 | 1098248 |
| UNITED KINGDOM - 2.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Entertainment - 0.8% |  |  |
| Crown Finance US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5658% 12/2/2031 (d)(e)(g) | 3392950 | 3388709 |
| Consumer Discretionary - 1.1% |  |  |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| City Football Group Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 8.0413% 7/21/2030 (d)(e)(g) | 1975436 | 1962260 |
| Entain Holdings Gibraltar Ltd Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.666% 3/29/2027 (d)(e)(g) | 192000 | 192060 |
| Entain PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.016% 10/31/2029 (d)(e)(g) | 937910 | 940742 |
| Flutter Entertainment PLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0456% 11/30/2030 (d)(e)(g) | 1591762 | 1585793 |
|  |  | 4680855 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5827% 2/7/2028 (d)(e)(g) | 2104058 | 2110812 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Loire Finco Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 1/21/2030 (d)(e)(g) | 314213 | 314997 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| HomeServe USA Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3176% 10/21/2030 (d)(e)(g) | 809750 | 809839 |
| Construction & Engineering - 0.1% |  |  |
| Red SPV LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5618% 3/15/2032 (d)(e)(g) | 355000 | 354113 |
| TOTAL INDUSTRIALS |  | 1163952 |
| TOTAL UNITED KINGDOM |  | 11659325 |
| UNITED STATES - 81.2%  |  |  |
| Communication Services - 4.9% |  |  |
| Diversified Telecommunication Services - 1.9% |  |  |
| Aventiv Technologies LLC 1LN, term loan CME Term SOFR 3 month Index + 5.09%, 9.6508% 7/31/2025 (d)(e)(g) | 511512 | 356463 |
| Aventiv Technologies LLC 2LN, term loan CME Term SOFR 3 month Index + 8.65%, 13.6072% 3/25/2026 (d)(e)(g) | 822184 | 6165 |
| Aventiv Technologies LLC Tranche DEC FLSO 1LN, term loan CME Term SOFR 3 month Index + 10%, 14.5853% 12/24/2025 (d)(e)(g)(j) | 36030 | 36931 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan 14.5222% 3/25/2026 (d)(g) | 348935 | 358531 |
| Aventiv Technologies LLC Tranche FLSO 1LN, term loan CME Term SOFR 3 month Index + 7.5%, 12.0572% 7/31/2025 (d)(e)(g) | 14189 | 13551 |
| Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 3/29/2032 (d)(e)(g) | 1680000 | 1697153 |
| Lumen Technologies Inc Tranche A 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3268% 6/1/2028 (d)(e)(g) | 1179018 | 1207998 |
| Lumen Technologies Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7913% 4/16/2029 (d)(e)(g) | 1117826 | 1102880 |
| Lumen Technologies Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.35%, 6.7913% 4/15/2030 (d)(e)(g) | 1970555 | 1943775 |
| Zayo Group Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4413% 3/9/2027 (d)(e)(g) | 725347 | 688499 |
| Zayo Group Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 3/9/2027 (d)(e)(g) | 570825 | 547159 |
|  |  | 7959105 |
| Entertainment - 0.7% |  |  |
| Allen Media LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.9456% 2/10/2027 (d)(e)(g) | 947342 | 601562 |
| AP Core Holdings II LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9413% 9/1/2027 (d)(e)(g) | 1019467 | 915155 |
| AP Core Holdings II LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.9413% 9/1/2027 (d)(e)(g) | 850000 | 761150 |
| ECL Entertainment LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 8/30/2030 (d)(e)(g) | 226784 | 226501 |
| Sweetwater Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6913% 8/7/2028 (d)(e)(g) | 449085 | 449085 |
|  |  | 2953453 |
| Interactive Media & Services - 0.0% |  |  |
| TripAdvisor Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0768% 7/8/2031 (d)(e)(g) | 382436 | 381002 |
| Media - 1.8% |  |  |
| Advantage Sales & Marketing Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.789% 10/28/2027 (d)(e)(g) | 639469 | 530868 |
| Charter Comm Operating LLC Tranche B4 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2976% 12/7/2030 (d)(e)(g) | 221625 | 221448 |
| Charter Comm Operating LLC Tranche B5 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5476% 12/15/2031 (d)(e)(g) | 1949953 | 1952644 |
| Dotdash Meredith Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8241% 6/17/2032 (d)(e)(g) | 845000 | 844299 |
| Nexstar Media Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 0% 6/24/2032 (d)(e)(g)(i) | 820000 | 817950 |
| Sinclair Television Group Inc Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 4.1%, 8.5268% 12/31/2030 (d)(e)(g) | 266585 | 226864 |
| Townsquare Media Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3244% 2/19/2030 (d)(e)(g) | 233531 | 207842 |
| Univision Communications Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9413% 1/31/2029 (d)(e)(g) | 1820372 | 1780924 |
| Virgin Media Bristol LLC Tranche Y 1LN, term loan CME Term SOFR 6 month Index + 3.175%, 7.373% 3/31/2031 (d)(e)(g) | 1003534 | 989625 |
|  |  | 7572464 |
| Wireless Telecommunication Services - 0.5% |  |  |
| Crown Subsea Communications Holding Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3298% 1/30/2031 (d)(e)(g) | 1587554 | 1596158 |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.08% 1/25/2031 (d)(e)(g) | 442166 | 442555 |
|  |  | 2038713 |
| TOTAL COMMUNICATION SERVICES |  | 20904737 |
| Consumer Discretionary - 16.4% |  |  |
| Automobile Components - 1.0% |  |  |
| American Trailer World Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 3/3/2028 (d)(e)(g) | 794171 | 645264 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 5/6/2030 (d)(e)(g) | 595508 | 593274 |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 1/28/2032 (d)(e)(g) | 1670000 | 1671053 |
| Lippert Components Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 3/25/2032 (d)(e)(g) | 468825 | 468825 |
| Novae LLC/IN 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.452% 12/22/2028 (d)(e)(g) | 567603 | 533547 |
| Power Stop LLC 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.1297% 1/26/2029 (d)(e)(g) | 638609 | 476830 |
|  |  | 4388793 |
| Automobiles - 0.4% |  |  |
| CWGS Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9413% 6/3/2028 (d)(e)(g) | 972769 | 949968 |
| HarbourVest Partners LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 4/18/2030 (d)(e)(g) | 536369 | 536369 |
|  |  | 1486337 |
| Broadline Retail - 3.2% |  |  |
| CMG Media Corp Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8956% 6/18/2029 (d)(e)(g) | 2280307 | 2203666 |
| CNT Holdings I Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7797% 11/8/2032 (d)(e)(g) | 672208 | 673539 |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/23/2032 (d)(e)(g) | 10809653 | 10779278 |
|  |  | 13656483 |
| Distributors - 0.6% |  |  |
| BCPE Empire Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 12/11/2030 (d)(e)(g) | 735392 | 730428 |
| Gloves Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3214% 5/24/2032 (d)(e)(g) | 875000 | 856406 |
| Windsor Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0715% 8/1/2030 (d)(e)(g) | 829863 | 829656 |
|  |  | 2416490 |
| Diversified Consumer Services - 1.3% |  |  |
| AI Aqua Merger Sub Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3241% 7/31/2028 (d)(e)(g) | 2348098 | 2343238 |
| KUEHG Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 6/12/2030 (d)(e)(g) | 282895 | 282895 |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5774% 3/4/2028 (d)(e)(g) | 3308177 | 2894655 |
|  |  | 5520788 |
| Hotels, Restaurants & Leisure - 6.6% |  |  |
| 19th Holdings Golf LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6629% 2/7/2029 (d)(e)(g) | 876819 | 862570 |
| Arcis Golf LLC 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 11/24/2028 (d)(e)(g) | 479537 | 479537 |
| Caesars Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5768% 2/6/2030 (d)(e)(g) | 1438999 | 1436121 |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5768% 2/6/2031 (d)(e)(g) | 2251500 | 2247290 |
| Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3118% 10/18/2028 (d)(e)(g) | 26471 | 26446 |
| Carnival Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3118% 8/8/2027 (d)(e)(g) | 124649 | 124532 |
| ClubCorp Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.5572% 9/18/2026 (d)(e)(g) | 504406 | 504154 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5625% 11/1/2031 (d)(e)(g) | 1649580 | 1570615 |
| Dave & Buster's Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5625% 6/29/2029 (d)(e)(g) | 494620 | 478253 |
| Fertitta Entertainment LLC/NV 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 1/27/2029 (d)(e)(g) | 5458500 | 5448948 |
| Fitness International LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5768% 2/12/2029 (d)(e)(g) | 311063 | 311374 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 1/28/2032 (d)(e)(g) | 733163 | 731330 |
| Flynn Restaurant Group LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6913% 12/1/2028 (d)(e)(g) | 228580 | 229494 |
| Golden Entertainment Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 5/26/2030 (d)(e)(g) | 830174 | 830697 |
| Golden State Foods LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5613% 12/4/2031 (d)(e)(g) | 397010 | 398491 |
| Herschend Entertainment Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5715% 5/27/2032 (d)(e)(g) | 315000 | 316903 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 1/17/2031 (d)(e)(g) | 653350 | 652180 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 8/2/2028 (d)(e)(g) | 1107525 | 1106318 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0692% 11/8/2030 (d)(e)(g) | 435000 | 436292 |
| Horizon US Finco LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0297% 10/31/2031 (d)(e)(g) | 899812 | 878064 |
| J&J Ventures Gaming LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 4/26/2030 (d)(e)(g) | 959004 | 946796 |
| Life Time Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5347% 11/5/2031 (d)(e)(g) | 786050 | 787622 |
| Marriott Ownership Resorts Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 4/1/2031 (d)(e)(g) | 425843 | 425843 |
| PCI Gaming Authority Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 7/18/2031 (d)(e)(g) | 268192 | 267932 |
| Raising Cane's Restaurants LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 9/18/2031 (d)(e)(g) | 133988 | 134656 |
| Restaurant Technologies Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 4/2/2029 (d)(e)(g) | 812411 | 804116 |
| Sizzling Platter LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 0% 6/25/2032 (d)(e)(g)(i) | 311386 | 302045 |
| Sizzling Platter LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 5%, 0% 6/25/2032 (d)(e)(g)(i) | 58614 | 56855 |
| Station Casinos LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 3/14/2031 (d)(e)(g) | 1318861 | 1320457 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (d)(e)(g) | 1528100 | 1468504 |
| United PF Holdings LLC 2LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0413% 12/30/2027 (d)(e)(g) | 100000 | 80583 |
| United PF Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 8.5%, 13.0413% 12/30/2026 (d)(e)(g) | 249634 | 241521 |
| Whatabrands LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 8/3/2028 (d)(e)(g) | 1142932 | 1142989 |
| Wok Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5298% 9/3/2029 (d)(e)(g) | 455729 | 396808 |
|  |  | 27446336 |
| Household Durables - 0.8% |  |  |
| Madison Safety & Flow LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 9/26/2031 (d)(e)(g) | 193538 | 193779 |
| Somnigroup International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5400% 10/24/2031 (d)(e)(g) | 1226451 | 1228499 |
| Tecta America Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 2/18/2032 (d)(e)(g) | 345000 | 345324 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 10/30/2027 (d)(e)(g) | 1266768 | 1256407 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6768% 10/30/2027 (d)(e)(g) | 413930 | 411964 |
|  |  | 3435973 |
| Leisure Products - 0.1% |  |  |
| Lids Holdings Inc 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.9635% 12/14/2026 (d)(e)(g)(j) | 52013 | 51492 |
| Topgolf Callaway Brands Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 3/15/2030 (d)(e)(g) | 378245 | 371814 |
|  |  | 423306 |
| Specialty Retail - 2.1% |  |  |
| Academy Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1886% 11/5/2027 (d)(e)(g) | 158179 | 157520 |
| At Home Group Inc Tranche A, term loan 1% 10/17/2025 (d)(g)(j)(k) | 15964 | 15964 |
| At Home Group Inc Tranche A, term loan 12.3135% 10/17/2025 (d)(g)(j) | 11143 | 11142 |
| At Home Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6913% 7/24/2028 (d)(e)(g) | 420478 | 24388 |
| Belron Finance 2019 LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0487% 10/16/2031 (d)(e)(g) | 1214715 | 1218942 |
| Johnstone Supply LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8176% 6/9/2031 (d)(e)(g) | 570688 | 571492 |
| Kodiak BP LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 12/4/2031 (d)(e)(g) | 977550 | 940481 |
| LBM Acquisition LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1618% 6/6/2031 (d)(e)(g) | 465282 | 433294 |
| Michaels Cos Inc/The 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.8072% 4/15/2028 (d)(e)(g) | 523365 | 437554 |
| Needle Holdings LLC Tranche EXIT 1LN, term loan CME Term SOFR 3 month Index + 9.5%, 0% (d)(e)(g)(h)(i)(j) | 31919 | 7660 |
| RH Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.9413% 10/20/2028 (d)(e)(g) | 677210 | 657124 |
| RH Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6768% 10/20/2028 (d)(e)(g) | 665788 | 647839 |
| RVR Dealership Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 2/8/2028 (d)(e)(g) | 1068338 | 975158 |
| Staples Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0259% 9/4/2029 (d)(e)(g) | 1790551 | 1648579 |
| Tory Burch LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 4/16/2028 (d)(e)(g) | 604763 | 600984 |
| Wand NewCo 3 Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 1/30/2031 (d)(e)(g) | 455434 | 453102 |
|  |  | 8801223 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Crocs Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5768% 2/19/2029 (d)(e)(g) | 309542 | 310880 |
| Fanatics Commerce Intermediate Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 11/24/2028 (d)(e)(g) | 174046 | 173611 |
| Varsity Brands LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.8298% 8/26/2031 (d)(e)(g) | 812963 | 812198 |
|  |  | 1296689 |
| TOTAL CONSUMER DISCRETIONARY |  | 68872418 |
| Consumer Staples - 2.3% |  |  |
| Beverages - 0.7% |  |  |
| Celsius Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5476% 4/1/2032 (d)(e)(g) | 585000 | 587779 |
| Naked Juice LLC Tranche EXCH FLSO FL20 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6456% 1/24/2029 (d)(e)(g) | 737009 | 584692 |
| Naked Juice LLC Tranche EXCH FLTO FL30 PIK 1LN, term loan CME Term SOFR 1 month Index + 6%, 10.3956% 1/24/2030 (d)(e)(g) | 96714 | 44609 |
| Naked Juice LLC Tranche NEW $$ FLFO 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7956% 1/24/2029 (d)(e)(g) | 529573 | 524013 |
| Primo Brands Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 3/31/2028 (d)(e)(g) | 1404652 | 1409062 |
|  |  | 3150155 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| BJ's Wholesale Club Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0613% 2/5/2029 (d)(e)(g) | 217778 | 218673 |
| Cardenas Merger Sub LLC 1LN, term loan CME Term SOFR 3 month Index + 6.75%, 11.1456% 8/1/2029 (d)(e)(g) | 1111357 | 1019115 |
| Froneri US Inc Tranche B-4 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.2368% 9/30/2031 (d)(e)(g) | 277166 | 273876 |
| JP Intermediate B LLC 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 0% (d)(e)(g)(h)(i) | 336241 | 10087 |
| Primary Products Finance LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5347% 4/1/2029 (d)(e)(g) | 654302 | 650350 |
|  |  | 2172101 |
| Food Products - 1.0% |  |  |
| Aspire Bakeries Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8215% 12/23/2030 (d)(e)(g) | 486692 | 487451 |
| Chobani LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 10/25/2027 (d)(e)(g) | 835366 | 837279 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.7218% 8/2/2028 (d)(e)(g) | 1044620 | 574541 |
| Del Monte Foods Corp II Inc 1LN, term loan CME Term SOFR 3 month Index + 8.15%, 15.4738% 8/2/2028 (d)(e)(g) | 569301 | 510948 |
| Del Monte Foods Corp II Inc Tranche FLFO B 1LN, term loan CME Term SOFR 3 month Index + 8%, 12.409% 8/2/2028 (d)(e)(g) | 527818 | 473717 |
| Fiesta Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 2/12/2031 (d)(e)(g) | 703186 | 704515 |
| Wellness Pet LLC Tranche A 1LN, term loan CME Term SOFR 1 month Index + 3.95%, 8.2492% 12/31/2029 (d)(e)(g) | 141394 | 118417 |
| Wellness Pet LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.3108% 12/31/2029 (d)(e)(g) | 106286 | 58458 |
|  |  | 3765326 |
| Personal Care Products - 0.1% |  |  |
| Conair Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1913% 5/17/2028 (d)(e)(g) | 448258 | 325735 |
| Olaplex Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9327% 2/23/2029 (d)(e)(g) | 110446 | 106226 |
|  |  | 431961 |
| TOTAL CONSUMER STAPLES |  | 9519543 |
| Energy - 2.6% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| WaterBridge Midstream Operating LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.3136% 6/27/2029 (d)(e)(g) | 1766650 | 1754972 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Apro LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0613% 7/9/2031 (d)(e)(g) | 625275 | 622411 |
| BCP Renaissance Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2956% 10/31/2028 (d)(e)(g) | 203476 | 204047 |
| BW Gas & Convenience Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9413% 3/31/2028 (d)(e)(g) | 412800 | 410393 |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2956% 12/31/2030 (d)(e)(g) | 1785186 | 1784527 |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 12/30/2027 (d)(e)(g) | 311846 | 311325 |
| Delek US Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9268% 11/19/2029 (d)(e)(g) | 643622 | 631522 |
| EMG Utica Midstream Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 4/1/2030 (d)(e)(g) | 403988 | 406007 |
| Hamilton Projects Acquiror LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 5/30/2031 (d)(e)(g) | 386775 | 387904 |
| Hilcorp Energy I LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3144% 2/11/2030 (d)(e)(g) | 483788 | 483788 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8075% 10/30/2028 (d)(e)(g) | 3290938 | 1769802 |
| Par Petroleum LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.009% 2/28/2030 (d)(e)(g) | 1497138 | 1477496 |
| Prairie Acquiror LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 8/1/2029 (d)(e)(g) | 256760 | 258123 |
| WaterBridge NDB Operating LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3003% 5/10/2029 (d)(e)(g) | 412536 | 410902 |
|  |  | 9158247 |
| TOTAL ENERGY |  | 10913219 |
| Financials - 11.2% |  |  |
| Capital Markets - 2.0% |  |  |
| BroadStreet Partners Inc Tranche B4 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 6/13/2031 (d)(e)(g) | 1043107 | 1044130 |
| Citadel Securities Global Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 10/31/2031 (d)(e)(g) | 1766147 | 1772559 |
| CPI Holdco B LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 5/17/2031 (d)(e)(g) | 720161 | 717640 |
| Focus Financial Partners LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 9/15/2031 (d)(e)(g) | 1030062 | 1027621 |
| GTCR Everest Borrower LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 9/5/2031 (d)(e)(g) | 915799 | 916944 |
| Hightower Holding LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2597% 2/3/2032 (d)(e)(g) | 1058292 | 1054768 |
| Jane Street Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.3327% 12/15/2031 (d)(e)(g) | 1219165 | 1217593 |
| PEX Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.9666% 11/26/2031 (d)(e)(g) | 568575 | 568575 |
| Superannuation & Investments US LLC 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1913% 12/1/2028 (d)(e)(g) | 353267 | 354923 |
|  |  | 8674753 |
| Financial Services - 3.4% |  |  |
| ACNR Holdings Inc term loan 13% (d)(g)(j)(l) | 85325 | 85649 |
| Boost Newco Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2956% 1/31/2031 (d)(e)(g) | 2123678 | 2128095 |
| CFC USA 2025 LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 0% 5/31/2032 (d)(e)(g)(i) | 700000 | 696500 |
| Dragon Buyer Inc 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 9/30/2031 (d)(e)(g) | 1318375 | 1320023 |
| Empire Today LP, LLC Tranche EXCH 1ST OUT TLB 1LN, term loan 10.0413% 8/3/2029 (d)(g) | 63116 | 49546 |
