# EDGAR Filing Document

**Accession Number:** 0000831016
**File Stem:** 0000831016-23-000003
**Filing Date:** 2023-2
**Character Count:** 1244968
**Document Hash:** dc61da3f796750078bf01a112d9e21db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000831016-23-000003.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000831016-23-000003

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VARIABLE INSURANCE PRODUCTS FUND II
- **CENTRAL INDEX KEY:** 0000831016
- **IRS NUMBER:** 042708937
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05511
- **FILM NUMBER:** 23646356

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

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

## Series and Classes Contracts Data

### Contrafund Portfolio (Series ID: S000007724)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021005 | Initial Class   |  |
| C000021006 | Investor Class  |  |
| C000021007 | Service Class   |  |
| C000021009 | Service Class 2 |  |

### Disciplined Small Cap Portfolio (Series ID: S000007725)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021010 | Initial Class   |  |
| C000021011 | Investor Class  |  |
| C000021012 | Service Class   |  |
| C000021013 | Service Class 2 |  |

### Index 500 Portfolio (Series ID: S000007726)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000021014 | Initial Class   | XAOKX           |
| C000021015 | Service Class   | QINSQ           |
| C000021016 | Service Class 2 | QVI2Q           |

### Emerging Markets Portfolio (Series ID: S000039296)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000121072 | Initial Class   |  |
| C000121074 | Investor Class  |  |
| C000121075 | Service Class   |  |
| C000121076 | Service Class 2 |  |

### International Capital Appreciation Portfolio (Series ID: S000039298)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000121082 | Initial Class   |  |
| C000121084 | Investor Class  |  |
| C000121085 | Service Class   |  |
| C000121087 | Service Class 2 |  |

### Extended Market Index Portfolio (Series ID: S000061712)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000199917 | Initial Class   |  |
| C000199918 | Service Class 2 |  |
| C000211326 | Service Class   |  |

### International Index Portfolio (Series ID: S000061713)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000199919 | Initial Class   |  |
| C000199920 | Service Class 2 |  |
| C000211327 | Service Class   |  |

### Total Market Index Portfolio (Series ID: S000061714)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000199921 | Initial Class   |  |
| C000199922 | Service Class 2 |  |
| C000211328 | Service Class   |  |

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNITED STATES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECURITIES AND EXCHANGE COMMISSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington, D.C. 20549

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FORM N-CSR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT INVESTMENT COMPANIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Company Act file number <u>811-05511</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Variable Insurance Products Fund II</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cynthia Lo Bessette, Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 Summer St.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Boston, Massachusetts 02210</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Name and address of agent for service)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>617-563-7000</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of fiscal year end:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of reporting period:  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2022  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports to Stockholders</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

**Fidelity® Variable Insurance Products:**

**Total Market Index Portfolio**

**Extended Market Index Portfolio**

**International Index Portfolio**

**Annual Report**

**December 31, 2022**

![](img88148_1.jpg)

![](img88148_2.jpg)

**Contents**

---

| |
|:---|
| **[VIP Total Market Index Portfolio](#Sec_FundName3076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Performance](#Sub_Sec_Performance3076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Management's Discussion of Fund Performance](#Sub_Sec_Mgt Discussion of Fund Performance3076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3076)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3076)** |
| **[VIP Extended Market Index Portfolio](#Sec_FundName3072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Performance](#Sub_Sec_Performance3072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Management's Discussion of Fund Performance](#Sub_Sec_Mgt Discussion of Fund Performance3072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3072)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3072)** |
| **[VIP International Index Portfolio](#Sec_FundName3074)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Performance](#Sub_Sec_Performance3074)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Management's Discussion of Fund Performance](#Sub_Sec_Mgt Discussion of Fund Performance3074)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment Summary](#Sub_Sec_InvestmentSummary3074)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Investments](#Sub_Sec_ScheduleOfInvestments3074)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Statements](#Sub_Sec_FinancialStatements3074)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

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 Fidelity Product Services LLC (FPS), and FPS 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 relationship between FPS 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.© 2023 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.*

**VIP Total Market Index Portfolio** 

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -19.22%  | &nbsp;&nbsp; 8.81%  |
| Service Class  | &nbsp;&nbsp; -19.33%  | &nbsp;&nbsp; 8.72%  |
| Service Class 2  | &nbsp;&nbsp; -19.41%  | &nbsp;&nbsp; 8.54%  |

---

<sup>A</sup> From April 17, 2018

*The initial offering of Service Class shares took place on April 11, 2019. Returns prior to April 11, 2019 are those of Initial Class.*

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Total Market Index Portfolio - Initial Class , a class of the fund, on April 17, 2018, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Total Investable Market Index℠ and S&P 500 <sup>®</sup> Index performed over the same period.  |
| ![](img88148_5.jpg)  |

---

**Total Market Index Portfolio**

**Management's Discussion of Fund Performance** 

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from the Geode Capital Management, LLC, passive equity index team:**

For the fiscal year ending December 31, 2022, the fund's share classes returned approximately -19%, roughly in line with the -19.21% result of the benchmark Fidelity U.S. Total Investable Market Index TR. By sector, stocks in the information technology sector returned -30% and detracted most, followed by consumer discretionary, which returned about -36%. Communication services returned approximately -40%, hampered by the media & entertainment industry (-44%). Financials returned about -12%, especially in the diversified financials industry (-15%). Real estate (-26%) and health care (-6%) hampered results. Other notable detractors included the industrials (-9%), and materials (-12%) sectors. Consumer staples (-1%) also hurt. In contrast, energy advanced 64% and contributed most. Utilities stocks also helped, gaining roughly 1%. Turning to individual stocks, the biggest individual detractor was Amazon.com (-50%), from the retailing industry, followed by Apple (-26%), which is in the technology hardware & equipment segment. Within software & services, Microsoft returned about -28% and hurt. Other detractors were Alphabet (-39%), a stock in the media & entertainment group, and Tesla (-65%), from the automobiles & components category. In contrast, the biggest individual contributor was Exxon Mobil (+87%), from the energy sector. Chevron (+58%) and ConocoPhillips (+71%), from the energy sector, helped. Other contributors from the pharmaceuticals, biotechnology & life sciences group were Merck (+49%) and Eli Lilly (+34%).

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**VIP Total Market Index Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 5.1  |
| Microsoft Corp.  | 4.7  |
| Amazon.com, Inc.  | 1.9  |
| Berkshire Hathaway, Inc. Class B  | 1.5  |
| Alphabet, Inc. Class A  | 1.4  |
| UnitedHealth Group, Inc.  | 1.3  |
| Alphabet, Inc. Class C  | 1.3  |
| Johnson & Johnson  | 1.2  |
| Exxon Mobil Corp.  | 1.2  |
| JPMorgan Chase & Co.  | 1.0  |
|  | 20.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 24.1  |
| Health Care  | 15.2  |
| Financials  | 12.1  |
| Consumer Discretionary  | 10.0  |
| Industrials  | 9.4  |
| Communication Services  | 6.6  |
| Consumer Staples  | 6.5  |
| Energy  | 5.1  |
| Real Estate  | 3.2  |
| Utilities  | 3.0  |
| Materials  | 2.9  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88148_6.jpg)  |
| *Foreign investments - 3.6%*  |
| *Futures - 1.8%*  |