| Empire Today LP, LLC Tranche EXCH FLSO TL 1LN, term loan 9.5413% 8/3/2029 (d)(g) | 383955 | 115187 |
| Empire Today LP, LLC Tranche NEW $1ST OUT TLA 1LN, term loan 10.0413% 8/3/2029 (d)(g) | 119776 | 94024 |
| Fusion Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 8%, 0% 6/6/2030 (d)(e)(g)(i) | 357913 | 350755 |
| Heubach Holding USA LLC Tranche TL, term loan CME Term SOFR 1 month Index + 10%, 0% (d)(e)(g)(h)(i)(j) | 81952 | 0 |
| NCR Atleos Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0297% 4/16/2029 (d)(e)(g) | 378079 | 380537 |
| Neon Maple US Debt Mergersub Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 11/17/2031 (d)(e)(g) | 1386525 | 1388161 |
| Nexus Buyer LLC 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.6768% 11/5/2029 (d)(e)(g) | 305000 | 302276 |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 7/31/2031 (d)(e)(g) | 1625959 | 1630415 |
| Orion US Finco Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 0% 5/20/2032 (d)(e)(g)(i) | 395000 | 396185 |
| Priority Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0768% 5/16/2031 (d)(e)(g) | 359778 | 360138 |
| Recess Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0252% 2/20/2030 (d)(e)(g) | 414766 | 415649 |
| Shift4 Payments LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 0% 5/12/2032 (d)(e)(g)(i) | 130000 | 131015 |
| Trans Union LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 6/24/2031 (d)(e)(g) | 568811 | 569267 |
| Trans Union LLC Tranche B9 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 6/24/2031 (d)(e)(g) | 466669 | 466963 |
| UFC Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5715% 11/21/2031 (d)(e)(g) | 402975 | 404297 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.072% 2/20/2032 (d)(e)(g) | 2990000 | 2985635 |
|  |  | 14270317 |
| Insurance - 5.8% |  |  |
| Acrisure LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 6/5/2032 (d)(e)(g) | 855000 | 853931 |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 11/6/2030 (d)(e)(g) | 4558508 | 4542234 |
| Alera Group Intermediate Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 5/31/2032 (d)(e)(g) | 1135000 | 1138121 |
| Alera Group Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.8268% 5/31/2033 (d)(e)(g) | 505000 | 514257 |
| AmWINS Group Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 1/30/2032 (d)(e)(g) | 1303450 | 1303685 |
| Amynta Agency Borrower Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3268% 12/29/2031 (d)(e)(g) | 532438 | 532245 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4268% 8/19/2028 (d)(e)(g) | 2917533 | 2874179 |
| Asurion LLC Tranche B11 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6768% 8/19/2028 (d)(e)(g) | 1234461 | 1220128 |
| Asurion LLC Tranche B12 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 9/19/2030 (d)(e)(g) | 3088909 | 3008783 |
| Asurion LLC Tranche B3 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6913% 1/31/2028 (d)(e)(g) | 2050000 | 1955188 |
| Asurion LLC Tranche B4 2LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.6913% 1/20/2029 (d)(e)(g) | 1970000 | 1823787 |
| CRC Insurance Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 5/6/2031 (d)(e)(g) | 1030363 | 1030147 |
| HUB International Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7695% 6/20/2030 (d)(e)(g) | 1917785 | 1923097 |
| Ryan Specialty LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 9/15/2031 (d)(e)(g) | 435892 | 435163 |
| USI Inc/NY Tranche C 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 9/29/2030 (d)(e)(g) | 451996 | 450441 |
| USI Inc/NY Tranche D 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 11/21/2029 (d)(e)(g) | 783797 | 782206 |
|  |  | 24387592 |
| TOTAL FINANCIALS |  | 47332662 |
| Health Care - 7.0% |  |  |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Avantor Funding Inc Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.4268% 11/8/2027 (d)(e)(g) | 26570 | 26658 |
| Bausch + Lomb Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 12/18/2030 (d)(e)(g)(i) | 990000 | 990624 |
| Embecta Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 3/30/2029 (d)(e)(g) | 473924 | 471356 |
| Insulet Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 8/4/2031 (d)(e)(g) | 1578557 | 1587760 |
| Medline Borrower LP 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 10/23/2028 (d)(e)(g) | 3489089 | 3490799 |
| Sotera Health Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5456% 5/30/2031 (d)(e)(g) | 426775 | 428111 |
|  |  | 6995308 |
| Health Care Providers & Services - 2.6% |  |  |
| Accelerated Health Systems LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.6956% 2/15/2029 (d)(e)(g) | 477892 | 324726 |
| Charlotte Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5643% 2/11/2028 (d)(e)(g) | 827279 | 827130 |
| DaVita Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 5/9/2031 (d)(e)(g) | 674900 | 678194 |
| Examworks Bidco Inc Tranche B 1LN, term loan 7.0768% 11/1/2028 (d)(g) | 457395 | 458392 |
| Gainwell Acquisition Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3956% 10/1/2027 (d)(e)(g) | 387642 | 372815 |
| HAH Group Holding Co LLC 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.3268% 9/24/2031 (d)(e)(g) | 2054675 | 1989727 |
| Hanger Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 10/23/2031 (d)(e)(g) | 349068 | 349404 |
| Hanger Inc Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 4.1476% 10/23/2031 (d)(e)(g)(k) | 45040 | 45083 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2956% 7/3/2028 (d)(e)(g) | 141410 | 142227 |
| ICON Luxembourg Sarl Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2956% 7/3/2028 (d)(e)(g) | 35232 | 35435 |
| MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 4/15/2031 (d)(e)(g)(i) | 40000 | 40114 |
| MED ParentCo LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 4/15/2031 (d)(e)(g) | 675768 | 677701 |
| Phoenix Guarantor Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 2/21/2031 (d)(e)(g) | 469080 | 470305 |
| Phoenix Newco Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 11/15/2028 (d)(e)(g) | 1200538 | 1200454 |
| Radiology Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.79561% 6/25/2032 (d)(e)(g) | 480000 | 475800 |
| Southern Veterinary Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5273% 12/4/2031 (d)(e)(g) | 1286775 | 1287290 |
| US Anesthesia Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6886% 10/1/2028 (d)(e)(g) | 561727 | 554133 |
| US Fertility Enterprises LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4.5%, 8.7956% 10/11/2031 (d)(e)(g) | 318831 | 319628 |
| US Fertility Enterprises LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.8088% 10/11/2031 (d)(e)(g) | 14565 | 14601 |
| US Radiology Specialists Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0456% 12/15/2027 (d)(e)(g) | 560857 | 561676 |
|  |  | 10824835 |
| Health Care Technology - 1.4% |  |  |
| athenahealth Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 2/15/2029 (d)(e)(g) | 1648061 | 1645489 |
| Cotiviti Inc 1LN, term loan 7.625% 5/1/2031 (g) | 235000 | 235881 |
| Cotiviti Inc 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0741% 3/26/2032 (d)(e)(g) | 755000 | 750598 |
| Cotiviti Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0741% 5/1/2031 (d)(e)(g) | 1392428 | 1384603 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 9/28/2029 (d)(e)(g) | 1065104 | 1057254 |
| Zelis Payments Buyer Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 11/26/2031 (d)(e)(g) | 965063 | 958896 |
|  |  | 6032721 |
| Pharmaceuticals - 1.3% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5613% 10/8/2030 (d)(e)(g) | 2680000 | 2579071 |
| Elanco Animal Health Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.1741% 8/1/2027 (d)(e)(g) | 296901 | 296568 |
| Endo Finance Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 4/23/2031 (d)(e)(g) | 932950 | 930851 |
| Jazz Financing Lux Sarl Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 5/5/2028 (d)(e)(g) | 1009087 | 1012962 |
| Organon & Co Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5714% 5/19/2031 (d)(e)(g) | 796129 | 780867 |
|  |  | 5600319 |
| TOTAL HEALTH CARE |  | 29453183 |
| Industrials - 12.7% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Bleriot US Bidco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 10/31/2030 (d)(e)(g) | 366853 | 367542 |
| Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.0768% 1/27/2032 (d)(e)(g) | 482575 | 483058 |
| Kaman Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0712% 2/26/2032 (d)(e)(g) | 1457500 | 1455226 |
| Kaman Corp Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 1% 2/26/2032 (d)(e)(g)(k) | 137500 | 137286 |
| Signia Aerospace LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3003% 12/11/2031 (d)(e)(g) | 713596 | 716272 |
| Signia Aerospace LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3%, 1% 12/11/2031 (d)(e)(g)(k) | 59615 | 59839 |
| TransDigm Inc Tranche I 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 8/24/2028 (d)(e)(g) | 1486213 | 1490984 |
| TransDigm Inc Tranche J 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7956% 2/28/2031 (d)(e)(g) | 414760 | 415466 |
| TransDigm Inc Tranche K 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 3/22/2030 (d)(e)(g) | 122203 | 122611 |
| TransDigm Inc Tranche L 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7956% 1/19/2032 (d)(e)(g) | 814897 | 815989 |
|  |  | 6064273 |
| Air Freight & Logistics - 0.5% |  |  |
| Dynasty Acquisition Co Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 10/31/2031 (d)(e)(g) | 612699 | 612785 |
| Dynasty Acquisition Co Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 10/31/2031 (d)(e)(g) | 233051 | 233083 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 11/23/2028 (d)(e)(g) | 415886 | 387814 |
| Echo Global Logistics Inc 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.1768% 11/23/2028 (d)(e)(g)(j) | 393863 | 382440 |
| Echo Global Logistics Inc 2LN, term loan CME Term SOFR 3 month Index + 7.25%, 11.6768% 11/23/2029 (d)(e)(g)(j) | 175000 | 167475 |
| Rand Parent LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 3/17/2030 (d)(e)(g) | 172486 | 171085 |
| STG DISTRIBUTION LLC Tranche EXCHANGE FLFO 1LN, term loan CME Term SOFR 1 month Index + 8.35%, 12.6658% 10/3/2029 (d)(e)(g)(j) | 106502 | 106502 |
| STG DISTRIBUTION LLC Tranche EXCHANGE FLSO 1LN, term loan CME Term SOFR 1 month Index + 7.6%, 11.9158% 10/3/2029 (d)(e)(g)(j) | 227359 | 130504 |
|  |  | 2191688 |
| Building Products - 0.9% |  |  |
| ACProducts Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.8072% 5/17/2028 (d)(e)(g) | 784485 | 590325 |
| APi Group DE Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 1/3/2029 (d)(e)(g) | 305112 | 305097 |
| Chariot Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6768% 11/3/2028 (d)(e)(g) | 552570 | 553133 |
| Emrld Borrower LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8268% 8/4/2031 (d)(e)(g) | 387075 | 386181 |
| Griffon Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 1/24/2029 (d)(e)(g) | 347736 | 348171 |
| Oscar Acquisitionco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5456% 4/29/2029 (d)(e)(g) | 590984 | 542843 |
| PHRG Intermediate LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 4%, 8.3327% 2/20/2032 (d)(e)(g) | 820000 | 814875 |
| Specialty Building Products Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 10/15/2028 (d)(e)(g) | 203088 | 193504 |
|  |  | 3734129 |
| Commercial Services & Supplies - 5.1% |  |  |
| ABG Intermediate Holdings 2 LLC Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 12/21/2028 (d)(e)(g) | 2057754 | 2055017 |
| Allied Universal Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 5/12/2028 (d)(e)(g) | 2839327 | 2851878 |
| ArchKey Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0456% 11/1/2031 (d)(e)(g) | 541058 | 544575 |
| ArchKey Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 4.75% 11/1/2031 (d)(e)(g)(k) | 62586 | 62993 |
| Artera Services LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7956% 2/15/2031 (d)(e)(g) | 963861 | 803725 |
| Bifm CA Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 5/31/2028 (d)(e)(g) | 520360 | 522410 |
| Brand Industrial Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7759% 8/1/2030 (d)(e)(g) | 1883550 | 1568997 |
| Brock Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.0456% 5/2/2030 (d)(e)(g) | 238200 | 225695 |
| Congruex Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.75%, 10.9297% 5/3/2029 (d)(e)(g) | 604345 | 520746 |
| Core & Main LP Tranche E 1LN, term loan CME Term SOFR 6 month Index + 2%, 6.2704% 2/9/2031 (d)(e)(g) | 212321 | 212410 |
| Ensemble RCM LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 8/1/2029 (d)(e)(g) | 1425800 | 1430990 |
| Filtration Group Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 10/21/2028 (d)(e)(g) | 551078 | 552969 |
| GEO Group Inc/The Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5768% 4/13/2029 (d)(e)(g) | 319956 | 320356 |
| GFL ES US LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8238% 3/3/2032 (d)(e)(g) | 1190000 | 1189012 |
| Madison IAQ LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5105% 5/6/2032 (d)(e)(g) | 830000 | 831751 |
| Madison IAQ LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7622% 6/21/2028 (d)(e)(g) | 1167491 | 1167795 |
| Neptune Bidco US Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0797% 10/11/2028 (d)(e)(g) | 69822 | 65607 |
| Neptune Bidco US Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.3297% 4/11/2029 (d)(e)(g) | 2606432 | 2458882 |
| OMNIA Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 6.7826% 7/25/2030 (d)(e)(g) | 962683 | 964088 |
| Pitney Bowes Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 3/19/2032 (d)(e)(g) | 299250 | 298376 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5618% 11/30/2028 (d)(e)(g) | 238405 | 238703 |
| Reworld Holding Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5714% 11/30/2028 (d)(e)(g) | 423489 | 423489 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5618% 11/30/2028 (d)(e)(g) | 18408 | 18431 |
| Reworld Holding Corp Tranche C 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5714% 11/30/2028 (d)(e)(g) | 23316 | 23316 |
| Sabert Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4413% 12/10/2026 (d)(e)(g) | 297853 | 299342 |
| Vericast Corp 1LN, term loan CME Term SOFR 1 month Index + 7.75%, 12.0456% 6/15/2030 (d)(e)(g) | 208871 | 199604 |
| Wellful Inc Tranche BOOTSTRAP FLSO TL 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.6913% 10/19/2030 (d)(e)(g) | 367814 | 304825 |
| Wellful Inc Tranche PRIMING TL 1LN, term loan CME Term SOFR 1 month Index + 5%, 9.4413% 4/19/2030 (d)(e)(g) | 382301 | 379434 |
| WMB Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 11/2/2029 (d)(e)(g) | 1010344 | 1008828 |
|  |  | 21544244 |
| Construction & Engineering - 0.4% |  |  |
| Chromalloy Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0379% 3/27/2031 (d)(e)(g) | 416023 | 416315 |
| Construction Partners Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 11/3/2031 (d)(e)(g) | 567150 | 568568 |
| Pike Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.4413% 1/21/2028 (d)(e)(g) | 239375 | 240604 |
| Traverse Midstream Partners LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2797% 2/16/2028 (d)(e)(g) | 262033 | 262361 |
| Zekelman Industries Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5629% 1/24/2031 (d)(e)(g) | 376841 | 376672 |
|  |  | 1864520 |
| Electrical Equipment - 0.3% |  |  |
| Vertiv Group Corp Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0741% 3/2/2027 (d)(e)(g) | 1146267 | 1147116 |
| Ground Transportation - 0.2% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0456% 4/10/2031 (d)(e)(g) | 788400 | 783717 |
| Machinery - 0.8% |  |  |
| Beach Acquisition Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/28/2032 (d)(e)(g)(i) | 605000 | 608025 |
| Chart Industries Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7879% 3/15/2030 (d)(e)(g) | 517175 | 517662 |
| CPM Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 8.8241% 9/28/2028 (d)(e)(g) | 339605 | 331274 |
| Crown Equipment Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5741% 10/10/2031 (d)(e)(g) | 399338 | 398339 |
| JBT Marel Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.4268% 1/2/2032 (d)(e)(g) | 239400 | 239999 |
| STS Operating Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4268% 3/25/2031 (d)(e)(g) | 1197326 | 1176673 |
| TNT Crane & Rigging Inc 2LN, term loan CME Term SOFR 1 month Index + 8.75%, 13.3092% 12/3/2026 (d)(e)(g)(j) | 54146 | 47306 |
|  |  | 3319278 |
| Passenger Airlines - 0.7% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5224% 4/20/2028 (d)(e)(g) | 637000 | 632121 |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5799% 5/28/2032 (d)(e)(g) | 385000 | 387118 |
| American Airlines 2016-3 Class A Pass Through Trust Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5068% 6/4/2029 (d)(e)(g) | 376200 | 372438 |
| SkyMiles IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/20/2027 (d)(e)(g) | 151780 | 152520 |
| United Airlines Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2752% 2/22/2031 (d)(e)(g) | 982845 | 983258 |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0476% 4/1/2031 (d)(e)(g) | 535000 | 535893 |
|  |  | 3063348 |
| Professional Services - 1.4% |  |  |
| Amentum Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 9/29/2031 (d)(e)(g) | 1954425 | 1949540 |
| CACI International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0743% 10/30/2031 (d)(e)(g) | 398000 | 396758 |
| Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 12/29/2028 (d)(e)(g) | 1392367 | 1314297 |
| CHG Healthcare Services Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3327% 9/29/2028 (d)(e)(g) | 670048 | 672099 |
| Dayforce Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2797% 3/1/2031 (d)(e)(g) | 316808 | 316808 |
| EAB Global Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 8/16/2030 (d)(e)(g) | 497451 | 487502 |
| Galaxy US Opco Inc 1LN, term loan CME Term SOFR 3 month Index + 5%, 9.2797% 7/31/2030 (d)(e)(g) | 285644 | 264577 |
| Sedgwick Claims Management Services Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3268% 7/31/2031 (d)(e)(g) | 367910 | 369061 |
|  |  | 5770642 |
| Trading Companies & Distributors - 0.4% |  |  |
| Foundation Building Materials Inc 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.7913% 1/31/2028 (d)(e)(g) | 477513 | 470947 |
| Foundation Building Materials Inc Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2798% 1/29/2031 (d)(e)(g) | 1210878 | 1183197 |
|  |  | 1654144 |
| Transportation Infrastructure - 0.6% |  |  |
| AIT Worldwide Logistics Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2605% 4/8/2030 (d)(e)(g) | 774841 | 776003 |
| Beacon Mobility Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/18/2030 (d)(e)(g)(i) | 321024 | 320623 |
| Beacon Mobility Corp Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 0% 6/18/2030 (d)(e)(g)(i) | 43976 | 43921 |
| Lasership Inc Tranche A 1LN, term loan CME Term SOFR 3 month Index + 6.25%, 10.5456% 1/2/2029 (d)(e)(g) | 232784 | 229351 |
| Lasership Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.5%, 10.0572% 8/10/2029 (d)(e)(g) | 546656 | 314781 |
| Lasership Inc Tranche C 1LN, term loan CME Term SOFR 1 month Index + 7%, 8.2956% 1/2/2029 (d)(e)(g) | 76125 | 45199 |
| Lasership Inc Tranche E 1LN, term loan CME Term SOFR 1 month Index + 7.5%, 6.0572% 8/10/2029 (d)(e)(g) | 147366 | 42490 |
| WWEX Uni Topco Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2956% 7/26/2028 (d)(e)(g) | 855155 | 854753 |
|  |  | 2627121 |
| TOTAL INDUSTRIALS |  | 53764220 |
| Information Technology - 15.8% |  |  |
| Communications Equipment - 0.6% |  |  |
| Ciena Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0676% 10/24/2030 (d)(e)(g) | 132317 | 132813 |
| CommScope LLC 1LN, term loan CME Term SOFR 1 month Index + 5.25%, 9.5768% 12/17/2029 (d)(e)(g) | 2544083 | 2571915 |
|  |  | 2704728 |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| DG Investment Intermediate Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 6.75%, 11.1913% 3/30/2029 (d)(e)(g) | 60000 | 59494 |
| DG Investment Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9413% 3/31/2028 (d)(e)(g) | 796205 | 795401 |
| DG Investment Intermediate Holdings Inc Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 3.5% 3/31/2028 (d)(e)(g)(k) | 22656 | 22542 |
| Go Daddy Operating Co LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 5/30/2031 (d)(e)(g) | 584409 | 584854 |
| Go Daddy Operating Co LLC Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 11/9/2029 (d)(e)(g) | 610723 | 610955 |
| Lightning Power LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.5456% 8/18/2031 (d)(e)(g) | 967837 | 968911 |
| MX Holdings US Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 3/17/2032 (d)(e)(g) | 450000 | 451688 |
| TCP Sunbelt Acquisition Co Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5798% 10/24/2031 (d)(e)(g) | 527350 | 527350 |
|  |  | 4021195 |
| IT Services - 3.1% |  |  |
| Ahead DB Holdings LLC Tranche B3 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 2/1/2031 (d)(e)(g) | 351244 | 351318 |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (d)(e)(g) | 1013710 | 968094 |
| GTT Communications Inc Tranche NEW $ HOLDCO 1LN, term loan 14% 7/15/2031 (d)(g) | 95250 | 76676 |
| Indy US Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 3/6/2028 (d)(e)(g) | 458850 | 458611 |
| Kaseya Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 9.3268% 3/20/2033 (d)(e)(g) | 535000 | 535166 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 3/20/2032 (d)(e)(g) | 2064825 | 2071928 |
| Mitchell International Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 6/17/2031 (d)(e)(g) | 1404698 | 1402451 |
| Peraton Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 2/1/2028 (d)(e)(g) | 2845280 | 2504728 |
| VFH Parent LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 6/21/2031 (d)(e)(g) | 765000 | 766913 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (g) | 2475000 | 2404883 |
| X Corp Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 10.9268% 10/26/2029 (d)(e)(g) | 1627371 | 1588216 |
|  |  | 13128984 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| MKS Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3215% 8/17/2029 (d)(e)(g) | 727753 | 728480 |
| Software - 10.6% |  |  |
| Applied Systems Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7956% 2/24/2031 (d)(e)(g) | 837772 | 840913 |
| Ascend Learning LLC 2LN, term loan CME Term SOFR 1 month Index + 5.75%, 10.1768% 12/10/2029 (d)(e)(g) | 942748 | 942513 |
| Ascend Learning LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 12/11/2028 (d)(e)(g) | 1963103 | 1961886 |
| Cloud Software Group Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 3/21/2031 (d)(e)(g) | 1473298 | 1475478 |
| Cloud Software Group Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 7.7956% 3/29/2029 (d)(e)(g) | 1725972 | 1727146 |
| ConnectWise LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 8.0572% 9/29/2028 (d)(e)(g) | 614841 | 617405 |
| Dcert Buyer Inc 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 10/16/2026 (d)(e)(g) | 2683821 | 2655855 |
| Dcert Buyer Inc Tranche B 2LN, term loan CME Term SOFR 1 month Index + 7%, 11.3268% 2/19/2029 (d)(e)(g) | 845000 | 730925 |
| Eagle Parent Canada Inc Tranche INCR B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5456% 4/2/2029 (d)(e)(g)(j) | 1159175 | 1114430 |
| Ellucian Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 10/9/2029 (d)(e)(g) | 576379 | 577462 |
| EP Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.5%, 0% 11/6/2028 (d)(e)(g)(i) | 160000 | 156880 |
| Epicor Software Corp 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 5/30/2031 (d)(e)(g) | 1140504 | 1142796 |
| Flexera Software LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.31% 3/3/2028 (d)(e)(g) | 551893 | 551694 |
| Gen Digital Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 9/12/2029 (d)(e)(g) | 1299330 | 1296900 |
| Genesys Cloud Services Holdings II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 1/30/2032 (d)(e)(g) | 897750 | 897086 |
| Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (d)(e)(g) | 1246875 | 1247349 |
| Leia Finco US LLC 2LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.4576% 10/9/2032 (d)(e)(g) | 305000 | 302203 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 12/31/2031 (d)(e)(g) | 1705573 | 1478169 |
| MH Sub I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.5768% 5/3/2028 (d)(e)(g) | 3256893 | 3052329 |
| MH Sub I LLC Tranche B 2LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5768% 2/23/2029 (d)(e)(g) | 225000 | 196594 |
| Modena Buyer LLC 1LN, term loan CME Term SOFR 3 month Index + 4.5%, 8.7797% 7/1/2031 (d)(e)(g) | 1436528 | 1380863 |
| Optiv Parent Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.5326% 7/31/2026 (d)(e)(g) | 767683 | 614968 |
| Polaris Newco LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.2913% 6/2/2028 (d)(e)(g) | 4430241 | 4312707 |
| Project Alpha Intermediate Holding Inc 2LN, term loan CME Term SOFR 1 month Index + 5%, 9.2956% 5/9/2033 (d)(e)(g) | 580000 | 575650 |
| Project Alpha Intermediate Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 10/26/2030 (d)(e)(g) | 1425487 | 1431631 |
| Project Boost Purchaser LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2956% 7/16/2031 (d)(e)(g) | 554423 | 555116 |
| Proofpoint Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 8/31/2028 (d)(e)(g) | 1805947 | 1806146 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1788% 5/15/2028 (d)(e)(g) | 626066 | 282776 |
| Rackspace Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.6788% 5/15/2028 (d)(e)(g) | 145858 | 145961 |
| RealPage Inc 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 4/24/2028 (d)(e)(g) | 309225 | 309225 |
| RealPage Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.5572% 4/24/2028 (d)(e)(g) | 1167190 | 1158202 |
| Red Planet Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 10/2/2028 (d)(e)(g) | 996559 | 984102 |
| Renaissance Holdings Corp Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.2797% 4/5/2030 (d)(e)(g) | 1681917 | 1523446 |
| Roper Industrial Products Investment Co 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 11/22/2029 (d)(e)(g) | 509977 | 508544 |
| Sovos Compliance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3268% 8/13/2029 (d)(e)(g) | 621202 | 623960 |
| SS&C Technologies Inc Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 5/9/2031 (d)(e)(g) | 1037764 | 1042413 |
| UKG Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3113% 2/10/2031 (d)(e)(g) | 3574214 | 3586796 |
| VS Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0195% 4/12/2031 (d)(e)(g) | 740140 | 742916 |
| X.AI LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 7.25%, 0% 6/28/2030 (d)(e)(g)(i) | 255000 | 242780 |
|  |  | 44794215 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3215% 2/20/2032 (d)(e)(g) | 1429750 | 1420814 |
| TOTAL INFORMATION TECHNOLOGY |  | 66798416 |
| Materials - 6.4% |  |  |
| Chemicals - 3.2% |  |  |
| Advancion Holdings LLC 2LN, term loan CME Term SOFR 1 month Index + 7.75%, 12.1768% 11/24/2028 (d)(e)(g) | 410000 | 383350 |
| Advancion Holdings LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4268% 11/24/2027 (d)(e)(g) | 434072 | 405858 |
| Arc Falcon I Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.9268% 9/30/2028 (d)(e)(g) | 1523536 | 1527162 |
| Arthur US Finco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.25%, 9.5456% 12/14/2029 (d)(e)(g) | 691870 | 642574 |
| Avient Corp Tranche B8 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.9576% 8/29/2029 (d)(e)(g) | 448863 | 450147 |
| Bakelite US Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0456% 12/23/2031 (d)(e)(g) | 800975 | 789465 |
| Chemours Co/The Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 8/18/2028 (d)(e)(g) | 1078086 | 1074043 |
| Derby Buyer LLC 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3113% 11/1/2030 (d)(e)(g) | 444392 | 442219 |
| Discovery Purchaser Corp 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0224% 10/4/2029 (d)(e)(g) | 1696902 | 1693186 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3206% 7/3/2028 (d)(e)(g) | 941506 | 856347 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3118% 3/15/2029 (d)(e)(g) | 1491450 | 1487408 |
| Hexion Inc 2LN, term loan CME Term SOFR 1 month Index + 7.4375%, 11.8643% 3/15/2030 (d)(e)(g) | 205000 | 200131 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1768% 3/14/2030 (d)(e)(g) | 166600 | 152022 |
| INEOS US Petrochem LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 8.6768% 4/2/2029 (d)(e)(g) | 1067971 | 991878 |
| M2S Group Intermediate Holdings Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.0326% 8/25/2031 (d)(e)(g) | 1192304 | 1150574 |
| Scih Salt Hldgs Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.2871% 1/31/2029 (d)(e)(g) | 689989 | 689699 |
| USALCO LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.3268% 9/30/2031 (d)(e)(g) | 360824 | 362426 |
| USALCO LLC Tranche DD 1LN, term loan CME Term SOFR 3 month Index + 4%, 1% 9/30/2031 (d)(e)(g)(k) | 37363 | 37529 |
| WR Grace Holdings LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5456% 9/22/2028 (d)(e)(g) | 171447 | 171519 |
|  |  | 13507537 |
| Construction Materials - 0.9% |  |  |
| Eco Material Technologies Inc 1LN, term loan CME Term SOFR 6 month Index + 3.25%, 7.4666% 2/12/2032 (d)(e)(g) | 510000 | 512764 |
| Janus International Group LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.7797% 8/3/2030 (d)(e)(g) | 141824 | 141257 |
| Quikrete Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 2/10/2032 (d)(e)(g) | 2119669 | 2115961 |
| Smyrna Ready Mix Concrete LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3215% 4/2/2029 (d)(e)(g) | 210370 | 211028 |
| VM Consolidated Inc Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5768% 3/24/2028 (d)(e)(g) | 379435 | 380857 |
| White Cap Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 10/19/2029 (d)(e)(g) | 281999 | 280025 |
|  |  | 3641892 |
| Containers & Packaging - 2.2% |  |  |
| AOT Packaging Products Acquisition Co LLC 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 3/3/2028 (d)(e)(g) | 1173216 | 1171362 |
| Berlin Packaging LLC Tranche B7 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8212% 6/7/2031 (d)(e)(g) | 1039568 | 1042957 |
| Charter Next Generation Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0613% 11/29/2030 (d)(e)(g) | 781543 | 783989 |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.5018% 4/13/2029 (d)(e)(g) | 3125129 | 3117599 |
| Clydesdale Acquisition Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 4/1/2032 (d)(e)(g) | 1896838 | 1888416 |
| Clydesdale Acquisition Holdings Inc Tranche B-DD 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 1.8036% 4/1/2032 (d)(e)(g)(k) | 33162 | 33014 |
| Graham Packaging Co Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.8268% 8/4/2027 (d)(e)(g) | 367658 | 368169 |
| LC Ahab US Bidco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 5/1/2031 (d)(e)(g) | 567143 | 566082 |
| SupplyOne Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 4/21/2031 (d)(e)(g) | 339688 | 340536 |
|  |  | 9312124 |
| Paper & Forest Products - 0.1% |  |  |
| Asplundh Tree Expert LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 5/23/2031 (d)(e)(g) | 733293 | 733828 |
| TOTAL MATERIALS |  | 27195381 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/31/2030 (d)(e)(g) | 165813 | 166434 |
| Greystar Real Estate Partners LLC 1LN, term loan CME Term SOFR 3 month Index + 2.75%, 7.0456% 8/21/2030 (d)(e)(g) | 338315 | 338739 |
|  |  | 505173 |
| Utilities - 1.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| NRG Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0305% 4/16/2031 (d)(e)(g) | 635176 | 635970 |
| Vistra Operations Co LLC Tranche B-3 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.0768% 12/20/2030 (d)(e)(g) | 980944 | 982916 |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5741% 1/27/2031 (d)(e)(g) | 1562127 | 1562002 |
|  |  | 3180888 |
| Independent Power and Renewable Electricity Producers - 1.0% |  |  |
| Alpha Generation LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 9/30/2031 (d)(e)(g) | 829710 | 827984 |
| Calpine Construction Finance Co LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3268% 7/31/2030 (d)(e)(g) | 423375 | 423104 |
| Cogentrix Finance Holdco I LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 2/26/2032 (d)(e)(g) | 533663 | 534532 |
| MRP Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5695% 6/4/2032 (d)(e)(g) | 337097 | 331831 |
| MRP Buyer LLC Tranche DD 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 1% 6/4/2032 (d)(e)(g)(k) | 42903 | 42233 |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.8268% 3/29/2030 (d)(e)(g) | 621094 | 615659 |
| Talen Energy Supply LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2.5%, 6.8077% 12/13/2031 (d)(e)(g) | 283575 | 284151 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1913% 3/24/2028 (d)(e)(g) | 735684 | 727180 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.1913% 3/27/2028 (d)(e)(g) | 538650 | 539997 |
|  |  | 4326671 |
| Multi-Utilities - 0.0% |  |  |
| Osmose Utilities Services Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 6/23/2028 (d)(e)(g) | 317625 | 297376 |
| TOTAL UTILITIES |  | 7804935 |
| TOTAL UNITED STATES |  | 343063887 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $384,180,868) |  | <br> **375945224** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 1.0%** | &nbsp;&nbsp;**Common Stocks - 1.0%** | &nbsp;&nbsp;**Common Stocks - 1.0%** |
|  | Shares | Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| New Cineworld Ltd (j)(m) | 12397 | 302611 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Travelport Finance Luxembourg Sarl (j)(m) | 85 | 136992 |
| UNITED STATES - 0.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Main Street Sports Group (j) | 528 | 7260 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Old Claimco LLC (j)(m) | 15069 | 177211 |
| Specialty Retail - 0.0% |  |  |
| Joann Inc (j)(m) | 94692 | 0 |
| TOTAL CONSUMER DISCRETIONARY |  | 177211 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| California Resources Corp  | 16980 | 775477 |
| Expand Energy Corp  | 11625 | 1359428 |
| Expand Energy Corp (b) | 103 | 12045 |
| Exxon Mobil Corp  | 4943 | 532855 |
| New Fortress Energy Inc  | 7598 | 25225 |
|  |  | 2705030 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| ACNR Holdings Inc (j)(m) | 4662 | 441212 |
| Carnelian Point Holdings LP warrants 6/30/2027 (j)(m) | 329 | 960 |
| Limetree Bay Cayman Ltd (j)(m) | 38 | 0 |
|  |  | 442172 |
| Industrials - 0.1% |  |  |
| Machinery - 0.0% |  |  |
| Tnt Crane & Rigging LLC (j)(m) | 5338 | 0 |
| Tnt Crane & Rigging LLC warrants 10/31/2025 (j)(m) | 1797 | 0 |
|  |  | 0 |
| Professional Services - 0.1% |  |  |
| Franchise Group New Holdco LLC Class A (j) | 7460 | 388517 |
| TOTAL INDUSTRIALS |  | 388517 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GTT Communications Inc (j)(m) | 2417 | 98396 |
| TOTAL UNITED STATES |  | 3818586 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,584,346) |  | <br> **4258189** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 3.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Ontario Gaming GTA LP/OTG Co-Issuer Inc 8% 8/1/2030 (f) | 15000 | 15050 |
| FRANCE - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Altice France SA 5.125% 1/15/2029 (f) | 170000 | 140463 |
| Altice France SA 5.125% 7/15/2029 (f) | 415000 | 343008 |
| Altice France SA 5.5% 1/15/2028 (f) | 95000 | 79950 |
| Altice France SA 5.5% 10/15/2029 (f) | 640000 | 530506 |
| TOTAL FRANCE |  | 1093927 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Lcpr Senior Secured Financing Dac 5.125% 7/15/2029 (f) | 250000 | 147190 |
| Lcpr Senior Secured Financing Dac 6.75% 10/15/2027 (f) | 665000 | 447213 |
| TOTAL PUERTO RICO |  | 594403 |
| UNITED KINGDOM - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (f) | 335000 | 369780 |
| UNITED STATES - 3.2%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Frontier Communications Holdings LLC 5% 5/1/2028 (f) | 100000 | 99958 |
| Level 3 Financing Inc 4.5% 4/1/2030 (f) | 275000 | 248875 |
|  |  | 348833 |
| Media - 0.8% |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (f) | 170000 | 168433 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 6/1/2029 (f) | 330000 | 328794 |
| DISH Network Corp 11.75% 11/15/2027 (f) | 655000 | 675191 |
| Dotdash Meredith Inc 7.625% 6/15/2032 (f) | 170000 | 164849 |
| EchoStar Corp 10.75% 11/30/2029  | 827687 | 851359 |
| Univision Communications Inc 6.625% 6/1/2027 (f) | 105000 | 104713 |
| Univision Communications Inc 7.375% 6/30/2030 (f) | 575000 | 565073 |
| Univision Communications Inc 8% 8/15/2028 (f) | 150000 | 152217 |
| Univision Communications Inc 8.5% 7/31/2031 (f) | 240000 | 240266 |
|  |  | 3250895 |
| TOTAL COMMUNICATION SERVICES |  | 3599728 |
| Consumer Discretionary - 0.8% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (f) | 175000 | 179629 |
| Automobiles - 0.2% |  |  |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC 10% 1/15/2031 (f) | 850000 | 835144 |
| Diversified Consumer Services - 0.1% |  |  |
| TKC Holdings Inc 10.5% 5/15/2029 (f) | 275000 | 282571 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Caesars Entertainment Inc 7% 2/15/2030 (f) | 160000 | 165693 |
| CEC Entertainment LLC 6.75% 5/1/2026 (f) | 95000 | 94272 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc 4.625% 1/15/2029 (f) | 795000 | 761465 |
|  |  | 1021430 |
| Specialty Retail - 0.2% |  |  |
| Carvana Co 5.625% 10/1/2025 (f) | 800000 | 796116 |
| Staples Inc 10.75% 9/1/2029 (f) | 175000 | 165624 |
|  |  | 961740 |
| TOTAL CONSUMER DISCRETIONARY |  | 3280514 |
| Financials - 0.5% |  |  |
| Financial Services - 0.3% |  |  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.375% 2/1/2029  | 520000 | 437101 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 9% 6/15/2030  | 435000 | 406767 |
| NFE Financing LLC 12% 11/15/2029 (f) | 1010432 | 458736 |
|  |  | 1302604 |
| Insurance - 0.2% |  |  |
| Acrisure LLC / Acrisure Finance Inc 7.5% 11/6/2030 (f) | 600000 | 619820 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 6.75% 4/15/2028 (f) | 355000 | 360895 |
|  |  | 980715 |
| TOTAL FINANCIALS |  | 2283319 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (f) | 125000 | 128410 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| TransDigm Inc 6.375% 3/1/2029 (f) | 505000 | 518100 |
| Commercial Services & Supplies - 0.3% |  |  |
| Artera Services LLC 8.5% 2/15/2031 (f) | 150000 | 124908 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (f) | 210000 | 193754 |
| GEO Group Inc/The 8.625% 4/15/2029  | 80000 | 84698 |
| Neptune Bidco US Inc 9.29% 4/15/2029 (f) | 690000 | 667576 |
| OT Midco Inc 10% 2/15/2030 (f) | 170000 | 131374 |
|  |  | 1202310 |
| Machinery - 0.0% |  |  |
| Chart Industries Inc 7.5% 1/1/2030 (f) | 35000 | 36642 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (f) | 35000 | 34920 |
| Delta Air Lines Inc / SkyMiles IP Ltd 4.5% 10/20/2025 (f) | 11651 | 11623 |
|  |  | 46543 |
| TOTAL INDUSTRIALS |  | 1803595 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.1% |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (f) | 235000 | 240277 |
| Software - 0.2% |  |  |
| Cloud Software Group Inc 8.25% 6/30/2032 (f) | 444000 | 472518 |
| Cloud Software Group Inc 9% 9/30/2029 (f) | 190000 | 196940 |
| X.AI LLC / X.AI Co Issuer Corp 12.5% 6/30/2030  | 165000 | 166554 |
|  |  | 836012 |
| TOTAL INFORMATION TECHNOLOGY |  | 1076289 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (f) | 300000 | 314537 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.1% |  |  |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (f) | 312000 | 330733 |
| Vici Properties LP / Vici Note Co Inc 4.25% 12/1/2026 (f) | 45000 | 44726 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (f) | 25000 | 24560 |
|  |  | 400019 |
| Health Care REITs - 0.2% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 780000 | 720374 |
| TOTAL REAL ESTATE |  | 1120393 |
| TOTAL UNITED STATES |  | 13606785 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $16,095,342) |  | <br> **15679945** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** | &nbsp;&nbsp;**Preferred Securities - 0.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (d)(e)(l) | 815000 | 825978 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Wells Fargo & Co 3.9% (d)(l) | 680000 | 674111 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Aircastle Ltd 5.25% (d)(f)(l) | 240000 | 241181 |
| TOTAL UNITED STATES |  | 1741270 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,725,615) |  | <br> **1741270** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** | &nbsp;&nbsp;**Money Market Funds - 6.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (n)<br>(Cost $27,085,762)<br>| 4.32 | 27080346 | **27085762** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $436,508,363)<br>| <br>**429470816** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(6913713)** |
| **NET ASSETS - 100.0%** | **422557103** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,646,057 or 0.6% of net assets.