---

**VIP Total Market Index Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.1%**  | &nbsp;&nbsp; **Common Stocks - 98.1%**  | &nbsp;&nbsp; **Common Stocks - 98.1%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 6.6%  |  |  |
| Diversified Telecommunication Services - 0.8%  |  |  |
|  Anterix, Inc. (a)  | 273  | 8782  |
|  AST SpaceMobile, Inc. (a)(b)  | 616  | 2969  |
|  AT&T, Inc.  | 107260  | 1974657  |
|  ATN International, Inc.  | 168  | 7612  |
|  Bandwidth, Inc. (a)  | 380  | 8721  |
|  Cogent Communications Group, Inc.  | 642  | 36645  |
|  Consolidated Communications Holdings, Inc. (a)  | 1059  | 3791  |
|  EchoStar Holding Corp. Class A (a)(b)  | 583  | 9724  |
|  Frontier Communications Parent, Inc. (a)  | 3358  | 85562  |
|  Globalstar, Inc. (a)(b)  | 10809  | 14376  |
|  IDT Corp. Class B (a)  | 348  | 9803  |
|  Iridium Communications, Inc.  | 1910  | 98174  |
|  Liberty Global PLC:  |  |  |
|  Class A (a)  | 888  | 16810  |
|  Class C (a)  | 5835  | 113374  |
|  Liberty Latin America Ltd. Class A (a)  | 2945  | 22176  |
|  Lumen Technologies, Inc. (b)  | 14358  | 74949  |
|  Ooma, Inc. (a)  | 362  | 4930  |
|  Radius Global Infrastructure, Inc. (a)  | 1030  | 12175  |
|  Verizon Communications, Inc.  | 63216  | 2490710  |
|  |  | 4995940  |
| Entertainment - 1.2%  |  |  |
|  Activision Blizzard, Inc.  | 10709  | 819774  |
|  AMC Entertainment Holdings, Inc. Class A (a)(b)  | 7789  | 31701  |
|  Cinedigm Corp. (a)(b)  | 2571  | 997  |
|  Cinemark Holdings, Inc. (a)(b)  | 1613  | 13969  |
|  Electronic Arts, Inc.  | 3975  | 485666  |
|  Genius Brands International, Inc. (a)(b)  | 5036  | 2342  |
|  Liberty Media Corp. Liberty Braves Class C (a)  | 714  | 23012  |
|  Liberty Media Corp. Liberty Formula One:  |  |  |
|  Class A (a)  | 233  | 12449  |
|  Series C (a)  | 3222  | 192611  |
|  Lions Gate Entertainment Corp. Class A (a)  | 2718  | 15520  |
|  Live Nation Entertainment, Inc. (a)  | 2137  | 149034  |
|  Madison Square Garden Entertainment Corp. (a)(b)  | 373  | 16774  |
|  Madison Square Garden Sports Corp.  | 271  | 49682  |
|  Marcus Corp. (b)  | 305  | 4389  |
|  Netflix, Inc. (a)  | 6695  | 1974222  |
|  Playstudios, Inc. Class A (a)  | 1342  | 5207  |
|  Playtika Holding Corp. (a)  | 1539  | 13097  |
|  Roku, Inc. Class A (a)  | 1820  | 74074  |
|  Sciplay Corp. (A Shares) (a)  | 374  | 6014  |
|  Skillz, Inc. (a)(b)  | 4183  | 2119  |
|  Take-Two Interactive Software, Inc. (a)  | 2359  | 245643  |
|  The Walt Disney Co. (a)  | 27442  | 2384161  |
|  Warner Bros Discovery, Inc. (a)  | 33262  | 315324  |
|  Warner Music Group Corp. Class A  | 1801  | 63071  |
|  World Wrestling Entertainment, Inc. Class A (b)  | 648  | 44401  |
|  |  | 6945253  |
| Interactive Media & Services - 3.5%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (a)  | 90335  | 7970257  |
|  Class C (a)  | 80645  | 7155631  |
|  Angi, Inc. (a)  | 1188  | 2792  |
|  Bumble, Inc. (a)  | 1169  | 24607  |
|  CarGurus, Inc. Class A (a)  | 1470  | 20595  |
|  Cars.com, Inc. (a)  | 986  | 13577  |
|  Eventbrite, Inc. (a)  | 1256  | 7360  |
|  EverQuote, Inc. Class A (a)  | 354  | 5218  |
|  fuboTV, Inc. (a)(b)  | 2710  | 4715  |
|  IAC, Inc. (a)  | 1182  | 52481  |
|  Match Group, Inc. (a)  | 4262  | 176830  |
|  MediaAlpha, Inc. Class A (a)  | 357  | 3552  |
|  Meta Platforms, Inc. Class A (a)  | 34334  | 4131754  |
|  Nextdoor Holdings, Inc. (a)(b)  | 2182  | 4495  |
|  Pinterest, Inc. Class A (a)  | 8779  | 213154  |
|  QuinStreet, Inc. (a)  | 701  | 10059  |
|  Shutterstock, Inc.  | 378  | 19928  |
|  Snap, Inc. Class A (a)  | 15552  | 139190  |
|  TripAdvisor, Inc. (a)(b)  | 1591  | 28606  |
|  TrueCar, Inc. (a)  | 1421  | 3567  |
|  Vimeo, Inc. (a)  | 2325  | 7975  |
|  Yelp, Inc. (a)  | 1057  | 28898  |
|  Ziff Davis, Inc. (a)  | 710  | 56161  |
|  Zoominfo Technologies, Inc. (a)  | 4072  | 122608  |
|  |  | 20204010  |
| Media - 0.9%  |  |  |
|  Advantage Solutions, Inc. Class A (a)  | 1586  | 3299  |
|  Altice U.S.A., Inc. Class A (a)(b)  | 3402  | 15649  |
|  AMC Networks, Inc. Class A (a)  | 432  | 6769  |
|  Boston Omaha Corp. (a)(b)  | 271  | 7182  |
|  Cable One, Inc.  | 74  | 52678  |
|  Cardlytics, Inc. (a)(b)  | 544  | 3144  |
|  Charter Communications, Inc. Class A (a)  | 1669  | 565958  |
|  Clear Channel Outdoor Holdings, Inc. (a)  | 7293  | 7658  |
|  Comcast Corp. Class A  | 66293  | 2318266  |
|  DISH Network Corp. Class A (a)  | 3785  | 53141  |
|  E.W. Scripps Co. Class A (a)  | 870  | 11475  |
|  Entravision Communication Corp. Class A  | 1002  | 4810  |
|  Fox Corp.:  |  |  |
|  Class A  | 4524  | 137394  |
|  Class B  | 2211  | 62903  |
|  Gannett Co., Inc. (a)  | 2235  | 4537  |
|  Gray Television, Inc.  | 1289  | 14424  |
|  iHeartMedia, Inc. (a)  | 1604  | 9833  |
|  Interpublic Group of Companies, Inc.  | 5878  | 195796  |
|  John Wiley & Sons, Inc. Class A  | 651  | 26079  |
|  Lee Enterprises, Inc. (a)  | 79  | 1466  |
|  Liberty Broadband Corp. Class C (a)  | 2136  | 162913  |
|  Liberty Media Corp. Liberty SiriusXM:  |  |  |
|  Series A (a)(b)  | 1437  | 56488  |
|  Series C (a)  | 1967  | 76969  |
|  Magnite, Inc. (a)  | 1700  | 18003  |
|  National CineMedia, Inc. (b)  | 734  | 161  |
|  News Corp.:  |  |  |
|  Class A  | 7248  | 131914  |
|  Class B  | 412  | 7597  |
|  Nexstar Broadcasting Group, Inc. Class A  | 583  | 102042  |
|  Omnicom Group, Inc.  | 3077  | 250991  |
|  Paramount Global:  |  |  |
|  Class A  | 93  | 1824  |
|  Class B (b)  | 7653  | 129183  |
|  PubMatic, Inc. (a)(b)  | 626  | 8019  |
|  Scholastic Corp.  | 449  | 17718  |
|  Sinclair Broadcast Group, Inc. Class A (b)  | 685  | 10624  |
|  Sirius XM Holdings, Inc. (b)  | 10379  | 60613  |
|  Stagwell, Inc. (a)(b)  | 1659  | 10302  |
|  TechTarget, Inc. (a)  | 423  | 18637  |
|  TEGNA, Inc.  | 3322  | 70393  |
|  The New York Times Co. Class A  | 2492  | 80890  |
|  The Trade Desk, Inc. (a)  | 6686  | 299733  |
|  Thryv Holdings, Inc. (a)  | 501  | 9519  |
|  WideOpenWest, Inc. (a)  | 805  | 7334  |
|  |  | 5034328  |
| Wireless Telecommunication Services - 0.2%  |  |  |
|  Gogo, Inc. (a)  | 1012  | 14937  |
|  NII Holdings, Inc. (a)(b)(c)  | 363  | 94  |
|  Shenandoah Telecommunications Co.  | 735  | 11672  |
|  T-Mobile U.S., Inc. (a)  | 9058  | 1268120  |
|  Telephone & Data Systems, Inc.  | 1564  | 16406  |
|  U.S. Cellular Corp. (a)  | 241  | 5025  |
|  |  | 1316254  |
|  TOTAL COMMUNICATION SERVICES  |  | 38495785  |
| CONSUMER DISCRETIONARY - 10.0%  |  |  |
| Auto Components - 0.2%  |  |  |
|  Adient PLC (a)  | 1432  | 49676  |
|  American Axle & Manufacturing Holdings, Inc. (a)  | 1733  | 13552  |
|  Aptiv PLC (a)  | 4081  | 380064  |
|  Autoliv, Inc.  | 1182  | 90518  |
|  BorgWarner, Inc.  | 3569  | 143652  |
|  Dana, Inc. (b)  | 1938  | 29322  |
|  Dorman Products, Inc. (a)  | 427  | 34531  |
|  Fox Factory Holding Corp. (a)  | 639  | 58296  |
|  Garrett Motion, Inc. (a)(b)  | 847  | 6454  |
|  Gentex Corp.  | 3547  | 96727  |
|  Gentherm, Inc. (a)  | 501  | 32710  |
|  Holley, Inc. (a)(b)  | 566  | 1200  |
|  LCI Industries  | 383  | 35408  |
|  Lear Corp.  | 895  | 110998  |
|  Luminar Technologies, Inc. (a)(b)  | 3516  | 17404  |
|  Modine Manufacturing Co. (a)  | 787  | 15630  |
|  Motorcar Parts of America, Inc. (a)  | 233  | 2763  |
|  Patrick Industries, Inc.  | 326  | 19756  |
|  QuantumScape Corp. Class A (a)(b)  | 4070  | 23077  |
|  Spruce Power Holding Corp. (Class A) (a)(b)  | 1170  | 1075  |
|  Standard Motor Products, Inc.  | 266  | 9257  |
|  Stoneridge, Inc. (a)  | 418  | 9012  |
|  The Goodyear Tire & Rubber Co. (a)  | 4266  | 43300  |
|  Visteon Corp. (a)  | 422  | 55210  |
|  XPEL, Inc. (a)  | 310  | 18619  |
|  |  | 1298211  |
| Automobiles - 1.2%  |  |  |
|  Arcimoto, Inc. (a)  | 21  | 69  |
|  Canoo, Inc. (a)(b)  | 2211  | 2720  |
|  Faraday Future Intelligent Electric, Inc. (a)(b)  | 2176  | 632  |
|  Fisker, Inc. (a)(b)  | 2107  | 15318  |
|  Ford Motor Co.  | 59467  | 691601  |
|  General Motors Co.  | 21955  | 738566  |
|  Harley-Davidson, Inc.  | 2003  | 83325  |
|  Lordstown Motors Corp. Class A (a)(b)  | 2064  | 2353  |
|  Lucid Group, Inc. Class A (a)(b)  | 8822  | 60254  |
|  Rivian Automotive, Inc. (a)  | 8208  | 151273  |
|  Tesla, Inc. (a)  | 40097  | 4939148  |
|  Thor Industries, Inc. (b)  | 823  | 62128  |
|  Winnebago Industries, Inc.  | 494  | 26034  |
|  Workhorse Group, Inc. (a)(b)  | 2225  | 3382  |
|  |  | 6776803  |
| Distributors - 0.1%  |  |  |
|  Funko, Inc. (a)(b)  | 535  | 5837  |
|  Genuine Parts Co.  | 2123  | 368362  |
|  LKQ Corp.  | 3918  | 209260  |
|  Pool Corp.  | 597  | 180491  |
|  |  | 763950  |
| Diversified Consumer Services - 0.1%  |  |  |
|  2U, Inc. (a)  | 1112  | 6972  |
|  ADT, Inc.  | 2911  | 26403  |
|  Adtalem Global Education, Inc. (a)  | 680  | 24140  |
|  American Public Education, Inc. (a)  | 314  | 3859  |
|  Bright Horizons Family Solutions, Inc. (a)  | 871  | 54960  |
|  Carriage Services, Inc.  | 193  | 5315  |
|  Chegg, Inc. (a)  | 1909  | 48240  |
|  Coursera, Inc. (a)  | 1263  | 14941  |
|  Duolingo, Inc. (a)(b)  | 369  | 26247  |
|  European Wax Center, Inc. (b)  | 422  | 5254  |
|  Frontdoor, Inc. (a)  | 1236  | 25709  |
|  Graham Holdings Co.  | 59  | 35648  |
|  Grand Canyon Education, Inc. (a)  | 487  | 51456  |
|  H&R Block, Inc.  | 2402  | 87697  |
|  Laureate Education, Inc. Class A  | 1729  | 16633  |
|  Nerdy, Inc. Class A (a)  | 737  | 1658  |
|  OneSpaWorld Holdings Ltd. (a)  | 971  | 9059  |
|  Perdoceo Education Corp. (a)  | 1019  | 14164  |
|  Rover Group, Inc. Class A (a)  | 1322  | 4852  |
|  Service Corp. International  | 2374  | 164138  |
|  Strategic Education, Inc.  | 338  | 26472  |
|  Stride, Inc. (a)  | 627  | 19613  |
|  The Beachbody Co., Inc. (a)(b)  | 1191  | 626  |
|  Vivint Smart Home, Inc. Class A (a)  | 535  | 6367  |
|  WW International, Inc. (a)(b)  | 900  | 3474  |
|  Xwell, Inc. (a)(b)  | 1422  | 516  |
|  |  | 684413  |
| Hotels, Restaurants & Leisure - 2.1%  |  |  |
|  Accel Entertainment, Inc. (a)  | 765  | 5891  |
|  Airbnb, Inc. Class A (a)  | 6010  | 513855  |
|  ARAMARK Holdings Corp.  | 3880  | 160399  |
|  Bally's Corp. (a)  | 446  | 8643  |
|  BJ's Restaurants, Inc. (a)  | 351  | 9259  |
|  Bloomin' Brands, Inc.  | 1320  | 26558  |
|  Bluegreen Vacations Holding Corp. Class A  | 159  | 3969  |
|  Booking Holdings, Inc. (a)  | 598  | 1205137  |
|  Boyd Gaming Corp.  | 1213  | 66145  |
|  Brinker International, Inc. (a)  | 658  | 20997  |
|  Caesars Entertainment, Inc. (a)  | 3232  | 134451  |
|  Carnival Corp. (a)(b)  | 14869  | 119844  |
|  Century Casinos, Inc. (a)  | 312  | 2193  |
|  Chipotle Mexican Grill, Inc. (a)  | 418  | 579971  |
|  Choice Hotels International, Inc.  | 437  | 49224  |
|  Churchill Downs, Inc.  | 500  | 105715  |
|  Chuy's Holdings, Inc. (a)  | 308  | 8716  |
|  Cracker Barrel Old Country Store, Inc. (b)  | 345  | 32685  |
|  Darden Restaurants, Inc.  | 1846  | 255357  |
|  Dave & Buster's Entertainment, Inc. (a)  | 628  | 22256  |
|  Denny's Corp. (a)  | 971  | 8943  |
|  Dine Brands Global, Inc.  | 233  | 15052  |
|  Domino's Pizza, Inc.  | 540  | 187056  |
|  Draftkings Holdings, Inc. (a)(b)  | 6762  | 77019  |
|  Dutch Bros, Inc. (a)(b)  | 405  | 11417  |
|  El Pollo Loco Holdings, Inc.  | 249  | 2480  |
|  Everi Holdings, Inc. (a)  | 1360  | 19516  |
|  Expedia, Inc. (a)  | 2290  | 200604  |
|  First Watch Restaurant Group, Inc. (a)  | 163  | 2205  |
|  Full House Resorts, Inc. (a)  | 418  | 3143  |
|  GAN Ltd. (a)  | 480  | 720  |
|  Golden Entertainment, Inc. (a)  | 312  | 11669  |
|  Hilton Grand Vacations, Inc. (a)  | 1228  | 47327  |
|  Hilton Worldwide Holdings, Inc.  | 4128  | 521614  |
|  Hyatt Hotels Corp. Class A (a)  | 754  | 68199  |
|  Inspired Entertainment, Inc. (a)  | 324  | 4105  |
|  Jack in the Box, Inc.  | 315  | 21492  |
|  Krispy Kreme, Inc.  | 1050  | 10836  |
|  Kura Sushi U.S.A., Inc. Class A (a)  | 49  | 2336  |
|  Las Vegas Sands Corp. (a)  | 4947  | 237802  |
|  Life Time Group Holdings, Inc. (a)(b)  | 951  | 11374  |
|  Light & Wonder, Inc. Class A (a)  | 1423  | 83388  |
|  Lindblad Expeditions Holdings (a)(b)  | 526  | 4050  |
|  Marriott International, Inc. Class A  | 4153  | 618340  |
|  Marriott Vacations Worldwide Corp. (b)  | 592  | 79677  |
|  McDonald's Corp.  | 11074  | 2918331  |