(c) Affiliated Fund

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,380,687 or 3.6% of net assets.

(g) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(h) Non-income producing - Security is in default.

(i) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(j) Level 3 security

(k) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $452,808 and $452,462, respectively.

(l) Security is perpetual in nature with no stated maturity date.

(m) Non-income producing

(n) 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.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Expand Energy Corp | 2/10/21 | 975 |
| Fidelity Private Credit Company LLC | 4/28/22 - 6/09/25 | 2711430 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 40902128 | 86055616 | 99871983 | 658094 | - | 1 | 27085762 | 27080346 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 1426511 | 1426511 | 2 | - | - | - | - | 0.0% |
| Total | 40902128 | 87482127 | 101298494 | 658096 | - | 1 | 27085762 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period |
| Fidelity Private Credit Company LLC | 2459376 | 182576 | - | 137576 | - | (7940) | 2634012 | 273003 |
|  | 2459376 | 182576 | - | 137576 | - | (7940) | 2634012 |  |

---

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>** |  |  |  |  |
|  **Alternative Funds** | 2634012 | - | 2634012 | - |
|  **Asset-Backed Securities** | 2126414 | - | 2126414 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 30494388 | - | 30457457 | 36931 |
| Consumer Discretionary | 77790965 | - | 77704707 | 86258 |
| Consumer Staples | 10626516 | - | 10626516 | - |
| Energy | 13024031 | - | 13024031 | - |
| Financials | 48184140 | - | 48098491 | 85649 |
| Health Care | 30715592 | - | 30715592 | - |
| Industrials | 58970133 | - | 58135906 | 834227 |
| Information Technology | 66846501 | - | 65711237 | 1135264 |
| Materials | 30517942 | - | 30517942 | - |
| Real Estate | 505173 | - | 505173 | - |
| Utilities | 8269843 | - | 7804935 | 464908 |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 309871 | - | - | 309871 |
| Consumer Discretionary | 314203 | - | - | 314203 |
| Energy | 2705030 | 2705030 | - | - |
| Financials | 442172 | - | - | 442172 |
| Industrials | 388517 | - | - | 388517 |
| Information Technology | 98396 | - | - | 98396 |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 5288058 | - | 5288058 | - |
| Consumer Discretionary | 3295564 | - | 3295564 | - |
| Energy | 369780 | - | 369780 | - |
| Financials | 2283319 | - | 2283319 | - |
| Health Care | 128410 | - | 128410 | - |
| Industrials | 1803595 | - | 1803595 | - |
| Information Technology | 1076289 | - | 1076289 | - |
| Materials | 314537 | - | 314537 | - |
| Real Estate | 1120393 | - | 1120393 | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 825978 | - | 825978 | - |
| Financials | 674111 | - | 674111 | - |
| Industrials | 241181 | - | 241181 | - |
|  **Money Market Funds** | 27085762 | 27085762 | - | - |
| **Total Investments in Securities:** | 429470816 | 29790792 | 395483628 | 4196396 |

---

**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 $406,711,171) | $399751042 |  |
| Fidelity Central Funds (cost $27,085,762) | 27085762 |  |
| Other affiliated issuers (cost $2,711,430) | 2634012 |  |
| Total Investment in Securities (cost $436,508,363) |  | $429470816 |
| Cash |  | 455444 |
| Receivable for investments sold |  | 4521840 |
| Receivable for fund shares sold |  | 56721 |
| Dividends receivable |  | 59 |
| Interest receivable |  | 3642173 |
| Distributions receivable from Fidelity Central Funds |  | 109013 |
| Receivable from investment adviser for expense reductions |  | 5 |
| Other receivables |  | 1577 |
| **Total assets** |  | 438257648 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $10189628 |  |
| Payable for fund shares redeemed | 5249917 |  |
| Accrued management fee | 217656 |  |
| Distribution and service plan fees payable | 20 |  |
| Other payables and accrued expenses | 43324 |  |
| **Total liabilities** |  | 15700545 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $422557103 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $435717813 |
| Total accumulated earnings (loss) |  | (13160710) |
| **Net Assets** |  | $422557103 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($107,176,883 ÷ 10,694,301 shares) |  | $10.02 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($102,536 ÷ 10,235 shares) |  | $10.02 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($315,277,684 ÷ 31,440,104 shares) |  | $10.03 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $104172 |
| Affiliated issuers |  | 137576 |
| Interest  |  | 17173322 |
| Income from Fidelity Central Funds (including $2 from security lending)  |  | 658096 |
| **Total income** |  | 18073166 |
| **Expenses** |  |  |
| Management fee | $1447172 |  |
| Distribution and service plan fees | 43 |  |
| Custodian fees and expenses | 31230 |  |
| Independent trustees' fees and expenses | 842 |  |
| Audit fees | 37261 |  |
| Legal | 6023 |  |
| Interest | 4882 |  |
| Miscellaneous | 1839 |  |
| Total expenses before reductions | 1529292 |  |
| Expense reductions | (15686) |  |
| Total expenses after reductions |  | 1513606 |
| **Net Investment income (loss)** |  | 16559560 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (2673081) |  |
| Total net realized gain (loss) |  | (2673081) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4976984) |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | (7940) |  |
| Total change in net unrealized appreciation (depreciation) |  | (4984923) |
| **Net gain (loss)** |  | (7658004) |
| **Net increase (decrease) in net assets resulting from operations** |  | $8901556 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $16559560 | $32942132 |
| &nbsp;&nbsp;Net realized gain (loss) | (2673081)<br>| (2366904)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (4984923) | 1222302<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8901556<br>| 31797530<br>|
| Distributions to shareholders | (5671713)<br>| (30710765)<br>|
| Share transactions - net increase (decrease) | (29535884)<br>| 106814823<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (26306041)<br>| 107901588<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 448863144 | 340961556<br>|
| &nbsp;&nbsp;End of period | $422557103 | $448863144 |

---

**Financial Highlights** 

**VIP Floating Rate High Income Portfolio Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.86 | $9.43 | $9.90 | $9.66 | $9.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .371  | .840  | .832  | .477  | .323  | .376  |
| Net realized and unrealized gain (loss)  | (.150)  | (.022)  | .307  | (.529)  | .177  | (.104)  |
| Total from investment operations  | .221  | .818  | 1.139  | (.052)  | .500  | .272  |
| Distributions from net investment income  | (.121)  | (.758)  | (.709)  | (.418)  | (.260)  | (.462)  |
| Total distributions  | (.121)  | (.758)  | (.709)  | (.418)  | (.260)  | (.462)  |
| Net asset value, end of period  | $10.02 | $9.92 | $9.86 | $9.43 | $9.90 | $9.66 |
| **Total Return** C,D,E | 2.25% <br>| 8.39%  | 12.29%  | (.52)%  | 5.21%  | 2.82%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .67% H | .69%  | .72%  | .72%  | .72%  | .73%  |
| Expenses net of fee waivers, if any  | .66% H<br>| .68%  | .71%  | .72%  | .72%  | .73%  |
| Expenses net of all reductions, if any  | .66% H | .68%  | .71%  | .72%  | .72%  | .73%  |
| Net investment income (loss)  | 7.58% H | 8.30%  | 8.42%  | 4.93%  | 3.26%  | 3.95%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $107177 | $110132 | $53564 | $12480 | $9840 | $7689 |
| Portfolio turnover rate I | 69% H<br>| 45%  | 31%  | 26%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Floating Rate High Income 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  | $9.77 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .131  |
| Net realized and unrealized gain (loss)  | .119 D |
| Total from investment operations  | .250  |
| Net asset value, end of period  | $10.02 |
| **Total Return** E,F,G | 2.56% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .92% J |
| Expenses net of fee waivers, if any  | .88% J<br>|
| Expenses net of all reductions, if any  | .88% J |
| Net investment income (loss)  | 7.75% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $103 |
| Portfolio turnover rate K | 69% J<br>|

---

A*For the period April 30, 2025 (commencement of sale of shares) 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*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Floating Rate High Income Portfolio Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.93 | $9.86 | $9.43 | $9.89 | $9.66 | $9.85 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .369  | .838  | .826  | .474  | .319  | .373  |
| Net realized and unrealized gain (loss)  | (.149)  | (.024)  | .307  | (.520)  | .169  | (.105)  |
| Total from investment operations  | .220  | .814  | 1.133  | (.046)  | .488  | .268  |
| Distributions from net investment income  | (.120)  | (.744)  | (.703)  | (.414)  | (.258)  | (.458)  |
| Total distributions  | (.120)  | (.744)  | (.703)  | (.414)  | (.258)  | (.458)  |
| Net asset value, end of period  | $10.03 | $9.93 | $9.86 | $9.43 | $9.89 | $9.66 |
| **Total Return** C,D,E | 2.23% <br>| 8.36%  | 12.22%  | (.46)%  | 5.08%  | 2.78%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .71% H | .71%  | .75%  | .75%  | .76%  | .76%  |
| Expenses net of fee waivers, if any  | .70% H<br>| .70%  | .75%  | .75%  | .76%  | .76%  |
| Expenses net of all reductions, if any  | .70% H | .70%  | .74%  | .75%  | .76%  | .76%  |
| Net investment income (loss)  | 7.52% H | 8.29%  | 8.39%  | 4.90%  | 3.23%  | 3.91%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $315278 | $338731 | $287398 | $234086 | $233965 | $160929 |
| Portfolio turnover rate I | 69% H<br>| 45%  | 31%  | 26%  | 37%  | 40%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report. For additional expense information related to investments in Fidelity Private Credit Company LLC, please refer to the Investment in Fidelity Private Credit Company LLC note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Floating Rate High Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund commenced sale of Service Class 2 shares on April 30, 2025. The Fund offers the following classes of shares: Initial Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Investment in Fidelity Private Credit Company LLC.**

The Fund invests in Fidelity Private Credit Company LLC, which is an affiliated limited liability company. Fidelity Private Credit Company LLC's units are not registered under the Securities Act of 1933 and are subject to substantial restrictions on transfer. The Fund has no redemption rights under Fidelity Private Credit Company LLC's limited liability company agreement. There will be no trading market for the units.

Based on its investment objective, Fidelity Private Credit Company LLC may invest or participate in various investments or strategies that are similar to those in which the Fund may invest or participate. These strategies are consistent with the investment objectives of the Fund and may involve certain economic risks which may cause a decline in value of Fidelity Private Credit Company LLC and thus a decline in the value of the Fund. Fidelity Private Credit Company LLC intends to invest primarily in directly originated loans to private companies but also with liquid credit investments, like broadly syndicated loans, and other select private credit investments.

The Schedule of Investments lists Fidelity Private Credit Company LLC as an investment as of period end, but does not include the underlying holdings of Fidelity Private Credit Company LLC. Fidelity Private Credit Company LLC represented less than 5% of the Fund's net assets at period end. The Fund indirectly bears its proportionate share of the expenses of Fidelity Private Credit Company LLC. The annualized expense ratio for Fidelity Private Credit Company LLC for the six month period ended June 30, 2025 was 9.80%.

**4. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Fidelity Private Credit Company LLC is valued at its net asset value (NAV) each month end and is categorized as Level 2 in the hierarchy.

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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. The Fund earns certain fees in connection with its floating rate loan purchasing activities. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees. These fees are recorded as Interest in the accompanying financial statements.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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.