|  Membership Collective Group, Inc. Class A (a)(b)  | 384  | 1436  |
|  MGM Resorts International  | 4915  | 164800  |
|  Monarch Casino & Resort, Inc. (a)  | 195  | 14994  |
|  Noodles & Co. (a)  | 693  | 3805  |
|  Norwegian Cruise Line Holdings Ltd. (a)(b)  | 6348  | 77700  |
|  Papa John's International, Inc.  | 482  | 39673  |
|  Penn Entertainment, Inc. (a)  | 2394  | 71102  |
|  Planet Fitness, Inc. (a)  | 1270  | 100076  |
|  Playa Hotels & Resorts NV (a)  | 1966  | 12838  |
|  PlayAGS, Inc. (a)  | 367  | 1872  |
|  Portillo's, Inc. (a)  | 466  | 7605  |
|  RCI Hospitality Holdings, Inc.  | 136  | 12674  |
|  Red Robin Gourmet Burgers, Inc. (a)(b)  | 192  | 1071  |
|  Red Rock Resorts, Inc.  | 751  | 30048  |
|  Royal Caribbean Cruises Ltd. (a)  | 3303  | 163267  |
|  Rush Street Interactive, Inc. (a)  | 941  | 3378  |
|  Ruth's Hospitality Group, Inc.  | 436  | 6749  |
|  SeaWorld Entertainment, Inc. (a)  | 632  | 33818  |
|  Shake Shack, Inc. Class A (a)  | 565  | 23464  |
|  Six Flags Entertainment Corp. (a)  | 1096  | 25482  |
|  Starbucks Corp.  | 17273  | 1713482  |
|  Texas Roadhouse, Inc. Class A  | 1007  | 91587  |
|  The Cheesecake Factory, Inc. (b)  | 737  | 23370  |
|  The ONE Group Hospitality, Inc. (a)(b)  | 271  | 1707  |
|  Travel+Leisure Co.  | 1264  | 46010  |
|  Vail Resorts, Inc.  | 606  | 144440  |
|  Wendy's Co.  | 2568  | 58114  |
|  Wingstop, Inc.  | 451  | 62067  |
|  Wyndham Hotels & Resorts, Inc.  | 1361  | 97053  |
|  Wynn Resorts Ltd. (a)  | 1559  | 128571  |
|  Xponential Fitness, Inc. (a)(b)  | 248  | 5687  |
|  Yum! Brands, Inc.  | 4279  | 548054  |
|  |  | 12215954  |
| Household Durables - 0.4%  |  |  |
|  Aterian, Inc. (a)(b)  | 504  | 388  |
|  Bassett Furniture Industries, Inc.  | 128  | 2225  |
|  Beazer Homes U.S.A., Inc. (a)  | 458  | 5844  |
|  Cavco Industries, Inc. (a)  | 128  | 28960  |
|  Century Communities, Inc.  | 436  | 21804  |
|  Cricut, Inc. (b)  | 675  | 6257  |
|  D.R. Horton, Inc.  | 4761  | 424396  |
|  Dream Finders Homes, Inc. (a)  | 220  | 1905  |
|  Ethan Allen Interiors, Inc. (b)  | 346  | 9141  |
|  Garmin Ltd.  | 2322  | 214297  |
|  GoPro, Inc. Class A (a)  | 1943  | 9676  |
|  Green Brick Partners, Inc. (a)  | 438  | 10613  |
|  Helen of Troy Ltd. (a)  | 358  | 39706  |
|  Hooker Furnishings Corp.  | 145  | 2712  |
|  Hovnanian Enterprises, Inc. Class A (a)  | 60  | 2525  |
|  Installed Building Products, Inc.  | 354  | 30302  |
|  iRobot Corp. (a)(b)  | 401  | 19300  |
|  KB Home  | 1260  | 40131  |
|  La-Z-Boy, Inc. (b)  | 646  | 14742  |
|  Leggett & Platt, Inc. (b)  | 1996  | 64331  |
|  Lennar Corp.:  |  |  |
|  Class A  | 3840  | 347520  |
|  Class B  | 218  | 16302  |
|  LGI Homes, Inc. (a)  | 310  | 28706  |
|  Lovesac (a)  | 213  | 4688  |
|  M.D.C. Holdings, Inc.  | 864  | 27302  |
|  M/I Homes, Inc. (a)  | 431  | 19904  |
|  Meritage Homes Corp. (a)  | 553  | 50987  |
|  Mohawk Industries, Inc. (a)  | 794  | 81163  |
|  Newell Brands, Inc.  | 5668  | 74137  |
|  NVR, Inc. (a)  | 46  | 212179  |
|  PulteGroup, Inc.  | 3488  | 158809  |
|  Purple Innovation, Inc. (a)  | 695  | 3329  |
|  Skyline Champion Corp. (a)  | 795  | 40950  |
|  Snap One Holdings Corp. (a)(b)  | 167  | 1237  |
|  Sonos, Inc. (a)  | 1932  | 32651  |
|  Taylor Morrison Home Corp. (a)  | 1706  | 51777  |
|  Tempur Sealy International, Inc.  | 2600  | 89258  |
|  Toll Brothers, Inc.  | 1612  | 80471  |
|  TopBuild Corp. (a)  | 488  | 76367  |
|  Traeger, Inc. (a)(b)  | 993  | 2800  |
|  TRI Pointe Homes, Inc. (a)  | 1555  | 28907  |
|  Tupperware Brands Corp. (a)  | 630  | 2608  |
|  Universal Electronics, Inc. (a)  | 188  | 3912  |
|  Vizio Holding Corp. (a)(b)  | 893  | 6617  |
|  VOXX International Corp. (a)  | 261  | 2187  |
|  Weber, Inc. (b)  | 225  | 1811  |
|  Whirlpool Corp.  | 821  | 116139  |
|  ZAGG, Inc. rights (a)(c)  | 132  | 12  |
|  |  | 2511985  |
| Internet & Direct Marketing Retail - 2.2%  |  |  |
|  1-800-FLOWERS.com, Inc. Class A (a)  | 340  | 3250  |
|  Amazon.com, Inc. (a)  | 133431  | 11208204  |
|  BARK, Inc. (a)  | 998  | 1487  |
|  CarParts.com, Inc. (a)  | 760  | 4758  |
|  Chewy, Inc. (a)(b)  | 1367  | 50688  |
|  ContextLogic, Inc. (a)(b)  | 8512  | 4151  |
|  Doordash, Inc. (a)  | 3940  | 192351  |
|  Duluth Holdings, Inc. (a)(b)  | 205  | 1267  |
|  eBay, Inc.  | 8278  | 343289  |
|  Etsy, Inc. (a)  | 1908  | 228540  |
|  Groupon, Inc. (a)(b)  | 252  | 2162  |
|  Lands' End, Inc. (a)(b)  | 235  | 1784  |
|  Liquidity Services, Inc. (a)  | 406  | 5708  |
|  Lyft, Inc. (a)  | 4677  | 51541  |
|  Overstock.com, Inc. (a)  | 730  | 14133  |
|  PetMed Express, Inc. (b)  | 286  | 5062  |
|  Polished.Com, Inc. (a)(b)  | 1299  | 750  |
|  Porch Group, Inc. Class A (a)(b)  | 941  | 1769  |
|  Poshmark, Inc. (a)  | 619  | 11068  |
|  Quotient Technology, Inc. (a)  | 1173  | 4023  |
|  Qurate Retail, Inc. Series A (a)  | 5139  | 8377  |
|  Rent the Runway, Inc. Class A (a)(b)  | 373  | 1138  |
|  Revolve Group, Inc. (a)(b)  | 604  | 13445  |
|  RumbleON, Inc. Class B (a)  | 159  | 1029  |
|  Stitch Fix, Inc. (a)  | 1275  | 3965  |
|  The RealReal, Inc. (a)(b)  | 1003  | 1254  |
|  thredUP, Inc. (a)  | 640  | 838  |
|  Uber Technologies, Inc. (a)  | 29809  | 737177  |
|  Vivid Seats, Inc. Class A (a)  | 268  | 1956  |
|  Wayfair LLC Class A (a)(b)  | 1152  | 37889  |
|  Xometry, Inc. (a)(b)  | 435  | 14020  |
|  |  | 12957073  |
| Leisure Products - 0.1%  |  |  |
|  Acushnet Holdings Corp. (b)  | 516  | 21909  |
|  American Outdoor Brands, Inc. (a)(b)  | 175  | 1754  |
|  AMMO, Inc. (a)(b)  | 1377  | 2382  |
|  Brunswick Corp.  | 1123  | 80946  |
|  Clarus Corp.  | 375  | 2941  |
|  Hasbro, Inc.  | 1954  | 119214  |
|  JAKKS Pacific, Inc. (a)  | 149  | 2606  |
|  Johnson Outdoors, Inc. Class A  | 109  | 7207  |
|  Latham Group, Inc. (a)  | 398  | 1282  |
|  Malibu Boats, Inc. Class A (a)  | 307  | 16363  |
|  MasterCraft Boat Holdings, Inc. (a)  | 256  | 6623  |
|  Mattel, Inc. (a)  | 5325  | 94998  |
|  Peloton Interactive, Inc. Class A (a)(b)  | 4592  | 36460  |
|  Polaris, Inc. (b)  | 844  | 85244  |
|  Smith & Wesson Brands, Inc. (b)  | 681  | 5911  |
|  Solo Brands, Inc. Class A (a)  | 297  | 1105  |
|  Sturm, Ruger & Co., Inc.  | 265  | 13414  |
|  Topgolf Callaway Brands Corp. (a)(b)  | 2071  | 40902  |
|  Vista Outdoor, Inc. (a)  | 841  | 20495  |
|  YETI Holdings, Inc. (a)  | 1295  | 53496  |
|  |  | 615252  |
| Multiline Retail - 0.5%  |  |  |
|  Big Lots, Inc. (b)  | 451  | 6630  |
|  Dillard's, Inc. Class A  | 55  | 17776  |
|  Dollar General Corp.  | 3416  | 841190  |
|  Dollar Tree, Inc. (a)  | 3177  | 449355  |
|  Franchise Group, Inc. (b)  | 407  | 9695  |
|  Kohl's Corp.  | 1935  | 48859  |
|  Macy's, Inc.  | 4067  | 83984  |
|  Nordstrom, Inc. (b)  | 1697  | 27390  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | 874  | 40938  |
|  Target Corp.  | 6981  | 1040448  |
|  |  | 2566265  |
| Specialty Retail - 2.4%  |  |  |
|  Abercrombie & Fitch Co. Class A (a)  | 753  | 17251  |
|  Academy Sports & Outdoors, Inc.  | 1285  | 67514  |
|  Advance Auto Parts, Inc.  | 913  | 134238  |
|  America's Car Mart, Inc. (a)  | 88  | 6359  |
|  American Eagle Outfitters, Inc.  | 2435  | 33993  |
|  Arko Corp.  | 1151  | 9968  |
|  Asbury Automotive Group, Inc. (a)  | 334  | 59870  |
|  AutoNation, Inc. (a)  | 582  | 62449  |
|  AutoZone, Inc. (a)  | 293  | 722591  |
|  Barnes & Noble Education, Inc. (a)  | 379  | 663  |
|  Bath & Body Works, Inc.  | 3439  | 144919  |
|  Bed Bath & Beyond, Inc. (a)(b)  | 1195  | 2999  |
|  Best Buy Co., Inc.  | 3021  | 242314  |
|  Big 5 Sporting Goods Corp. (b)  | 290  | 2561  |
|  Boot Barn Holdings, Inc. (a)  | 451  | 28197  |
|  Build-A-Bear Workshop, Inc.  | 191  | 4553  |
|  Burlington Stores, Inc. (a)  | 996  | 201949  |
|  Caleres, Inc. (b)  | 571  | 12722  |
|  Camping World Holdings, Inc. (b)  | 563  | 12566  |
|  CarMax, Inc. (a)  | 2398  | 146014  |
|  Carvana Co. Class A (a)(b)  | 1459  | 6916  |
|  Chico's FAS, Inc. (a)  | 1761  | 8664  |
|  Citi Trends, Inc. (a)  | 117  | 3098  |
|  Conn's, Inc. (a)(b)  | 216  | 1486  |
|  Designer Brands, Inc. Class A  | 889  | 8694  |
|  Destination XL Group, Inc. (a)  | 893  | 6028  |
|  Dick's Sporting Goods, Inc.  | 858  | 103209  |
|  EVgo, Inc. Class A (a)(b)  | 1083  | 4841  |
|  Express, Inc. (a)(b)  | 802  | 818  |
|  Five Below, Inc. (a)  | 837  | 148040  |
|  Floor & Decor Holdings, Inc. Class A (a)(b)  | 1600  | 111408  |
|  Foot Locker, Inc.  | 1203  | 45461  |
|  GameStop Corp. Class A (b)  | 3807  | 70277  |
|  Gap, Inc. (b)  | 3177  | 35837  |
|  Genesco, Inc. (a)  | 182  | 8376  |
|  Group 1 Automotive, Inc.  | 235  | 42387  |
|  GrowGeneration Corp. (a)(b)  | 943  | 3697  |
|  Guess?, Inc.  | 501  | 10366  |
|  Haverty Furniture Companies, Inc. (b)  | 181  | 5412  |
|  Hibbett, Inc.  | 193  | 13166  |
|  JOANN, Inc. (b)  | 195  | 556  |
|  Lazydays Holdings, Inc. (a)(b)  | 103  | 1230  |
|  Leslie's, Inc. (a)(b)  | 2202  | 26886  |
|  Lithia Motors, Inc. Class A (sub. vtg.) (b)  | 415  | 84967  |
|  LL Flooring Holdings, Inc. (a)  | 519  | 2917  |
|  Lowe's Companies, Inc.  | 9621  | 1916888  |
|  MarineMax, Inc. (a)  | 317  | 9897  |
|  Monro, Inc. (b)  | 501  | 22645  |
|  Murphy U.S.A., Inc.  | 323  | 90291  |
|  National Vision Holdings, Inc. (a)(b)  | 1188  | 46047  |
|  O'Reilly Automotive, Inc. (a)  | 959  | 809425  |
|  OneWater Marine, Inc. Class A (a)(b)  | 163  | 4662  |
|  Party City Holdco, Inc. (a)(b)  | 2043  | 747  |
|  Penske Automotive Group, Inc. (b)  | 391  | 44938  |
|  Petco Health & Wellness Co., Inc. (a)(b)  | 1196  | 11338  |
|  Rent-A-Center, Inc. (b)  | 806  | 18175  |
|  RH (a)(b)  | 302  | 80691  |
|  Ross Stores, Inc.  | 5268  | 611457  |
|  Sally Beauty Holdings, Inc. (a)  | 1610  | 20157  |
|  Shoe Carnival, Inc. (b)  | 280  | 6695  |
|  Signet Jewelers Ltd. (b)  | 701  | 47668  |
|  Sleep Number Corp. (a)(b)  | 339  | 8807  |
|  Sonic Automotive, Inc. Class A (sub. vtg.) (b)  | 294  | 14485  |
|  Sportsman's Warehouse Holdings, Inc. (a)  | 582  | 5477  |
|  The Aaron's Co., Inc.  | 501  | 5987  |
|  The Buckle, Inc.  | 460  | 20861  |
|  The Cato Corp. Class A (sub. vtg.)  | 216  | 2015  |
|  The Children's Place, Inc. (a)(b)  | 203  | 7393  |
|  The Container Store Group, Inc. (a)  | 393  | 1694  |
|  The Home Depot, Inc.  | 15471  | 4886670  |
|  The ODP Corp. (a)  | 643  | 29282  |
|  Tilly's, Inc.  | 250  | 2263  |
|  TJX Companies, Inc.  | 17636  | 1403826  |
|  Tractor Supply Co.  | 1671  | 375925  |
|  TravelCenters of America LLC (a)  | 187  | 8374  |
|  Ulta Beauty, Inc. (a)  | 780  | 365875  |
|  Urban Outfitters, Inc. (a)(b)  | 952  | 22705  |
|  Victoria's Secret & Co. (a)  | 1255  | 44904  |
|  Volta, Inc. (a)(b)  | 2173  | 772  |
|  Vroom, Inc. (a)(b)  | 1571  | 1602  |
|  Williams-Sonoma, Inc.  | 1037  | 119172  |
|  Winmark Corp.  | 41  | 9669  |
|  Zumiez, Inc. (a)(b)  | 273  | 5935  |
|  |  | 13753841  |
| Textiles, Apparel & Luxury Goods - 0.7%  |  |  |
|  Allbirds, Inc. Class A (a)(b)  | 1689  | 4087  |
|  Capri Holdings Ltd. (a)  | 2080  | 119226  |
|  Carter's, Inc. (b)  | 587  | 43796  |
|  Columbia Sportswear Co.  | 533  | 46680  |
|  Crocs, Inc. (a)  | 930  | 100840  |
|  Deckers Outdoor Corp. (a)  | 399  | 159265  |
|  Fossil Group, Inc. (a)  | 788  | 3396  |
|  G-III Apparel Group Ltd. (a)  | 654  | 8966  |
|  Hanesbrands, Inc. (b)  | 5224  | 33225  |
|  Kontoor Brands, Inc.  | 730  | 29193  |
|  Levi Strauss & Co. Class A (b)  | 1555  | 24134  |
|  lululemon athletica, Inc. (a)  | 1749  | 560345  |
|  Movado Group, Inc. (b)  | 226  | 7289  |
|  NIKE, Inc. Class B  | 19024  | 2225998  |
|  Oxford Industries, Inc.  | 234  | 21804  |
|  PLBY Group, Inc. (a)(b)  | 268  | 737  |
|  PLBY Group, Inc. rights 1/17/23 (a)  | 268  | 0  |
|  PVH Corp.  | 1011  | 71366  |
|  Ralph Lauren Corp. (b)  | 647  | 68368  |
|  Rocky Brands, Inc.  | 82  | 1937  |
|  Samsonite International SA (a)(d)  | 22200  | 58291  |
|  Skechers U.S.A., Inc. Class A (sub. vtg.) (a)  | 2033  | 85284  |
|  Steven Madden Ltd.  | 1132  | 36179  |
|  Tapestry, Inc.  | 3793  | 144437  |
|  Under Armour, Inc. Class C (non-vtg.) (a)  | 6275  | 55973  |
|  Unifi, Inc. (a)  | 153  | 1317  |
|  Vera Bradley, Inc. (a)  | 270  | 1223  |
|  VF Corp.  | 4974  | 137332  |
|  Wolverine World Wide, Inc.  | 1201  | 13127  |