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), passive foreign investment companies (PFIC), partnerships market discount, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $6396399 |
| **Gross unrealized depreciation** | <u>(11941589)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(5545190)</u> |
| **Tax cost** | <u>$435016006</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(3268519) |
| Long-term | <u>(17979440)</u> |
| **Total capital loss carryforward** | <u>$(21247959)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. The amount of commitments outstanding at period end are presented in the table below. These commitments are not included in the net assets of the Fund at period end.

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| | | |
|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** |
| **VIP Floating Rate High Income Portfolio** | Fidelity Private Credit Company LLC | 209985 |

---

**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.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Floating Rate High Income Portfolio** | 142647006 | 161333836 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class 2** | .63 |
| **Investor Class** | .67 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .63 |
| **Service Class 2** | .61 |
| **Investor Class** | .67 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate 12b-1 Plans for each Service Class of shares. Each Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a service fee. For the period, the service fee is based on an annual rate of .25% of Service Class 2's average net assets.

For the period, total fees, all of which were re-allowed to insurance companies for the distribution of shares and providing shareholder support services, were as follows:

---

| | |
|:---|:---|
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>$42</u> |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **VIP Floating Rate High Income Portfolio** | Borrower | 3830000 | 4.59% | 4882 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Floating Rate High Income Portfolio** | 358 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of interest. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Floating Rate High Income Portfolio** | - | - | - |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee with respect to the portion of the Fund's assets invested in Fidelity Private Credit Company LLC until April 30, 2026. During the period, this waiver reduced the Fund's management fee by $9,031.

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 ($)** |
| **Service Class 2** | 1.00% | 5 |

---

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 $6,650.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Floating Rate High Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $1468091 | $7365981 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4203622</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>23344784</u> |
| Total  | <u>$5671713</u> | <u>$30710765</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Floating Rate High Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 3388232 | 9537587 | $33492284 | $96693065 |
| Reinvestment of distributions | 148743 | 744385 | 1468091 | 7365981 |
| Shares redeemed | <u>(3946746)</u> | <u>(4611520)</u> | <u>(38879650)</u> | <u>(46972824)</u> |
| Net increase (decrease) | <u>(409771)</u> | <u>5670452</u> | <u>$(3919275)</u> | <u>$57086222</u> |
| **Service Class 2** A |  |  |  |  |
| Shares sold | <u>10235</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| Net increase (decrease) | <u>10235</u> | <u>-</u> | <u>$100000</u> | <u>$</u> <u>-</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 3527462 | 7543171 | $34953797 | $76398861 |
| Reinvestment of distributions | 425372 | 2359494 | 4202679 | 23338937 |
| Shares redeemed | <u>(6641405)</u> | <u>(4933467)</u> | <u>(64873085)</u> | <u>(50009197)</u> |
| Net increase (decrease) | <u>(2688571)</u> | <u>4969198</u> | <u>$(25716609)</u> | <u>$49728601</u> |

---

*A Share transactions for Service Class 2 are for the period April 30, 2025(commencement of sale of shares) through June 30, 2025.*

**12. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Floating Rate High Income Portfolio  | 77% | 1 | 17% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**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 Contract and Management Fees** 

**VIP Floating Rate High Income Portfolio**

At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve an amended and restated management contract with Fidelity Management & Research Company LLC (FMR) and certain of its affiliates (the Amended Contract) for the fund to add the management fee schedule and maximum management fee rate for Service Class 2 of the fund. 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 previously received and considered materials relating to the nature, extent and quality of services provided by FMR and certain of its affiliates to the fund, including the resources dedicated to investment management and support services, shareholder and administrative services, the benefits to shareholders of investment in a large fund family, and the investment performance of the fund in connection with the annual renewal of the fund's current management contract. At its May 2024 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing management contract should continue to benefit the fund's shareholders. In connection with its approval of the Amended Contract at its January 2025 meeting, the Board noted that such approval would not change the fund's portfolio managers, the investment processes, the level or nature of services provided, the resources and personnel allocated or trading and compliance operations. The Board concluded that the nature, extent, and quality of services to be provided to Service Class 2 of the fund under the Amended Contract will continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered the proposed tiered class-level management fee schedule and maximum class-level management fee rate of Service Class 2 of the fund and the estimated total expense ratio of Service Class 2. The Board also considered that, in exchange for the variable management fee, Service Class 2 of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. The Board noted that the projected class-level management fee and proposed maximum class-level management fee rate for Service Class 2 of the fund is equal to the median fee rate of funds with similar Morningstar classifications. The Board also considered that the estimated total net expense ratio of Service Class 2 of the fund is above the median of those funds and classes used by the Board for management fee comparisons that have a similar sales load structure. The Board also considered that Service Class 2 has a 25 basis point 12b-1 fee, whereas the majority of funds and classes in the peer group do not have 12b-1 fees.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The Board noted that the difference in management fee rates between classes of the fund is the result of separate arrangements for class-level services and/or waivers of certain expenses. The Board further noted that such differences are not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also noted that FMR has agreed to contractually limit total operating expenses, with certain limited exceptions, to 100 basis points for Service Class 2, through April 30, 2026.

Based on its review, the Board concluded that the projected management fee and estimated total expense ratio of Service Class 2 of the fund was 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 Board considered that it previously reviewed information regarding the revenues earned and the expenses incurred by FMR in providing services to the fund and the level of FMR's profitability. At its May 2024 meeting, the Board concluded that it was satisfied that the profitability of FMR in connection with the operation of the fund was not excessive.

**Economies of Scale.** The Board considered that it previously received and reviewed information regarding whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is a potential realization of any further economies of scale and that it concluded, at its May 2024 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist at the asset class level and through a discount that considers both fund size and total assets of the four applicable asset classes. The Board will continue to review economies of scale in connection with future renewals of the Amended Contract.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structure for Service Class 2 was fair and reasonable, and that the fund's Amended Contract should be approved through May 31, 2025.

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Floating Rate High Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Investor Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Investor Class, the Board considered the effective management fee rate for Investor Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Investor Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Investor Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Investor Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Investor Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Investor Class of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Investor Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110972_4.jpg)<br>

1.9859332.111 VIPFHI-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Equity-Income Portfolio℠**

**Semi-Annual Report**

**June 30, 2025**

![](img110974_1.jpg)

![](img110974_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VIPEI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Equity-Income Portfolio℠](#Sub_Sec_Fund_211_VIPEI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements211_VIPEI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VIPEI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VIPEI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VIPEI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VIPEI-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 Equity-Income Portfolio℠**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Restaurant Brands International Inc  | 643367 | 42676953 |
| Consumer Staples - 0.9% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Alimentation Couche-Tard Inc  | 567840 | 28226245 |
| Metro Inc/CN  | 367860 | 28896629 |
|  |  | 57122874 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Canadian Natural Resources Ltd  | 1176700 | 36983852 |
| Imperial Oil Ltd  | 591687 | 47004736 |
|  |  | 83988588 |
| TOTAL CANADA |  | 183788415 |
| FRANCE - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Vallourec SACA  | 1134000 | 20965307 |
| GERMANY - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| adidas AG  | 90641 | 21135233 |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 112855 | 28987732 |
| TOTAL GERMANY |  | 50122965 |
| IRELAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| Accenture PLC Class A  | 180700 | 54009423 |
| ITALY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Prysmian SpA  | 328492 | 23256977 |
| JAPAN - 0.6%  |  |  |
| Industrials - 0.6% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| Hitachi Ltd  | 1235604 | 35912032 |
| KOREA (SOUTH) - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Samsung Electronics Co Ltd  | 1152402 | 50928120 |
| NETHERLANDS - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| NXP Semiconductors NV  | 290386 | 63446437 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 386678 | 87578700 |
| UNITED KINGDOM - 2.3%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 464373 | 28338947 |
| Tobacco - 0.1% |  |  |
| Imperial Brands PLC  | 191400 | 7562246 |
| TOTAL CONSUMER STAPLES |  | 35901193 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Astrazeneca PLC  | 453136 | 63062561 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Rolls-Royce Holdings PLC  | 3727250 | 49395931 |
| TOTAL UNITED KINGDOM |  | 148359685 |
| UNITED STATES - 86.5%  |  |  |
| Communication Services - 7.6% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| AT&T Inc  | 1977870 | 57239558 |
| Verizon Communications Inc  | 1233860 | 53389122 |
|  |  | 110628680 |
| Entertainment - 1.4% |  |  |
| Walt Disney Co/The  | 721384 | 89458830 |
| Interactive Media & Services - 2.8% |  |  |
| Alphabet Inc Class A  | 805668 | 141982872 |
| Meta Platforms Inc Class A  | 44597 | 32916599 |
|  |  | 174899471 |
| Media - 0.7% |  |  |
| Comcast Corp Class A  | 1279240 | 45656076 |
| Wireless Telecommunication Services - 1.0% |  |  |
| T-Mobile US Inc  | 282593 | 67330608 |
| TOTAL COMMUNICATION SERVICES |  | 487973665 |
| Consumer Discretionary - 6.3% |  |  |
| Broadline Retail - 0.5% |  |  |
| Amazon.com Inc (a) | 149085 | 32707758 |
| Diversified Consumer Services - 0.4% |  |  |
| H&R Block Inc  | 479300 | 26308777 |
| Hotels, Restaurants & Leisure - 1.7% |  |  |
| McDonald's Corp  | 268708 | 78508416 |
| Starbucks Corp  | 327147 | 29976480 |
|  |  | 108484896 |
| Specialty Retail - 3.0% |  |  |
| Burlington Stores Inc (a) | 137578 | 32006146 |
| Dick's Sporting Goods Inc (b) | 180034 | 35612526 |
| Lowe's Cos Inc  | 274300 | 60858941 |
| TJX Cos Inc/The  | 536462 | 66247692 |
|  |  | 194725305 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Columbia Sportswear Co (b) | 47100 | 2876868 |
| Tapestry Inc  | 481431 | 42274456 |
|  |  | 45151324 |
| TOTAL CONSUMER DISCRETIONARY |  | 407378060 |
| Consumer Staples - 8.6% |  |  |
| Beverages - 2.2% |  |  |
| Coca-Cola Co/The  | 1116485 | 78991314 |
| Keurig Dr Pepper Inc  | 1832641 | 60587111 |
|  |  | 139578425 |
| Consumer Staples Distribution & Retail - 3.5% |  |  |
| Albertsons Cos Inc Class A  | 554268 | 11922305 |
| BJ's Wholesale Club Holdings Inc (a) | 438658 | 47300492 |
| Costco Wholesale Corp  | 7700 | 7622538 |
| Target Corp  | 333433 | 32893165 |
| Walmart Inc  | 1308960 | 127990109 |
|  |  | 227728609 |
| Food Products - 0.8% |  |  |
| JM Smucker Co  | 177100 | 17391220 |
| Mondelez International Inc  | 467171 | 31506012 |
|  |  | 48897232 |
| Household Products - 1.7% |  |  |
| Procter & Gamble Co/The  | 700644 | 111626602 |
| Personal Care Products - 0.4% |  |  |
| Kenvue Inc  | 1092091 | 22857465 |
| TOTAL CONSUMER STAPLES |  | 550688333 |
| Energy - 5.2% |  |  |
| Oil, Gas & Consumable Fuels - 5.2% |  |  |
| Enterprise Products Partners LP  | 1056568 | 32764174 |
| Exxon Mobil Corp  | 1690611 | 182247866 |
| Hess Corp  | 250787 | 34744031 |
| Phillips 66  | 141604 | 16893357 |
| Shell PLC  | 1378647 | 48100378 |
| Valero Energy Corp  | 128134 | 17223772 |
|  |  | 331973578 |
| Financials - 21.1% |  |  |
| Banks - 11.9% |  |  |
| Bank of America Corp  | 2689709 | 127277030 |
| Huntington Bancshares Inc/OH  | 3092670 | 51833149 |
| JPMorgan Chase & Co  | 821834 | 238257895 |
| M&T Bank Corp  | 341667 | 66279981 |
| PNC Financial Services Group Inc/The  | 466510 | 86966794 |
| US Bancorp  | 1056800 | 47820200 |
| Wells Fargo & Co  | 1730955 | 138684115 |
|  |  | 757119164 |
| Capital Markets - 1.8% |  |  |
| Blackrock Inc  | 51321 | 53848559 |
| Charles Schwab Corp/The  | 710100 | 64789524 |
|  |  | 118638083 |
| Consumer Finance - 0.8% |  |  |
| Capital One Financial Corp  | 254654 | 54180185 |
| Financial Services - 1.1% |  |  |
| Apollo Global Management Inc  | 260800 | 36999696 |
| Visa Inc Class A  | 101370 | 35991419 |
|  |  | 72991115 |
| Insurance - 5.5% |  |  |
| American Financial Group Inc/OH  | 327342 | 41313834 |
| Chubb Ltd  | 362682 | 105076229 |
| Hartford Insurance Group Inc/The  | 574744 | 72917771 |
| Marsh & McLennan Cos Inc  | 283900 | 62071896 |
| Travelers Companies Inc/The  | 279540 | 74788132 |
|  |  | 356167862 |
| TOTAL FINANCIALS |  | 1359096409 |
| Health Care - 10.0% |  |  |
| Biotechnology - 2.9% |  |  |
| AbbVie Inc  | 478321 | 88785944 |
| Gilead Sciences Inc  | 868685 | 96311106 |
|  |  | 185097050 |
| Health Care Providers & Services - 1.8% |  |  |
| Cigna Group/The  | 105576 | 34901314 |
| UnitedHealth Group Inc  | 255855 | 79819084 |
|  |  | 114720398 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Danaher Corp  | 307429 | 60729525 |
| Pharmaceuticals - 4.4% |  |  |
| Eli Lilly & Co  | 55058 | 42919363 |
| GSK PLC  | 1730222 | 32989225 |
| Johnson & Johnson  | 611958 | 93476585 |
| Merck & Co Inc  | 953650 | 75490934 |
| Roche Holding AG  | 26263 | 8572765 |
| Royalty Pharma PLC Class A  | 788398 | 28405980 |
|  |  | 281854852 |
| TOTAL HEALTH CARE |  | 642401825 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| GE Aerospace  | 252382 | 64960604 |
| General Dynamics Corp  | 159900 | 46636434 |
| Huntington Ingalls Industries Inc (b) | 150900 | 36436314 |
| Northrop Grumman Corp  | 92201 | 46098656 |
|  |  | 194132008 |
| Building Products - 0.9% |  |  |
| Johnson Controls International plc  | 543200 | 57372784 |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 312900 | 15794930 |
| Veralto Corp  | 177622 | 17930941 |
|  |  | 33725871 |
| Electrical Equipment - 1.3% |  |  |
| AMETEK Inc  | 228122 | 41280957 |
| GE Vernova Inc  | 82629 | 43723135 |
|  |  | 85004092 |
| Ground Transportation - 0.9% |  |  |
| Norfolk Southern Corp  | 233800 | 59845786 |
| Machinery - 2.3% |  |  |
| Crane Co  | 270892 | 51439682 |
| Hillenbrand Inc  | 206630 | 4147064 |
| ITT Inc  | 571242 | 89587883 |
|  |  | 145174629 |
| Professional Services - 0.2% |  |  |
| KBR Inc  | 285927 | 13707340 |
| Trading Companies & Distributors - 0.6% |  |  |
| Watsco Inc  | 85958 | 37960772 |
| TOTAL INDUSTRIALS |  | 626923282 |
| Information Technology - 5.6% |  |  |
| Communications Equipment - 1.3% |  |  |
| Cisco Systems Inc  | 1232850 | 85535133 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Crane NXT Co  | 346500 | 18676350 |
| IT Services - 0.6% |  |  |
| Amdocs Ltd  | 451833 | 41225243 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Analog Devices Inc  | 175700 | 41820114 |
| Broadcom Inc  | 81636 | 22502963 |
|  |  | 64323077 |
| Software - 2.0% |  |  |
| Gen Digital Inc  | 743381 | 21855401 |
| Microsoft Corp  | 205150 | 102043662 |
|  |  | 123899063 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Apple Inc  | 127929 | 26247193 |
| TOTAL INFORMATION TECHNOLOGY |  | 359906059 |
| Materials - 3.9% |  |  |
| Chemicals - 2.3% |  |  |
| Linde PLC  | 313889 | 147270441 |
| Containers & Packaging - 1.2% |  |  |
| Ball Corp  | 627000 | 35168430 |
| Crown Holdings Inc  | 401749 | 41372112 |
|  |  | 76540542 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 638000 | 27657300 |
| TOTAL MATERIALS |  | 251468283 |
| Real Estate - 2.4% |  |  |
| Specialized REITs - 2.4% |  |  |
| American Tower Corp  | 169173 | 37390616 |
| Lamar Advertising Co Class A  | 495208 | 60098443 |
| Public Storage Operating Co  | 194209 | 56984805 |
|  |  | 154473864 |
| Utilities - 6.1% |  |  |
| Electric Utilities - 4.0% |  |  |
| Constellation Energy Corp  | 190549 | 61501595 |
| Exelon Corp  | 562749 | 24434562 |
| FirstEnergy Corp  | 470600 | 18946355 |
| NextEra Energy Inc  | 1116268 | 77491325 |
| PG&E Corp  | 1369500 | 19090830 |
| Southern Co/The  | 613600 | 56346888 |
|  |  | 257811555 |
| Gas Utilities - 0.2% |  |  |
| Southwest Gas Holdings Inc  | 206800 | 15383852 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| Vistra Corp  | 259701 | 50332651 |
| Multi-Utilities - 1.1% |  |  |
| Ameren Corp  | 228158 | 21912294 |
| CenterPoint Energy Inc  | 623368 | 22902540 |
| WEC Energy Group Inc  | 229025 | 23864406 |
|  |  | 68679240 |
| TOTAL UTILITIES |  | 392207298 |
| TOTAL UNITED STATES |  | 5564490656 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,794,037,468) |  | <br> **6282858717** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 166916062 | 166949445 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 1910859 | 1911050 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $168,860,495) |  |  | **168860495** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $3,962,897,963)<br>| <br>**6451719212** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(16594986)** |
| **NET ASSETS - 100.0%** | **6435124226** |

---

**Legend**

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

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

(d) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 258249053 | 276358762 | 367658370 | 1834949 | - | - | 166949445 | 166916062 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 14020779 | 275752556 | 287862285 | 34739 | - | - | 1911050 | 1910859 | 0.0% |
| Total | 272269832 | 552111318 | 655520655 | 1869688 | - | - | 168860495 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of 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 | 487973665 | 487973665 | - | - |
| Consumer Discretionary | 471190246 | 471190246 | - | - |
| Consumer Staples | 643712400 | 607811207 | 35901193 | - |
| Energy | 436927473 | 388827095 | 48100378 | - |
| Financials | 1359096409 | 1359096409 | - | - |
| Health Care | 705464386 | 600839835 | 104624551 | - |
| Industrials | 764475954 | 626923282 | 137552672 | - |
| Information Technology | 615868739 | 615868739 | - | - |
| Materials | 251468283 | 251468283 | - | - |
| Real Estate | 154473864 | 154473864 | - | - |
| Utilities | 392207298 | 392207298 | - | - |
|  **Money Market Funds** | 168860495 | 168860495 | - | - |
| **Total Investments in Securities:** | 6451719212 | 6125540418 | 326178794 | - |

---

**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 (including securities loaned of $1,873,003) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,794,037,468) | $6282858717 |  |
| Fidelity Central Funds (cost $168,860,495) | 168860495 |  |
| Total Investment in Securities (cost $3,962,897,963) |  | $6451719212 |
| Foreign currency held at value (cost $24,459) |  | 24551 |
| Receivable for investments sold |  | 76944297 |
| Receivable for fund shares sold |  | 17991164 |
| Dividends receivable |  | 9472344 |
| Distributions receivable from Fidelity Central Funds |  | 103686 |
| Other receivables |  | 11170 |
| **Total assets** |  | 6556266424 |
| **Liabilities** |  |  |
| Payable to custodian bank | $21450355 |  |
| Payable for investments purchased  | 89065675 |  |
| Payable for fund shares redeemed | 5814913 |  |
| Accrued management fee | 2475186 |  |
| Distribution and service plan fees payable | 367438 |  |
| Other payables and accrued expenses | 57581 |  |
| Collateral on securities loaned | 1911050 |  |
| **Total liabilities** |  | 121142198 |
| **Net Assets**  |  | $6435124226 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3627620429 |
| Total accumulated earnings (loss) |  | 2807503797 |
| **Net Assets** |  | $6435124226 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,654,742,475 ÷ 127,841,644 shares) |  | $28.59 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($308,037,550 ÷ 10,874,148 shares) |  | $28.33 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,685,417,211 ÷ 61,555,861 shares) |  | $27.38 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($786,926,990 ÷ 27,790,270 shares) |  | $28.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $70970974 |
| Interest  |  | 411 |
| Income from Fidelity Central Funds (including $34,739 from security lending)  |  | 1869688 |
| **Total income** |  | 72841073 |
| **Expenses** |  |  |
| Management fee | $14581396 |  |
| Distribution and service plan fees | 2177023 |  |
| Custodian fees and expenses | 24241 |  |
| Independent trustees' fees and expenses | 11690 |  |
| Audit fees | 63698 |  |
| Legal | 4886 |  |
| Miscellaneous | 14053 |  |
| Total expenses before reductions | 16876987 |  |
| Expense reductions | (656) |  |
| Total expenses after reductions |  | 16876331 |
| **Net Investment income (loss)** |  | 55964742 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 262722187 |  |
| Foreign currency transactions | (42132) |  |
| Total net realized gain (loss) |  | 262680055 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 175759692 |  |
| Assets and liabilities in foreign currencies | 250290 |  |
| Total change in net unrealized appreciation (depreciation) |  | 176009982 |
| **Net gain (loss)** |  | 438690037 |
| **Net increase (decrease) in net assets resulting from operations** |  | $494654779 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $55964742 | $105492436 |
| &nbsp;&nbsp;Net realized gain (loss) | 262680055<br>| 374077751<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 176009982 | 379409707<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 494654779<br>| 858979894<br>|
| Distributions to shareholders | (47111183)<br>| (459560916)<br>|
| Share transactions - net increase (decrease) | (125814739)<br>| (89569222)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 321728857<br>| 309849756<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6113395369 | 5803545613<br>|
| &nbsp;&nbsp;End of period | $6435124226 | $6113395369 |

---

**Financial Highlights** 

**VIP Equity-Income Portfolio℠ Initial Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.59 | $24.85 | $23.56 | $26.15 | $23.90 | $23.77 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .26  | .49  | .48  | .48  | .43  | .39  |
| Net realized and unrealized gain (loss)  | 1.94  | 3.37  | 2.01  | (1.76)  | 5.29  | 1.12  |
| Total from investment operations  | 2.20  | 3.86  | 2.49  | (1.28)  | 5.72  | 1.51  |
| Distributions from net investment income  | -  | (.50)  | (.48)  | (.47) C | (.51)  | (.39)  |
| Distributions from net realized gain  | (.20)  | (1.62)  | (.72)  | (.84) C | (2.95)  | (.99)  |
| Total distributions  | (.20)  | (2.12)  | (1.20)  | (1.31)  | (3.47) D | (1.38)  |
| Net asset value, end of period  | $28.59 | $26.59 | $24.85 | $23.56 | $26.15 | $23.90 |
| **Total Return** E,F,G | 8.32% <br>| 15.35%  | 10.65%  | (4.96)%  | 24.89%  | 6.69%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .47% J | .48%  | .51%  | .51%  | .51%  | .53%  |
| Expenses net of fee waivers, if any  | .47% J<br>| .47%  | .50%  | .51%  | .51%  | .53%  |
| Expenses net of all reductions, if any  | .47% J | .47%  | .50%  | .51%  | .51%  | .52%  |
| Net investment income (loss)  | 1.89% J | 1.80%  | 1.97%  | 1.94%  | 1.63%  | 1.87%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3654742 | $3486238 | $3351006 | $3235040 | $3766480 | $3185391 |
| Portfolio turnover rate K | 23% J<br>| 21%  | 21%  | 20%  | 27%  | 57%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Equity-Income Portfolio℠ Service Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.36 | $24.65 | $23.38 | $25.97 | $23.74 | $23.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .46  | .45  | .45  | .40  | .37  |
| Net realized and unrealized gain (loss)  | 1.93  | 3.34  | 1.99  | (1.75)  | 5.26  | 1.10  |
| Total from investment operations  | 2.17  | 3.80  | 2.44  | (1.30)  | 5.66  | 1.47  |
| Distributions from net investment income  | -  | (.47)  | (.45)  | (.45) C | (.48)  | (.37)  |
| Distributions from net realized gain  | (.20)  | (1.62)  | (.72)  | (.84) C | (2.95)  | (.99)  |
| Total distributions  | (.20)  | (2.09)  | (1.17)  | (1.29)  | (3.43)  | (1.36)  |
| Net asset value, end of period  | $28.33 | $26.36 | $24.65 | $23.38 | $25.97 | $23.74 |
| **Total Return** D,E,F | 8.28% <br>| 15.24%  | 10.53%  | (5.09)%  | 24.83%  | 6.55%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .57% I | .58%  | .61%  | .61%  | .61%  | .63%  |
| Expenses net of fee waivers, if any  | .57% I<br>| .57%  | .60%  | .61%  | .61%  | .63%  |
| Expenses net of all reductions, if any  | .57% I | .57%  | .60%  | .61%  | .61%  | .62%  |
| Net investment income (loss)  | 1.79% I | 1.70%  | 1.87%  | 1.84%  | 1.53%  | 1.77%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $308038 | $297122 | $287149 | $286805 | $326787 | $284767 |
| Portfolio turnover rate J | 23% I<br>| 21%  | 21%  | 20%  | 27%  | 57%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns 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.*

**VIP Equity-Income Portfolio℠ Service Class 2**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.50 | $23.91 | $22.71 | $25.27 | $23.18 | $23.10 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .41  | .40  | .40  | .35  | .33  |
| Net realized and unrealized gain (loss)  | 1.87  | 3.24  | 1.94  | (1.71)  | 5.13  | 1.09  |
| Total from investment operations  | 2.08  | 3.65  | 2.34  | (1.31)  | 5.48  | 1.42  |
| Distributions from net investment income  | -  | (.43)  | (.42)  | (.41) C | (.44)  | (.34)  |
| Distributions from net realized gain  | (.20)  | (1.62)  | (.72)  | (.84) C | (2.95)  | (.99)  |
| Total distributions  | (.20)  | (2.06) D | (1.14)  | (1.25)  | (3.39)  | (1.34) D |
| Net asset value, end of period  | $27.38 | $25.50 | $23.91 | $22.71 | $25.27 | $23.18 |
| **Total Return** E,F,G | 8.20% <br>| 15.06%  | 10.38%  | (5.25)%  | 24.60%  | 6.44%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .72% J | .73%  | .76%  | .76%  | .76%  | .78%  |
| Expenses net of fee waivers, if any  | .72% J<br>| .72%  | .75%  | .76%  | .76%  | .78%  |
| Expenses net of all reductions, if any  | .72% J | .72%  | .75%  | .76%  | .76%  | .77%  |
| Net investment income (loss)  | 1.64% J | 1.55%  | 1.72%  | 1.69%  | 1.38%  | 1.62%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1685417 | $1602462 | $1529540 | $1509527 | $1659719 | $1563662 |
| Portfolio turnover rate K | 23% J<br>| 21%  | 21%  | 20%  | 27%  | 57%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**VIP Equity-Income Portfolio℠ Investor Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.35 | $24.65 | $23.38 | $25.96 | $23.74 | $23.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .24  | .47  | .45  | .45  | .41  | .38  |
| Net realized and unrealized gain (loss)  | 1.93  | 3.34  | 2.00  | (1.74)  | 5.26  | 1.10  |
| Total from investment operations  | 2.17  | 3.81  | 2.45  | (1.29)  | 5.67  | 1.48  |
| Distributions from net investment income  | -  | (.49)  | (.46)  | (.45) C | (.49)  | (.38)  |
| Distributions from net realized gain  | (.20)  | (1.62)  | (.72)  | (.84) C | (2.95)  | (.99)  |
| Total distributions  | (.20)  | (2.11)  | (1.18)  | (1.29)  | (3.45) D | (1.37)  |
| Net asset value, end of period  | $28.32 | $26.35 | $24.65 | $23.38 | $25.96 | $23.74 |
| **Total Return** E,F,G | 8.28% <br>| 15.26%  | 10.56%  | (5.02)%  | 24.83%  | 6.57%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .54% J | .56%  | .59%  | .59%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .54% J<br>| .55%  | .58%  | .58%  | .58%  | .60%  |
| Expenses net of all reductions, if any  | .54% J | .55%  | .58%  | .58%  | .58%  | .60%  |
| Net investment income (loss)  | 1.82% J | 1.73%  | 1.90%  | 1.86%  | 1.55%  | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $786927 | $727573 | $635851 | $597206 | $627711 | $464283 |
| Portfolio turnover rate K | 23% J<br>| 21%  | 21%  | 20%  | 27%  | 57%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

G*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

H*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

I*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Equity-Income Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **VIP Equity-Income Portfolio** | $11688 |

---

**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. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $2576782371 |
| **Gross unrealized depreciation** | <u>(92897999)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2483884372</u> |
| **Tax cost** | <u>$3967834840</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. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Equity-Income Portfolio** | 707048396 | 710675388 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .47 |
| **Service Class** | .47 |
| **Service Class 2** | .47 |
| **Investor Class** | .55 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .46 |
| **Service Class** | .46 |
| **Service Class 2** | .46 |
| **Investor Class** | .54 |

---

**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** | $149756 |
| **Service Class 2** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2027267</u> |
|  | <u>$2177023</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 Equity-Income Portfolio** | 5366 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Equity-Income Portfolio** | 92907662 | 84614682 | 22803147 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Equity-Income Portfolio** | 4957 |

---

**7. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Equity-Income Portfolio** | 3766 | - | - |

---

**8. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $656.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Equity-Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $26440283 | $261935164 |
| Service Class | 2274452 | 22301600 |
| Service Class 2 | 12761248 | 121175422 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5635200</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>54148730</u> |
| Total  | <u>$47111183</u> | <u>$459560916</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Equity-Income Portfolio** |  |  |  |  |
| **Initial Class** |  |  |  |  |
| Shares sold | 4646850 | 5073394 | $127039147 | $138217269 |
| Reinvestment of distributions | 958676 | 9588960 | 26440283 | 261935164 |
| Shares redeemed | <u>(8892255)</u> | <u>(18395453)</u> | <u>(241534035)</u> | <u>(501230489)</u> |
| Net increase (decrease) | <u>(3286729)</u> | <u>(3733099)</u> | <u>$(88054605)</u> | <u>$(101078056)</u> |
| **Service Class** |  |  |  |  |
| Shares sold | 287215 | 428713 | $7780686 | $11894736 |
| Reinvestment of distributions | 83191 | 823612 | 2274452 | 22301600 |
| Shares redeemed | <u>(768375)</u> | <u>(1628094)</u> | <u>(20731863)</u> | <u>(43946545)</u> |
| Net increase (decrease) | <u>(397969)</u> | <u>(375769)</u> | <u>$(10676725)</u> | <u>$(9750209)</u> |
| **Service Class 2** |  |  |  |  |
| Shares sold | 2995190 | 4180360 | $78882586 | $108816565 |
| Reinvestment of distributions | 482649 | 4624079 | 12761248 | 121175422 |
| Shares redeemed | <u>(4755837)</u> | <u>(9932452)</u> | <u>(123808612)</u> | <u>(260514955)</u> |
| Net increase (decrease) | <u>(1277998)</u> | <u>(1128013)</u> | <u>$(32164778)</u> | <u>$(30522968)</u> |
| **Investor Class** |  |  |  |  |
| Shares sold | 1400482 | 2367380 | $38115273 | $65679455 |
| Reinvestment of distributions | 206191 | 1999165 | 5635200 | 54148730 |
| Shares redeemed | <u>(1432923)</u> | <u>(2550044)</u> | <u>(38669104)</u> | <u>(68046174)</u> |
| Net increase (decrease) | <u>173750</u> | <u>1816501</u> | <u>$5081369</u> | <u>$51782011</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders each were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Affiliated %** | **Number of Unaffiliated Shareholders** | **Unaffiliated Shareholders %** |
| VIP Equity-Income Portfolio | 19% | 2 | 28% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**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 and Management Fees**

**VIP Equity-Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of Initial Class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of Initial Class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Initial Class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of Initial Class of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img110974_4.jpg)<br>

1.705693.127 VIPEI-SANN-0825

**Fidelity® Variable Insurance Products:**

**VIP Stock Selector Portfolio**

**Semi-Annual Report**

**June 30, 2025**

![](img111016_1.jpg)