|  |  | 4063815  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 58207562  |
| CONSUMER STAPLES - 6.5%  |  |  |
| Beverages - 1.7%  |  |  |
|  Boston Beer Co., Inc. Class A (a)(b)  | 143  | 47121  |
|  Brown-Forman Corp. Class B (non-vtg.)  | 2752  | 180751  |
|  Celsius Holdings, Inc. (a)(b)  | 605  | 62944  |
|  Coca-Cola Bottling Co. Consolidated  | 69  | 35353  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 2398  | 555737  |
|  Duckhorn Portfolio, Inc. (a)  | 696  | 11533  |
|  Keurig Dr. Pepper, Inc.  | 12787  | 455984  |
|  MGP Ingredients, Inc. (b)  | 228  | 24255  |
|  Molson Coors Beverage Co. Class B  | 2833  | 145956  |
|  Monster Beverage Corp. (a)  | 5791  | 587960  |
|  National Beverage Corp. (b)  | 350  | 16286  |
|  PepsiCo, Inc.  | 20773  | 3752850  |
|  The Coca-Cola Co.  | 58583  | 3726465  |
|  The Vita Coco Co., Inc. (a)(b)  | 406  | 5611  |
|  Vintage Wine Estates, Inc. (a)  | 368  | 1200  |
|  |  | 9610006  |
| Food & Staples Retailing - 1.4%  |  |  |
|  Albertsons Companies, Inc.  | 2394  | 49652  |
|  Andersons, Inc.  | 503  | 17600  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 2036  | 134702  |
|  Blue Apron Holdings, Inc.:  |  |  |
|  warrants 11/4/28 (a)(b)  | 142  | 0  |
|  warrants 11/4/28 (a)(b)  | 142  | 0  |
|  warrants 11/4/28 (a)(b)  | 142  | 0  |
|  Casey's General Stores, Inc.  | 560  | 125636  |
|  Chefs' Warehouse Holdings (a)  | 490  | 16307  |
|  Costco Wholesale Corp.  | 6668  | 3043942  |
|  Grocery Outlet Holding Corp. (a)  | 1304  | 38064  |
|  Ingles Markets, Inc. Class A  | 220  | 21221  |
|  Kroger Co.  | 9802  | 436973  |
|  Performance Food Group Co. (a)  | 2334  | 136282  |
|  PriceSmart, Inc.  | 385  | 23400  |
|  Rite Aid Corp. (a)(b)  | 840  | 2806  |
|  SpartanNash Co.  | 541  | 16360  |
|  Sprouts Farmers Market LLC (a)  | 1619  | 52407  |
|  Sysco Corp.  | 7668  | 586219  |
|  U.S. Foods Holding Corp. (a)  | 3079  | 104748  |
|  United Natural Foods, Inc. (a)  | 881  | 34104  |
|  Walgreens Boots Alliance, Inc.  | 10798  | 403413  |
|  Walmart, Inc.  | 21457  | 3042388  |
|  Weis Markets, Inc.  | 245  | 20161  |
|  |  | 8306385  |
| Food Products - 1.2%  |  |  |
|  Alico, Inc.  | 51  | 1217  |
|  AppHarvest, Inc. (a)(b)  | 766  | 435  |
|  Archer Daniels Midland Co.  | 8439  | 783561  |
|  B&G Foods, Inc. Class A (b)  | 1108  | 12354  |
|  Benson Hill, Inc. (a)  | 2160  | 5508  |
|  Beyond Meat, Inc. (a)(b)  | 918  | 11301  |
|  Bunge Ltd.  | 2288  | 228274  |
|  Cal-Maine Foods, Inc.  | 563  | 30655  |
|  Calavo Growers, Inc.  | 277  | 8144  |
|  Campbell Soup Co.  | 3030  | 171953  |
|  Conagra Brands, Inc.  | 7225  | 279608  |
|  Darling Ingredients, Inc. (a)  | 2416  | 151217  |
|  Flowers Foods, Inc.  | 2901  | 83375  |
|  Fresh Del Monte Produce, Inc.  | 451  | 11812  |
|  Freshpet, Inc. (a)(b)  | 721  | 38047  |
|  General Mills, Inc.  | 8966  | 751799  |
|  Hormel Foods Corp.  | 4355  | 198370  |
|  Hostess Brands, Inc. Class A (a)  | 2058  | 46182  |
|  Ingredion, Inc.  | 987  | 96657  |
|  J&J Snack Foods Corp.  | 226  | 33834  |
|  John B. Sanfilippo & Son, Inc.  | 132  | 10734  |
|  Kellogg Co.  | 3838  | 273419  |
|  Lamb Weston Holdings, Inc.  | 2162  | 193196  |
|  Lancaster Colony Corp.  | 299  | 58993  |
|  Lifecore Biomedical (a)  | 330  | 2138  |
|  McCormick & Co., Inc. (non-vtg.)  | 3772  | 312661  |
|  Mission Produce, Inc. (a)  | 542  | 6298  |
|  Mondelez International, Inc.  | 20629  | 1374923  |
|  Pilgrim's Pride Corp. (a)  | 666  | 15804  |
|  Post Holdings, Inc. (a)  | 818  | 73833  |
|  Seaboard Corp.  | 4  | 15101  |
|  Seneca Foods Corp. Class A (a)  | 90  | 5486  |
|  Sovos Brands, Inc. (a)  | 626  | 8996  |
|  Tattooed Chef, Inc. (a)(b)  | 747  | 919  |
|  The Hain Celestial Group, Inc. (a)  | 1339  | 21665  |
|  The Hershey Co.  | 2210  | 511770  |
|  The J.M. Smucker Co.  | 1604  | 254170  |
|  The Kraft Heinz Co.  | 11989  | 488072  |
|  The Simply Good Foods Co. (a)  | 1289  | 49021  |
|  Tootsie Roll Industries, Inc. (b)  | 285  | 12132  |
|  TreeHouse Foods, Inc. (a)  | 752  | 37134  |
|  Tyson Foods, Inc. Class A  | 4361  | 271472  |
|  Utz Brands, Inc. Class A (b)  | 974  | 15448  |
|  Vital Farms, Inc. (a)  | 332  | 4953  |
|  Whole Earth Brands, Inc. Class A (a)  | 531  | 2161  |
|  |  | 6964802  |
| Household Products - 1.4%  |  |  |
|  Central Garden & Pet Co. (a)  | 768  | 28762  |
|  Church & Dwight Co., Inc.  | 3655  | 294630  |
|  Colgate-Palmolive Co.  | 12552  | 988972  |
|  Energizer Holdings, Inc.  | 1030  | 34557  |
|  Kimberly-Clark Corp.  | 5077  | 689203  |
|  Procter & Gamble Co.  | 35968  | 5451310  |
|  Reynolds Consumer Products, Inc.  | 830  | 24883  |
|  Spectrum Brands Holdings, Inc.  | 611  | 37222  |
|  The Clorox Co.  | 1854  | 260172  |
|  WD-40 Co. (b)  | 205  | 33048  |
|  |  | 7842759  |
| Personal Products - 0.2%  |  |  |
|  BellRing Brands, Inc. (a)  | 2040  | 52306  |
|  Coty, Inc. Class A (a)  | 5439  | 46558  |
|  Edgewell Personal Care Co.  | 791  | 30485  |
|  elf Beauty, Inc. (a)  | 739  | 40867  |
|  Estee Lauder Companies, Inc. Class A  | 3489  | 865656  |
|  Herbalife Nutrition Ltd. (a)  | 1489  | 22156  |
|  Inter Parfums, Inc.  | 272  | 26253  |
|  MediFast, Inc.  | 174  | 20071  |
|  Nu Skin Enterprises, Inc. Class A  | 757  | 31915  |
|  The Beauty Health Co. (a)(b)  | 1550  | 14105  |
|  The Honest Co., Inc. (a)  | 1044  | 3142  |
|  USANA Health Sciences, Inc. (a)  | 168  | 8938  |
|  Veru, Inc. (a)(b)  | 783  | 4134  |
|  |  | 1166586  |
| Tobacco - 0.6%  |  |  |
|  22nd Century Group, Inc. (a)(b)  | 2279  | 2098  |
|  Altria Group, Inc.  | 27108  | 1239107  |
|  Philip Morris International, Inc.  | 23336  | 2361837  |
|  Turning Point Brands, Inc.  | 186  | 4023  |
|  Universal Corp.  | 361  | 19064  |
|  Vector Group Ltd.  | 1967  | 23329  |
|  |  | 3649458  |
|  TOTAL CONSUMER STAPLES  |  | 37539996  |
| ENERGY - 5.1%  |  |  |
| Energy Equipment & Services - 0.5%  |  |  |
|  Archrock, Inc.  | 2124  | 19074  |
|  Baker Hughes Co. Class A  | 15236  | 449919  |
|  Bristow Group, Inc. (a)  | 336  | 9116  |
|  Cactus, Inc.  | 918  | 46139  |
|  Championx Corp.  | 3062  | 88767  |