![](img111016_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_VSACI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VIP Stock Selector Portfolio](#Sub_Sec_Fund_6426_VSACI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6426_VSACI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_VSACI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_VSACI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_VSACI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_VSACI-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 Stock Selector Portfolio**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 81200 | 5539464 |
| BELGIUM - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 36000 | 7079715 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States) (b) | 29100 | 2613180 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc  | 106100 | 7038012 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 47700 | 2371076 |
| Energy - 0.8% |  |  |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| Athabasca Oil Corp (c) | 1249300 | 5174263 |
| Cameco Corp (United States) (b) | 36400 | 2701972 |
| Imperial Oil Ltd  | 169200 | 13441569 |
| MEG Energy Corp  | 537700 | 10159736 |
| Meren Energy Inc  | 1122800 | 1376960 |
| South Bow Corp  | 78300 | 2032609 |
|  |  | 34887109 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 5805 | 10478201 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Xenon Pharmaceuticals Inc (c) | 80000 | 2504000 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(d) | 2600 | 0 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd (United States)  | 22100 | 1287104 |
| Metals & Mining - 0.0% |  |  |
| Teck Resources Ltd Class B (United States)  | 31200 | 1259856 |
| TOTAL MATERIALS |  | 2546960 |
| TOTAL CANADA |  | 59825358 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (c) | 42500 | 7335500 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (c) | 41900 | 1624044 |
| FRANCE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BNP Paribas SA  | 46300 | 4153189 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (c) | 12100 | 595078 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 30800 | 3279276 |
| TOTAL GERMANY |  | 3874354 |
| GREECE - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Piraeus Financial Holdings SA  | 639100 | 4427546 |
| INDIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd ADR  | 41200 | 3158804 |
| IRELAND - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank of Ireland Group PLC  | 617900 | 8796131 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Accenture PLC Class A  | 7300 | 2181897 |
| TOTAL IRELAND |  | 10978028 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 8800 | 585992 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| SK Hynix Inc  | 39840 | 8597153 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (c) | 18000 | 9921960 |
| Merus NV (c) | 84000 | 4418400 |
|  |  | 14340360 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 74577 | 16294329 |
| TOTAL NETHERLANDS |  | 30634689 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 90700 | 1660340 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Popular Inc  | 105400 | 11616134 |
| SPAIN - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco Santander SA  | 1004300 | 8316486 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 145064 | 32855545 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC  | 238756 | 6020497 |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 91182 | 1549182 |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 102100 | 4832393 |
| TOTAL CONSUMER STAPLES |  | 12402072 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.1% |  |  |
| London Stock Exchange Group PLC  | 33300 | 4870032 |
| Insurance - 0.3% |  |  |
| Beazley PLC  | 449050 | 5763233 |
| Hiscox Ltd  | 278700 | 4801097 |
|  |  | 10564330 |
| TOTAL FINANCIALS |  | 15434362 |
| TOTAL UNITED KINGDOM |  | 27836434 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 10.5% |  |  |
| Entertainment - 2.1% |  |  |
| Liberty Media Corp-Liberty Formula One Class C (c) | 23300 | 2434850 |
| Live Nation Entertainment Inc (c) | 21600 | 3267648 |
| Netflix Inc (c) | 28100 | 37629553 |
| ROBLOX Corp Class A (c) | 83200 | 8752640 |
| Roku Inc Class A (c) | 37440 | 3290602 |
| Take-Two Interactive Software Inc (c) | 35700 | 8669745 |
| Walt Disney Co/The  | 169200 | 20982492 |
| Warner Bros Discovery Inc (c) | 361000 | 4137060 |
|  |  | 89164590 |
| Interactive Media & Services - 8.1% |  |  |
| Alphabet Inc Class A  | 1085412 | 191282157 |
| Meta Platforms Inc Class A  | 204600 | 151013214 |
| Reddit Inc Class A (c) | 19100 | 2875887 |
|  |  | 345171258 |
| Media - 0.3% |  |  |
| Charter Communications Inc Class A (c) | 13000 | 5314529 |
| Magnite Inc (c) | 337300 | 8135676 |
|  |  | 13450205 |
| TOTAL COMMUNICATION SERVICES |  | 447786053 |
| Consumer Discretionary - 9.9% |  |  |
| Automobiles - 1.4% |  |  |
| Tesla Inc (c) | 189363 | 60153051 |
| Broadline Retail - 4.7% |  |  |
| Amazon.com Inc (c) | 905236 | 198599726 |
| Etsy Inc (c) | 31400 | 1575024 |
| Macy's Inc  | 91100 | 1062226 |
|  |  | 201236976 |
| Distributors - 0.1% |  |  |
| LKQ Corp  | 78700 | 2912686 |
| Diversified Consumer Services - 0.1% |  |  |
| Service Corp International/US  | 61800 | 5030520 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Airbnb Inc Class A (c) | 61700 | 8165378 |
| Booking Holdings Inc  | 1112 | 6437635 |
| Caesars Entertainment Inc (c) | 65700 | 1865223 |
| Chipotle Mexican Grill Inc (c) | 65400 | 3672210 |
| Churchill Downs Inc  | 50130 | 5063130 |
| Domino's Pizza Inc  | 10954 | 4935872 |
| DraftKings Inc Class A (c) | 136400 | 5850196 |
| Dutch Bros Inc Class A (c) | 35100 | 2399787 |
| Marriott International Inc/MD Class A1  | 52495 | 14342159 |
| Starbucks Corp  | 35000 | 3207050 |
| Yum! Brands Inc  | 51400 | 7616452 |
|  |  | 63555092 |
| Household Durables - 0.2% |  |  |
| PulteGroup Inc  | 59800 | 6306508 |
| Somnigroup International Inc  | 33700 | 2293285 |
|  |  | 8599793 |
| Specialty Retail - 1.4% |  |  |
| Dick's Sporting Goods Inc  | 13400 | 2650654 |
| Floor & Decor Holdings Inc Class A (c) | 19600 | 1488816 |
| Home Depot Inc/The  | 37924 | 13904455 |
| Lowe's Cos Inc  | 143989 | 31946840 |
| Ross Stores Inc  | 76000 | 9696080 |
| TJX Cos Inc/The  | 14620 | 1805424 |
|  |  | 61492269 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Capri Holdings Ltd (c) | 40739 | 721080 |
| NIKE Inc Class B  | 150169 | 10668006 |
| PVH Corp  | 64840 | 4448024 |
| Tapestry Inc  | 70797 | 6216685 |
|  |  | 22053795 |
| TOTAL CONSUMER DISCRETIONARY |  | 425034182 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.8% |  |  |
| Boston Beer Co Inc/The Class A (c) | 25450 | 4856115 |
| Brown-Forman Corp Class B  | 21500 | 578564 |
| Coca-Cola Co/The  | 430100 | 30429575 |
| Constellation Brands Inc Class A  | 63385 | 10311472 |
| Keurig Dr Pepper Inc  | 639600 | 21145176 |
| Monster Beverage Corp (c) | 49400 | 3094416 |
| PepsiCo Inc  | 61100 | 8067644 |
|  |  | 78482962 |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Albertsons Cos Inc Class A  | 273200 | 5876532 |
| Costco Wholesale Corp  | 9300 | 9206442 |
| Dollar Tree Inc (c) | 2300 | 227792 |
| Kroger Co/The  | 18200 | 1305486 |
| Target Corp  | 113535 | 11200228 |
| Walmart Inc  | 232300 | 22714294 |
|  |  | 50530774 |
| Food Products - 0.7% |  |  |
| Bunge Global SA  | 114800 | 9216144 |
| Conagra Brands Inc  | 9200 | 188324 |
| Freshpet Inc (c) | 20100 | 1365996 |
| JM Smucker Co  | 65200 | 6402640 |
| Lamb Weston Holdings Inc  | 69700 | 3613945 |
| Mondelez International Inc  | 74700 | 5037768 |
| TreeHouse Foods Inc (c) | 222726 | 4325339 |
|  |  | 30150156 |
| Household Products - 0.9% |  |  |
| Energizer Holdings Inc  | 377475 | 7609896 |
| Procter & Gamble Co/The  | 176600 | 28135912 |
| Reynolds Consumer Products Inc  | 93500 | 2002770 |
|  |  | 37748578 |
| Personal Care Products - 0.4% |  |  |
| Estee Lauder Cos Inc/The Class A  | 144300 | 11659440 |
| Kenvue Inc  | 169800 | 3553914 |
|  |  | 15213354 |
| Tobacco - 0.2% |  |  |
| Philip Morris International Inc  | 46700 | 8505471 |
| TOTAL CONSUMER STAPLES |  | 220631295 |
| Energy - 2.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Weatherford International PLC  | 27500 | 1383525 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| ConocoPhillips  | 83600 | 7502264 |
| Expand Energy Corp  | 31195 | 3647943 |
| Exxon Mobil Corp  | 535100 | 57683780 |
| Marathon Petroleum Corp  | 33200 | 5514852 |
| Shell PLC ADR  | 188800 | 13293408 |
| Valero Energy Corp  | 73400 | 9866428 |
|  |  | 97508675 |
| TOTAL ENERGY |  | 98892200 |
| Financials - 12.3% |  |  |
| Banks - 4.1% |  |  |
| Bancorp Inc/The (c) | 213200 | 12146004 |
| Bank of America Corp  | 1062612 | 50282800 |
| Comerica Inc  | 86200 | 5141830 |
| First Horizon Corp  | 297200 | 6300640 |
| JPMorgan Chase & Co  | 77118 | 22357279 |
| KeyCorp  | 276210 | 4811578 |
| M&T Bank Corp  | 32261 | 6258311 |
| Synovus Financial Corp  | 66500 | 3441375 |
| Truist Financial Corp  | 233300 | 10029567 |
| US Bancorp  | 341100 | 15434775 |
| Wells Fargo & Co  | 511347 | 40969122 |
|  |  | 177173281 |
| Capital Markets - 3.1% |  |  |
| Bank of New York Mellon Corp/The  | 125964 | 11476580 |
| Blackrock Inc  | 22600 | 23713050 |
| Cboe Global Markets Inc  | 27475 | 6407445 |
| Charles Schwab Corp/The  | 297500 | 27143900 |
| Intercontinental Exchange Inc  | 85900 | 15760073 |
| LPL Financial Holdings Inc  | 23863 | 8947909 |
| MarketAxess Holdings Inc  | 55617 | 12421501 |
| Northern Trust Corp  | 70400 | 8926016 |
| State Street Corp  | 78000 | 8294520 |
| Tradeweb Markets Inc Class A  | 17100 | 2503440 |
| Virtu Financial Inc Class A  | 146047 | 6541445 |
|  |  | 132135879 |
| Consumer Finance - 0.1% |  |  |
| OneMain Holdings Inc  | 50799 | 2895543 |
| SLM Corp  | 95500 | 3131445 |
|  |  | 6026988 |
| Financial Services - 2.4% |  |  |
| Affirm Holdings Inc Class A (c) | 54800 | 3788872 |
| Apollo Global Management Inc  | 65435 | 9283263 |
| Berkshire Hathaway Inc Class A (c) | 10 | 7288000 |
| Block Inc Class A (c) | 17841 | 1211939 |
| Fiserv Inc (c) | 74212 | 12794891 |
| Mastercard Inc Class A  | 88300 | 49619303 |
| PayPal Holdings Inc (c) | 121900 | 9059608 |
| UWM Holdings Corp Class A  | 490200 | 2029428 |
| Visa Inc Class A  | 16581 | 5887084 |
|  |  | 100962388 |
| Insurance - 2.6% |  |  |
| American Financial Group Inc/OH  | 47100 | 5944491 |
| Arthur J Gallagher & Co  | 45964 | 14713996 |
| Brighthouse Financial Inc (c) | 56100 | 3016497 |
| Chubb Ltd  | 83668 | 24240293 |
| Hartford Insurance Group Inc/The  | 106181 | 13471183 |
| Marsh & McLennan Cos Inc  | 79051 | 17283711 |
| Travelers Companies Inc/The  | 63133 | 16890603 |
| Unum Group  | 54340 | 4388498 |
| Willis Towers Watson PLC  | 33228 | 10184382 |
|  |  | 110133654 |
| TOTAL FINANCIALS |  | 526432190 |
| Health Care - 8.2% |  |  |
| Biotechnology - 1.8% |  |  |
| AbbVie Inc  | 62500 | 11601250 |
| Alnylam Pharmaceuticals Inc (c) | 31800 | 10369662 |
| Cargo Therapeutics Inc (c) | 90000 | 370800 |
| Crinetics Pharmaceuticals Inc (c) | 90000 | 2588400 |
| Cytokinetics Inc (c) | 42000 | 1387680 |
| Exact Sciences Corp (c) | 196000 | 10415440 |
| Gilead Sciences Inc  | 120800 | 13393096 |
| Janux Therapeutics Inc (c) | 67000 | 1547700 |
| Legend Biotech Corp ADR (c) | 262000 | 9298380 |
| MoonLake Immunotherapeutics Class A (c) | 43500 | 2053200 |
| Nurix Therapeutics Inc (c) | 140000 | 1594600 |
| Nuvalent Inc Class A (c) | 40000 | 3052000 |
| Oruka Therapeutics Inc  | 65000 | 728650 |
| Vaxcyte Inc (c) | 69000 | 2243190 |
| Veracyte Inc (c) | 108000 | 2919240 |
| Viking Therapeutics Inc (c) | 85000 | 2252500 |
|  |  | 75815788 |
| Health Care Equipment & Supplies - 2.8% |  |  |
| Alcon AG (United States)  | 40800 | 3601824 |
| Boston Scientific Corp (c) | 371500 | 39902815 |
| Glaukos Corp (c) | 32000 | 3305280 |
| Inspire Medical Systems Inc (c) | 32800 | 4256456 |
| Insulet Corp (c) | 42000 | 13195560 |
| Intuitive Surgical Inc (c) | 9400 | 5108054 |
| Kestra Medical Technologies Ltd  | 85000 | 1409300 |
| Masimo Corp (c) | 94500 | 15896790 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (c)(d)(e) | 1141 | 13852 |
| Penumbra Inc (c) | 73100 | 18759653 |
| Stryker Corp  | 36000 | 14242680 |
|  |  | 119692264 |
| Health Care Providers & Services - 1.9% |  |  |
| agilon health Inc (c) | 800000 | 1840000 |
| BrightSpring Health Services Inc (c) | 250000 | 5897500 |
| Cencora Inc  | 28500 | 8545725 |
| Centene Corp (c) | 20000 | 1085600 |
| Cigna Group/The  | 18000 | 5950440 |
| CVS Health Corp  | 250000 | 17245000 |
| LifeStance Health Group Inc (c) | 350000 | 1809500 |
| Molina Healthcare Inc (c) | 22500 | 6702750 |
| Privia Health Group Inc (c) | 203000 | 4669000 |
| Surgery Partners Inc (c) | 120000 | 2667600 |
| UnitedHealth Group Inc  | 76400 | 23834508 |
|  |  | 80247623 |
| Health Care Technology - 0.1% |  |  |
| Phreesia Inc (c) | 78000 | 2219880 |
| Veeva Systems Inc Class A (c) | 21200 | 6105176 |
|  |  | 8325056 |
| Life Sciences Tools & Services - 0.8% |  |  |
| 10X Genomics Inc Class A (c) | 80000 | 926400 |
| Bruker Corp  | 34000 | 1400800 |
| Danaher Corp  | 125000 | 24692500 |
| IQVIA Holdings Inc (c) | 23000 | 3624570 |
| Repligen Corp (c) | 16000 | 1990080 |
| Thermo Fisher Scientific Inc  | 3000 | 1216380 |
|  |  | 33850730 |
| Pharmaceuticals - 0.8% |  |  |
| Eli Lilly & Co  | 32000 | 24944960 |
| Merck & Co Inc  | 64000 | 5066240 |
| Royalty Pharma PLC Class A  | 121000 | 4359630 |
|  |  | 34370830 |
| TOTAL HEALTH CARE |  | 352302291 |
| Industrials - 8.6% |  |  |
| Aerospace & Defense - 3.0% |  |  |
| Boeing Co (c) | 104190 | 21830931 |
| GE Aerospace  | 141700 | 36472163 |
| Howmet Aerospace Inc  | 95800 | 17831254 |
| Lockheed Martin Corp  | 37000 | 17136180 |
| Northrop Grumman Corp  | 17600 | 8799648 |
| RTX Corp  | 42100 | 6147442 |
| TransDigm Group Inc  | 10600 | 16118784 |
|  |  | 124336402 |
| Building Products - 0.8% |  |  |
| Trane Technologies PLC  | 78700 | 34424167 |
| Commercial Services & Supplies - 0.4% |  |  |
| Cintas Corp  | 42900 | 9561123 |
| Republic Services Inc  | 37200 | 9173892 |
|  |  | 18735015 |
| Construction & Engineering - 0.3% |  |  |
| Quanta Services Inc  | 29700 | 11228976 |
| Electrical Equipment - 1.3% |  |  |
| AMETEK Inc  | 95600 | 17299776 |
| Eaton Corp PLC  | 38500 | 13744115 |
| GE Vernova Inc  | 47475 | 25121396 |
|  |  | 56165287 |
| Ground Transportation - 1.0% |  |  |
| CSX Corp  | 292700 | 9550801 |
| Old Dominion Freight Line Inc  | 46200 | 7498260 |
| Uber Technologies Inc (c) | 198900 | 18557370 |
| Union Pacific Corp  | 37200 | 8558976 |
|  |  | 44165407 |
| Machinery - 1.4% |  |  |
| Deere & Co  | 17900 | 9101971 |
| Dover Corp  | 51300 | 9399699 |
| Ingersoll Rand Inc  | 113000 | 9399340 |
| Parker-Hannifin Corp  | 35600 | 24865532 |
| Westinghouse Air Brake Technologies Corp  | 39900 | 8353065 |
|  |  | 61119607 |
| Professional Services - 0.2% |  |  |
| Verisk Analytics Inc  | 29600 | 9220400 |
| Trading Companies & Distributors - 0.2% |  |  |
| Fastenal Co  | 156800 | 6585600 |
| United Rentals Inc  | 5100 | 3842340 |
|  |  | 10427940 |
| TOTAL INDUSTRIALS |  | 369823201 |
| Information Technology - 30.3% |  |  |
| Communications Equipment - 1.8% |  |  |
| Arista Networks Inc  | 172637 | 17662491 |
| Cisco Systems Inc  | 817005 | 56683807 |
| Motorola Solutions Inc  | 6200 | 2606852 |
|  |  | 76953150 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Amphenol Corp Class A  | 100247 | 9899391 |
| IT Services - 0.3% |  |  |
| Gartner Inc (c) | 34501 | 13945994 |
| Semiconductors & Semiconductor Equipment - 12.1% |  |  |
| Advanced Micro Devices Inc (c) | 6100 | 865590 |
| Analog Devices Inc  | 153800 | 36607476 |
| Astera Labs Inc (c) | 1900 | 171798 |
| Broadcom Inc  | 308687 | 85089572 |
| First Solar Inc (c) | 3500 | 579390 |
| Marvell Technology Inc  | 200200 | 15495480 |
| Micron Technology Inc  | 230558 | 28416274 |
| NVIDIA Corp  | 2201950 | 347886081 |
|  |  | 515111661 |
| Software - 9.2% |  |  |
| Cadence Design Systems Inc (c) | 48257 | 14870395 |
| HubSpot Inc (c) | 12896 | 7178300 |
| Intuit Inc  | 2800 | 2205364 |
| Microsoft Corp  | 711857 | 354084790 |
| OpenAI Global LLC rights (c)(d)(e) | 403380 | 592969 |
| Oracle Corp  | 19766 | 4321441 |
| Palantir Technologies Inc Class A (c) | 16799 | 2290040 |
| Servicenow Inc (c) | 4292 | 4412519 |
| Synopsys Inc (c) | 5000 | 2563400 |
|  |  | 392519218 |
| Technology Hardware, Storage & Peripherals - 6.7% |  |  |
| Apple Inc  | 1403530 | 287962250 |
| TOTAL INFORMATION TECHNOLOGY |  | 1296391664 |
| Materials - 1.7% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 19500 | 5500170 |
| Axalta Coating Systems Ltd (c) | 61500 | 1825935 |
| Balchem Corp  | 12500 | 1990000 |
| Chemours Co/The  | 63400 | 725930 |
| Corteva Inc  | 70100 | 5224553 |
| Dow Inc  | 18200 | 481936 |
| Ecolab Inc  | 32800 | 8837632 |
| Element Solutions Inc  | 54500 | 1234425 |
| Linde PLC  | 40400 | 18954872 |
| Mosaic Co/The  | 117100 | 4271808 |
| Sherwin-Williams Co/The  | 9700 | 3330592 |
|  |  | 52377853 |
| Construction Materials - 0.1% |  |  |
| Martin Marietta Materials Inc  | 7700 | 4226992 |
| Containers & Packaging - 0.1% |  |  |
| AptarGroup Inc  | 12100 | 1892803 |
| International Paper Co  | 75500 | 3535665 |
|  |  | 5428468 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 78000 | 3381300 |
| Newmont Corp  | 74200 | 4322892 |
| Nucor Corp  | 27700 | 3588258 |
|  |  | 11292450 |
| TOTAL MATERIALS |  | 73325763 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.2% |  |  |
| Ventas Inc  | 157800 | 9965070 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 82685 | 8691847 |
| Office REITs - 0.0% |  |  |
| Douglas Emmett Inc  | 78700 | 1183648 |
| Real Estate Management & Development - 0.2% |  |  |
| Jones Lang LaSalle Inc (c) | 23300 | 5959674 |
| Zillow Group Inc Class C (c) | 30200 | 2115510 |
|  |  | 8075184 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 66700 | 7516423 |
| Invitation Homes Inc  | 57500 | 1886000 |
| Sun Communities Inc  | 9700 | 1226953 |
|  |  | 10629376 |
| Retail REITs - 0.2% |  |  |
| Federal Realty Investment Trust  | 33800 | 3210662 |
| Macerich Co/The  | 229600 | 3714928 |
| NNN REIT Inc  | 79500 | 3432810 |
|  |  | 10358400 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 66700 | 14742034 |
| Equinix Inc  | 14450 | 11494542 |
| Iron Mountain Inc  | 24800 | 2543736 |
| Public Storage Operating Co  | 24500 | 7188790 |
|  |  | 35969102 |
| TOTAL REAL ESTATE |  | 84872627 |
| Utilities - 2.2% |  |  |
| Electric Utilities - 1.6% |  |  |
| Constellation Energy Corp  | 31178 | 10063011 |
| Duke Energy Corp  | 77100 | 9097800 |
| Entergy Corp  | 60554 | 5033248 |
| Evergy Inc  | 51600 | 3556788 |
| Exelon Corp  | 134800 | 5853016 |
| NextEra Energy Inc  | 187065 | 12986052 |
| NRG Energy Inc  | 23682 | 3802856 |
| PG&E Corp  | 239157 | 3333849 |
| PPL Corp  | 114700 | 3887183 |
| Southern Co/The  | 29346 | 2694843 |
| TXNM Energy Inc  | 20700 | 1165824 |
| Xcel Energy Inc  | 59600 | 4058760 |
|  |  | 65533230 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 22400 | 235648 |
| Vistra Corp  | 43100 | 8353211 |
|  |  | 8588859 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 44600 | 4283384 |
| CenterPoint Energy Inc  | 113300 | 4162642 |
| NiSource Inc  | 77900 | 3142486 |
| Sempra  | 84700 | 6417719 |
|  |  | 18006231 |
| TOTAL UTILITIES |  | 92128320 |
| TOTAL UNITED STATES |  | 3987619786 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (c) | 157600 | 2799592 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,140,917,163) |  | <br> **4223131333** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA Series D-7 (d)(e) | 261343 | 151579 |
| Kardium Inc/CA Series D-7 (d)(e) | 54374 | 31537 |
| TOTAL CANADA |  | 183116 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (c)(d)(e) | 894646 | 688877 |
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Waymo LLC Series C2 (d)(e) | 5369 | 442996 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc Series E (c)(d)(e) | 75279 | 383923 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Endeavor BioMedicines Inc Series C (c)(d)(e) | 100705 | 492447 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Medical Microinstruments Inc/Italy Series C (c)(d)(e) | 22820 | 763786 |
| TOTAL HEALTH CARE |  | 1256233 |
| TOTAL UNITED STATES |  | 2083152 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,374,974) |  | <br> **2955145** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA 10% 12/31/2026 (d)(e)<br>(Cost $856,477)<br>| 856477 | **1103159** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 7/31/2025  | 4.25 | 120000 | 119583 |
| US Treasury Bills 0% 8/7/2025 (g) | 4.27 to 4.32 | 2880000 | 2867418 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $2,987,087) |  |  | **2987001** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 57139415 | 57150843 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 4070843 | 4071250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $61,222,093) |  |  | **61222093** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $3,209,357,794)<br>| <br>**4291398731** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(14498253)** |
| **NET ASSETS - 100.0%** | **4276900478** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 500 Index Contracts (United States) | 98 | Sep 2025 | 30643375 | 835841 | 835841 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Non-income producing

(d) Level 3 security

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,665,125 or 0.1% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,145,585.

(h) 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.

(i) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Endeavor BioMedicines Inc Series C | 4/22/24 | 657060 |
| InSightec Ltd Series G | 6/17/24 | 794267 |
| Kardium Inc/CA 10% 12/31/2026 | 5/31/24 - 3/31/25 | 983341 |
| Kardium Inc/CA Series D-7 | 5/31/24 - 3/31/25 | 8459 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 760675 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| OpenAI Global LLC rights | 9/30/24 | 403380 |
| Saluda Medical Inc Series E | 4/06/23 | 607788 |
| Waymo LLC Series C2 | 10/18/24 | 419863 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 52432813 | 842024550 | 837306519 | 1301489 | - | (1) | 57150843 | 57139415 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 8553119 | 48874313 | 53356182 | 1712 | - | - | 4071250 | 4070843 | 0.0% |
| Total | 60985932 | 890898863 | 890662701 | 1303201 | - | (1) | 61222093 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of 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 | 447786053 | 447786053 | - | - |
| Consumer Discretionary | 439830780 | 439830780 | - | - |
| Consumer Staples | 235404443 | 229383946 | 6020497 | - |
| Energy | 135439649 | 133779309 | 1660340 | - |
| Financials | 593399035 | 571631782 | 21767253 | - |
| Health Care | 386841142 | 386827290 | - | 13852 |
| Industrials | 369823201 | 369823201 | - | - |
| Information Technology | 1356320588 | 1355727619 | - | 592969 |
| Materials | 81285495 | 81285495 | - | - |
| Real Estate | 84872627 | 84872627 | - | - |
| Utilities | 92128320 | 92128320 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 442996 | - | - | 442996 |
| Financials | 383923 | - | - | 383923 |
| Health Care | 2128226 | - | - | 2128226 |
|  **Preferred Securities** |  |  |  |  |
| Health Care | 1103159 | - | - | 1103159 |
|  **U.S. Treasury Obligations** | 2987001 | - | 2987001 | - |
|  **Money Market Funds** | 61222093 | 61222093 | - | - |
| **Total Investments in Securities:** | 4291398731 | 4254298515 | 32435091 | 4665125 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 835841 | 835841 | - | - |
| Total Assets | 835841 | 835841 | - | - |
| **Total Derivative Instruments:** | 835841 | 835841 | - | - |

---

**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** |  |  |
| Futures Contracts (a)  | 835841 | 0 |
| **Total Equity Risk**  | 835841 | 0 |
| **Total Value of Derivatives** | 835841 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (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 (including securities loaned of $4,061,428) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,148,135,701) | $4230176638 |  |
| Fidelity Central Funds (cost $61,222,093) | 61222093 |  |
| Total Investment in Securities (cost $3,209,357,794) |  | $4291398731 |
| Cash |  | 74855 |
| Foreign currency held at value (cost $19,828) |  | 19829 |
| Receivable for investments sold |  | 2029708 |
| Receivable for fund shares sold |  | 379813 |
| Dividends receivable |  | 2668597 |
| Interest receivable |  | 24588 |
| Distributions receivable from Fidelity Central Funds |  | 171622 |
| Receivable for daily variation margin on futures contracts |  | 147000 |
| Other receivables |  | 2205 |
| **Total assets** |  | 4296916948 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3535365 |  |
| Payable for fund shares redeemed | 10538202 |  |
| Accrued management fee | 1788329 |  |
| Distribution and service plan fees payable | 36 |  |
| Other payables and accrued expenses | 83288 |  |
| Collateral on securities loaned | 4071250 |  |
| **Total liabilities** |  | 20016470 |
| **Net Assets**  |  | $4276900478 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3422682499 |
| Total accumulated earnings (loss) |  | 854217979 |
| **Net Assets** |  | $4276900478 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Initial Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($127,447 ÷ 10,000 shares) |  | $12.74 |
| **Service Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($127,355 ÷ 10,000 shares) |  | $12.74 |
| **Service Class 2 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($127,229 ÷ 10,000 shares) |  | $12.72 |
| **Investor Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,276,518,447 ÷ 335,526,313 shares) |  | $12.75 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** | **Six months ended June 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $23772051 |
| Interest  |  | 64575 |
| Income from Fidelity Central Funds (including $1,712 from security lending)  |  | 1303201 |
| **Total income** |  | 25139827 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $12837194 |  |
| Performance adjustment | (2528206) |  |
| Distribution and service plan fees | 209 |  |
| Custodian fees and expenses | 93050 |  |
| Independent trustees' fees and expenses | 7996 |  |
| Audit fees | 30698 |  |
| Legal | 3570 |  |
| Miscellaneous | 10611 |  |
| **Total expenses** |  | 10455122 |
| **Net Investment income (loss)** |  | 14684705 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 64159318 |  |
| Foreign currency transactions | (20205) |  |
| Futures contracts | (73444) |  |
| Total net realized gain (loss) |  | 64065669 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 100855030 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 18995 |  |
| Futures contracts | 1020382 |  |
| Total change in net unrealized appreciation (depreciation) |  | 101894406 |
| **Net gain (loss)** |  | 165960075 |
| **Net increase (decrease) in net assets resulting from operations** |  | $180644780 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **December 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $14684705 | $34407640 |
| &nbsp;&nbsp;Net realized gain (loss) | 64065669<br>| 277312887<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 101894406 | 528964214<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 180644780<br>| 840684741<br>|
| Distributions to shareholders | -<br>| (31472063)<br>|
| Share transactions - net increase (decrease) | (304281295)<br>| (807946151)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (123636515)<br>| 1266527<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4400536993 | 4399270466<br>|
| &nbsp;&nbsp;End of period | $4276900478 | $4400536993 |

---

**Financial Highlights** 

**VIP Stock Selector Portfolio Initial Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .05  | .09  | .07  | .05  | .01  |
| Net realized and unrealized gain (loss)  | .50  | 1.94  | 2.14  | (2.02)  | .16  |
| Total from investment operations  | .55  | 2.03  | 2.21  | (1.97)  | .17  |
| Distributions from net investment income  | -  | (.10)  | (.07)  | (.07)  | (.01)  |
| Total distributions  | -  | (.10)  | (.07)  | (.07)  | (.01)  |
| Net asset value, end of period  | $12.74 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 4.51% <br>| 19.70%  | 27.23%  | (19.42)%  | 1.73%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .44% I | .51%  | .60%  | .61%  | .61% I,J |
| Expenses net of fee waivers, if any  | .44% I<br>| .50%  | .59%  | .61%  | .61% I,J |
| Expenses net of all reductions, if any  | .44% I | .50%  | .59%  | .61%  | .61% I,J |
| Net investment income (loss)  | .80% I | .81%  | .74%  | .63%  | .52% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $127 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 70% I<br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Service Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .08  | .06  | .05  | .01  |
| Net realized and unrealized gain (loss)  | .51  | 1.94  | 2.14  | (2.03)  | .16  |
| Total from investment operations  | .55  | 2.02  | 2.20  | (1.98)  | .17  |
| Distributions from net investment income  | -  | (.09)  | (.06)  | (.06)  | (.01)  |
| Total distributions  | -  | (.09)  | (.06)  | (.06)  | (.01)  |
| Net asset value, end of period  | $12.74 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 4.51% <br>| 19.60%  | 27.12%  | (19.51)%  | 1.71%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .54% I | .61%  | .70%  | .71%  | .71% I,J |
| Expenses net of fee waivers, if any  | .54% I<br>| .61%  | .69%  | .71%  | .71% I,J |
| Expenses net of all reductions, if any  | .54% I | .61%  | .69%  | .71%  | .71% I,J |
| Net investment income (loss)  | .70% I | .71%  | .64%  | .53%  | .41% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $127 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 70% I<br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Service Class 2**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.19 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .03  | .06  | .05  | .03  | .01  |
| Net realized and unrealized gain (loss)  | .50  | 1.94  | 2.14  | (2.02)  | .16  |
| Total from investment operations  | .53  | 2.00  | 2.19  | (1.99)  | .17  |
| Distributions from net investment income  | -  | (.07)  | (.05)  | (.05)  | (.01)  |
| Total distributions  | -  | (.07)  | (.05)  | (.05)  | (.01)  |
| Net asset value, end of period  | $12.72 | $12.19 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 4.35% <br>| 19.44%  | 26.95%  | (19.63)%  | 1.68%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .69% I | .76%  | .85%  | .86%  | .86% I,J |
| Expenses net of fee waivers, if any  | .69% I<br>| .76%  | .84%  | .86%  | .86% I,J |
| Expenses net of all reductions, if any  | .69% I | .76%  | .84%  | .86%  | .86% I,J |
| Net investment income (loss)  | .55% I | .56%  | .49%  | .38%  | .26% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $127 | $122 | $103 | $81 | $102 |
| Portfolio turnover rate K | 70% I<br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

**VIP Stock Selector Portfolio Investor Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **June 30, 2025**<br> **(Unaudited)**  | **Years ended December 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.20 | $10.26 | $8.12 | $10.16 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .04  | .08  | .06  | .05  | .01  |
| Net realized and unrealized gain (loss)  | .51  | 1.94  | 2.14  | (2.03)  | .16  |
| Total from investment operations  | .55  | 2.02  | 2.20  | (1.98)  | .17  |
| Distributions from net investment income  | -  | (.08)  | (.06)  | (.06)  | (.01)  |
| Total distributions  | -  | (.08)  | (.06)  | (.06)  | (.01)  |
| Net asset value, end of period  | $12.75 | $12.20 | $10.26 | $8.12 | $10.16 |
| **Total Return** D,E,F | 4.51% <br>| 19.68%  | 27.15%  | (19.51)%  | 1.72%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |
| Expenses before reductions  | .52% I | .58%  | .67%  | .68%  | .68% I,J |
| Expenses net of fee waivers, if any  | .52% I<br>| .58%  | .67%  | .68%  | .68% I,J |
| Expenses net of all reductions, if any  | .52% I | .58%  | .67%  | .68%  | .68% I,J |
| Net investment income (loss)  | .73% I | .74%  | .67%  | .56%  | .44% I,J |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4276518 | $4400171 | $4398963 | $3961826 | $6092940 |
| Portfolio turnover rate K | 70% I<br>| 51%  | 39%  | 29%  | 159% L,M |

---

A*For the period October 21, 2021 (commencement of operations) through December 31, 2021.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns do not reflect charges attributable to your insurance company's separate account. Inclusion of these charges would reduce the total returns shown.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount not annualized.*

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

For the period ended June 30, 2025

**1. Organization.**

VIP Stock Selector Portfolio (the Fund) is a fund of Variable Insurance Products Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares of the Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. The Fund offers the following classes of shares: Initial Class shares, Service Class shares, Service Class 2 shares and Investor Class shares. All classes have equal rights and voting privileges, except for matters affecting a single class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to certain corporate actions, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $1172742132 |
| **Gross unrealized depreciation** | <u>(116250530)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1056491602</u> |
| **Tax cost** | <u>$3235742970</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | <u>$(283688122)</u> |
| **Total capital loss carryforward** | <u>$(283688122)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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 futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **VIP Stock Selector Portfolio** | 1417712353 | 1540639288 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Initial Class** | .58 |
| **Service Class** | .58 |
| **Service Class 2** | .58 |
| **Investor Class** | .65 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Initial Class** | .56 |
| **Service Class** | .56 |
| **Service Class 2** | .56 |
| **Investor Class** | .63 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below effective January 1, 2025 (MSCI U.S. Investable Market 2500 Index prior to January 1, 2025). Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **VIP Stock Selector Portfolio** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Investor Class. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.12)%.

**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** | $60 |
| **Service Class 2** | <u>149</u> |
|  | <u>$209</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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Stock Selector Portfolio** | 40337 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **VIP Stock Selector Portfolio** | 77201499 | 64587715 | 3031628 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **VIP Stock Selector Portfolio** | 3483 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **VIP Stock Selector Portfolio** | 164 | - | - |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **June 30, 2025** | **Year ended**<br> **December 31, 2024** |
| **VIP Stock Selector Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Initial Class | $- | $960 |
| Service Class | - | 850 |
| Service Class 2 | - | 680 |
| Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>31469573</u> |
| Total  | <u>$-</u> | <u>$31472063</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** | **Six months ended** <br> **June 30, 2025**  | **Year ended**<br> **December 31, 2024** |
| **VIP Stock Selector Portfolio** |  |  |  |  |
| **Investor Class** |  |  |  |  |
| Shares sold | 16290060 | 41475346 | $197829603 | $466332912 |
| Reinvestment of distributions | - | 2458560 | - | 31469573 |
| Shares redeemed | <u>(41418802)</u> | <u>(112019817)</u> | <u>(502110898)</u> | <u>(1305748636)</u> |
| Net increase (decrease) | <u>(25128742)</u> | <u>(68085911)</u> | <u>$(304281295)</u> | <u>$(807946151)</u> |

---

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | | | |
|:---|:---|:---|:---|
|  | **VIP FundsManager 50% Portfolio** | **VIP FundsManager 60% Portfolio** | **VIP FundsManager 70% Portfolio** |
| VIP Stock Selector Portfolio | 21% | 48% | 19% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| VIP Stock Selector Portfolio | 100% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**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 and Management Fees**

**VIP Stock Selector Portfolio** 

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR 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, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (Initial Class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**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. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted 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 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, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, 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 (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of Initial Class, the Board considered the effective management fee rate for Initial Class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of Initial Class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection its consideration of the fund's performance adjustment, the Board noted that the performance of Investor Class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of Investor Class as the basis for the performance adjustment. The Board noted that Investor Class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of Investor Class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered 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. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and each Fidelity fund, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**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 renewed through May 31, 2026.

![](img111016_4.jpg)<br>

1.9904321.103 VSACI-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'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'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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; 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/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &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, Stacie M. Smith, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

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 (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/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

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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) |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>