|  Core Laboratories NV (b)  | 685  | 13885  |
|  DMC Global, Inc. (a)  | 300  | 5832  |
|  Dril-Quip, Inc. (a)  | 503  | 13667  |
|  Expro Group Holdings NV (a)(b)  | 1014  | 18384  |
|  Halliburton Co.  | 13658  | 537442  |
|  Helix Energy Solutions Group, Inc. (a)  | 2271  | 16760  |
|  Helmerich & Payne, Inc.  | 1588  | 78717  |
|  Liberty Oilfield Services, Inc. Class A  | 2391  | 38280  |
|  Nabors Industries Ltd. (a)  | 128  | 19823  |
|  Newpark Resources, Inc. (a)  | 1326  | 5503  |
|  Nextier Oilfield Solutions, Inc. (a)  | 2354  | 21751  |
|  Noble Corp. PLC (a)  | 1517  | 57206  |
|  NOV, Inc.  | 5916  | 123585  |
|  Oceaneering International, Inc. (a)  | 1465  | 25623  |
|  Oil States International, Inc. (a)  | 1047  | 7811  |
|  Patterson-UTI Energy, Inc.  | 3270  | 55067  |
|  ProFrac Holding Corp. (b)  | 413  | 10408  |
|  ProPetro Holding Corp. (a)  | 1245  | 12911  |
|  RPC, Inc.  | 1356  | 12055  |
|  Schlumberger Ltd.  | 21293  | 1138324  |
|  Select Energy Services, Inc. Class A  | 1059  | 9785  |
|  Solaris Oilfield Infrastructure, Inc. Class A  | 405  | 4022  |
|  TechnipFMC PLC (a)  | 6814  | 83063  |
|  TETRA Technologies, Inc. (a)  | 1867  | 6460  |
|  Tidewater, Inc. (a)  | 719  | 26495  |
|  Transocean Ltd. (United States) (a)(b)  | 9674  | 44113  |
|  U.S. Silica Holdings, Inc. (a)  | 1125  | 14063  |
|  Valaris Ltd. (a)  | 906  | 61264  |
|  Weatherford International PLC (a)  | 968  | 49291  |
|  |  | 3124605  |
| Oil, Gas & Consumable Fuels - 4.6%  |  |  |
|  Aemetis, Inc. (a)(b)  | 517  | 2047  |
|  Alto Ingredients, Inc. (a)  | 1041  | 2998  |
|  American Resources Corp. (a)(b)  | 939  | 1239  |
|  Amplify Energy Corp. (a)(b)  | 488  | 4290  |
|  Antero Resources Corp. (a)  | 4240  | 131398  |
|  APA Corp.  | 4916  | 229479  |
|  Arch Resources, Inc.  | 277  | 39553  |
|  Berry Corp.  | 980  | 7840  |
|  California Resources Corp.  | 1138  | 49514  |
|  Callon Petroleum Co. (a)  | 766  | 28411  |
|  Centrus Energy Corp. Class A (a)(b)  | 171  | 5554  |
|  Cheniere Energy, Inc.  | 3760  | 563850  |
|  Chesapeake Energy Corp.  | 1455  | 137308  |
|  Chevron Corp.  | 27107  | 4865435  |
|  Chord Energy Corp.  | 624  | 85369  |
|  Civitas Resources, Inc.  | 782  | 45301  |
|  Clean Energy Fuels Corp. (a)  | 2764  | 14373  |
|  CNX Resources Corp. (a)  | 2852  | 48028  |
|  Comstock Resources, Inc. (b)  | 1353  | 18550  |
|  ConocoPhillips Co.  | 19163  | 2261234  |
|  CONSOL Energy, Inc.  | 485  | 31525  |
|  Coterra Energy, Inc.  | 11979  | 294324  |
|  Crescent Energy, Inc. Class A (b)  | 443  | 5312  |
|  CVR Energy, Inc.  | 443  | 13884  |
|  Delek U.S. Holdings, Inc.  | 1076  | 29052  |
|  Denbury, Inc. (a)  | 749  | 65178  |
|  Devon Energy Corp.  | 9857  | 606304  |
|  Diamondback Energy, Inc.  | 2676  | 366023  |
|  DT Midstream, Inc.  | 1455  | 80403  |
|  Earthstone Energy, Inc. (a)(b)  | 598  | 8510  |
|  EOG Resources, Inc.  | 8822  | 1142625  |
|  EQT Corp.  | 5569  | 188399  |
|  Equitrans Midstream Corp.  | 6518  | 43671  |
|  Exxon Mobil Corp.  | 62736  | 6919781  |
|  Gevo, Inc. (a)(b)  | 3166  | 6015  |
|  Green Plains, Inc. (a)(b)  | 860  | 26230  |
|  Gulfport Energy Corp. (a)(b)  | 178  | 13108  |
|  Hess Corp.  | 4195  | 594935  |
|  HF Sinclair Corp.  | 2187  | 113483  |
|  International Seaways, Inc.  | 629  | 23286  |
|  Kinder Morgan, Inc.  | 29834  | 539399  |
|  Kosmos Energy Ltd. (a)  | 6876  | 43731  |
|  Magnolia Oil & Gas Corp. Class A (b)  | 2536  | 59469  |
|  Marathon Oil Corp.  | 10201  | 276141  |
|  Marathon Petroleum Corp.  | 7504  | 873391  |
|  Matador Resources Co.  | 1690  | 96736  |
|  Murphy Oil Corp.  | 2200  | 94622  |
|  National Energy Services Reunited Corp. (a)  | 570  | 3956  |
|  New Fortress Energy, Inc.  | 714  | 30288  |
|  Nextdecade Corp. (a)(b)  | 706  | 3488  |
|  Northern Oil & Gas, Inc.  | 1026  | 31621  |
|  Occidental Petroleum Corp.  | 11218  | 706622  |
|  ONEOK, Inc.  | 6728  | 442030  |
|  Ovintiv, Inc.  | 3829  | 194169  |
|  Par Pacific Holdings, Inc. (a)  | 872  | 20274  |
|  PBF Energy, Inc. Class A  | 1615  | 65860  |
|  PDC Energy, Inc.  | 1451  | 92109  |
|  Peabody Energy Corp. (a)(b)  | 1744  | 46076  |
|  Permian Resource Corp. Class A (b)  | 3004  | 28238  |
|  Phillips 66 Co.  | 7241  | 753643  |
|  Pioneer Natural Resources Co.  | 3593  | 820605  |
|  Range Resources Corp.  | 3733  | 93400  |
|  Ranger Oil Corp.  | 303  | 12250  |
|  Rex American Resources Corp. (a)  | 231  | 7360  |
|  Ring Energy, Inc. (a)(b)  | 1490  | 3665  |
|  SandRidge Energy, Inc. (a)  | 471  | 8021  |
|  SilverBow Resources, Inc. (a)  | 214  | 6052  |
|  Sitio Royalties Corp. (b)  | 166  | 4789  |
|  SM Energy Co.  | 1847  | 64331  |
|  Southwestern Energy Co. (a)  | 16785  | 98192  |
|  Talos Energy, Inc. (a)  | 1025  | 19352  |
|  Targa Resources Corp.  | 3411  | 250709  |
|  Teekay Corp. (a)  | 1080  | 4903  |
|  Teekay Tankers Ltd. (a)  | 362  | 11153  |
|  Tellurian, Inc. (a)(b)  | 8036  | 13500  |
|  Texas Pacific Land Corp.  | 93  | 218013  |
|  The Williams Companies, Inc.  | 18336  | 603254  |
|  Uranium Energy Corp. (a)(b)  | 5255  | 20389  |
|  VAALCO Energy, Inc.  | 697  | 3178  |
|  Valero Energy Corp.  | 5930  | 752280  |
|  Vertex Energy, Inc. (a)(b)  | 966  | 5989  |
|  Vital Energy, Inc. (a)(b)  | 268  | 13781  |
|  W&T Offshore, Inc. (a)  | 1385  | 7728  |
|  World Fuel Services Corp.  | 916  | 25034  |
|  |  | 26583610  |
|  TOTAL ENERGY  |  | 29708215  |
| FINANCIALS - 12.1%  |  |  |
| Banks - 4.1%  |  |  |
|  1st Source Corp.  | 250  | 13273  |
|  Amerant Bancorp, Inc. Class A  | 370  | 9931  |
|  Ameris Bancorp  | 982  | 46291  |
|  Associated Banc-Corp.  | 2258  | 52137  |
|  Atlantic Union Bankshares Corp.  | 1127  | 39603  |
|  Banc of California, Inc.  | 862  | 13732  |
|  BancFirst Corp.  | 268  | 23632  |
|  Bancorp, Inc., Delaware (a)  | 866  | 24577  |
|  Bank of America Corp.  | 105232  | 3485284  |
|  Bank of Hawaii Corp.  | 601  | 46614  |
|  Bank of Marin Bancorp  | 231  | 7595  |
|  Bank OZK  | 1674  | 67060  |
|  BankUnited, Inc.  | 1171  | 39779  |
|  Banner Corp.  | 514  | 32485  |
|  Berkshire Hills Bancorp, Inc.  | 716  | 21408  |
|  BOK Financial Corp.  | 436  | 45252  |
|  Brookline Bancorp, Inc., Delaware  | 1128  | 15961  |
|  Byline Bancorp, Inc.  | 335  | 7695  |
|  Cadence Bank  | 2745  | 67692  |
|  Camden National Corp.  | 229  | 9547  |
|  Cathay General Bancorp  | 1118  | 45603  |
|  Central Pacific Financial Corp.  | 407  | 8254  |
|  Citigroup, Inc.  | 29151  | 1318500  |
|  Citizens Financial Group, Inc.  | 7459  | 293661  |
|  City Holding Co.  | 225  | 20945  |
|  Coastal Financial Corp. of Washington (a)  | 164  | 7793  |
|  Columbia Banking Systems, Inc. (b)  | 1187  | 35764  |
|  Comerica, Inc.  | 1970  | 131695  |
|  Commerce Bancshares, Inc.  | 1717  | 116876  |
|  Community Bank System, Inc.  | 807  | 50801  |
|  Community Trust Bancorp, Inc.  | 238  | 10931  |
|  ConnectOne Bancorp, Inc.  | 530  | 12831  |
|  CrossFirst Bankshares, Inc. (a)  | 679  | 8426  |
|  Cullen/Frost Bankers, Inc.  | 963  | 128753  |
|  Customers Bancorp, Inc. (a)  | 456  | 12923  |
|  CVB Financial Corp.  | 1969  | 50702  |
|  Dime Community Bancshares, Inc. (b)  | 482  | 15342  |
|  Eagle Bancorp, Inc.  | 474  | 20889  |
|  East West Bancorp, Inc.  | 2123  | 139906  |
|  Eastern Bankshares, Inc.  | 2429  | 41900  |
|  Enterprise Financial Services Corp.  | 558  | 27320  |
|  Equity Bancshares, Inc.  | 232  | 7579  |
|  Farmers National Banc Corp.  | 456  | 6439  |
|  FB Financial Corp.  | 525  | 18974  |
|  Fifth Third Bancorp  | 10331  | 338960  |
|  Financial Institutions, Inc.  | 228  | 5554  |
|  First Bancorp, North Carolina  | 554  | 23733  |
|  First Bancorp, Puerto Rico  | 2816  | 35820  |
|  First Bancshares, Inc.  | 352  | 11268  |
|  First Busey Corp.  | 765  | 18911  |
|  First Citizens Bancshares, Inc.  | 199  | 150914  |
|  First Commonwealth Financial Corp.  | 1389  | 19404  |
|  First Financial Bancorp, Ohio  | 1416  | 34310  |
|  First Financial Bankshares, Inc. (b)  | 1952  | 67149  |
|  First Financial Corp., Indiana  | 173  | 7972  |
|  First Foundation, Inc.  | 767  | 10991  |
|  First Hawaiian, Inc.  | 1914  | 49841  |
|  First Horizon National Corp.  | 8048  | 197176  |
|  First Internet Bancorp  | 152  | 3691  |
|  First Interstate Bancsystem, Inc.  | 1363  | 52680  |
|  First Merchants Corp.  | 902  | 37081  |
|  First Republic Bank  | 2752  | 335441  |
|  Flushing Financial Corp.  | 429  | 8314  |
|  FNB Corp., Pennsylvania  | 5261  | 68656  |
|  Fulton Financial Corp.  | 2488  | 41873  |
|  German American Bancorp, Inc.  | 410  | 15293  |
|  Glacier Bancorp, Inc.  | 1668  | 82433  |
|  Great Southern Bancorp, Inc.  | 143  | 8507  |
|  Hancock Whitney Corp.  | 1290  | 62423  |
|  Hanmi Financial Corp.  | 438  | 10841  |
|  HarborOne Bancorp, Inc.  | 675  | 9383  |
|  Heartland Financial U.S.A., Inc.  | 568  | 26480  |
|  Heritage Commerce Corp.  | 870  | 11310  |
|  Heritage Financial Corp., Washington  | 526  | 16117  |
|  Hilltop Holdings, Inc.  | 723  | 21697  |
|  Home Bancshares, Inc. (b)  | 2866  | 65316  |
|  HomeStreet, Inc.  | 293  | 8081  |
|  HomeTrust Bancshares, Inc.  | 240  | 5801  |
|  Hope Bancorp, Inc.  | 1811  | 23199  |
|  Horizon Bancorp, Inc. Indiana  | 639  | 9636  |
|  Huntington Bancshares, Inc.  | 21708  | 306083  |
|  Independent Bank Corp.  | 687  | 58003  |
|  Independent Bank Corp.  | 355  | 8492  |
|  Independent Bank Group, Inc.  | 530  | 31842  |
|  International Bancshares Corp.  | 794  | 36333  |
|  JPMorgan Chase & Co.  | 44145  | 5919845  |
|  KeyCorp  | 14045  | 244664  |
|  Lakeland Bancorp, Inc.  | 957  | 16853  |
|  Lakeland Financial Corp.  | 381  | 27802  |
|  Live Oak Bancshares, Inc.  | 490  | 14798  |
|  M&T Bank Corp.  | 2643  | 383394  |
|  Mercantile Bank Corp.  | 212  | 7098  |
|  Metropolitan Bank Holding Corp. (a)  | 151  | 8859  |
|  Midland States Bancorp, Inc.  | 309  | 8226  |
|  National Bank Holdings Corp.  | 443  | 18637  |
|  NBT Bancorp, Inc.  | 636  | 27615  |
|  Nicolet Bankshares, Inc. (a)  | 176  | 14043  |
|  Northwest Bancshares, Inc. (b)  | 1889  | 26408  |
|  OceanFirst Financial Corp.  | 885  | 18806  |
|  OFG Bancorp  | 713  | 19650  |
|  Old National Bancorp, Indiana  | 4399  | 79094  |
|  Old Second Bancorp, Inc.  | 585  | 9383  |
|  Origin Bancorp, Inc.  | 460  | 16882  |
|  Pacific Premier Bancorp, Inc.  | 1434  | 45257  |
|  PacWest Bancorp  | 1781  | 40874  |
|  Park National Corp. (b)  | 217  | 30543  |
|  Pathward Financial, Inc.  | 451  | 19416  |
|  Peapack-Gladstone Financial Corp.  | 242  | 9007  |
|  Peoples Bancorp, Inc.  | 444  | 12543  |
|  Pinnacle Financial Partners, Inc.  | 1151  | 84483  |
|  PNC Financial Services Group, Inc.  | 6172  | 974806  |
|  Popular, Inc.  | 1129  | 74875  |
|  Preferred Bank, Los Angeles  | 194  | 14476  |
|  Premier Financial Corp.  | 547  | 14753  |
|  Prosperity Bancshares, Inc.  | 1370  | 99572  |
|  QCR Holdings, Inc.  | 270  | 13403  |
|  Regions Financial Corp.  | 14066  | 303263  |
|  Renasant Corp.  | 843  | 31688  |
|  Republic First Bancorp, Inc. (a)(b)  | 581  | 1249  |
|  S&T Bancorp, Inc.  | 590  | 20166  |
|  Sandy Spring Bancorp, Inc.  | 674  | 23745  |
|  Seacoast Banking Corp., Florida  | 920  | 28695  |
|  ServisFirst Bancshares, Inc.  | 735  | 50649  |
|  Signature Bank  | 948  | 109229  |
|  Silvergate Capital Corp. (a)(b)  | 471  | 8195  |
|  Simmons First National Corp. Class A  | 1930  | 41649  |
|  Southside Bancshares, Inc.  | 487  | 17527  |
|  Southstate Corp.  | 1139  | 86974  |
|  Stellar Bancorp, Inc.  | 690  | 20327  |
|  Stock Yards Bancorp, Inc.  | 430  | 27941  |
|  SVB Financial Group (a)  | 890  | 204825  |
|  Synovus Financial Corp.  | 2191  | 82272  |
|  Texas Capital Bancshares, Inc. (a)  | 751  | 45293  |
|  Tompkins Financial Corp.  | 206  | 15981  |
|  TowneBank  | 999  | 30809  |
|  Trico Bancshares  | 515  | 26260  |
|  Triumph Bancorp, Inc. (a)  | 350  | 17105  |
|  Truist Financial Corp.  | 19969  | 859266  |
|  Trustmark Corp.  | 921  | 32152  |
|  U.S. Bancorp  | 20350  | 887464  |
|  UMB Financial Corp.  | 654  | 54622  |
|  Umpqua Holdings Corp.  | 3267  | 58316  |
|  United Bankshares, Inc., West Virginia (b)  | 2022  | 81871  |
|  United Community Bank, Inc.  | 1581  | 53438  |
|  Univest Corp. of Pennsylvania  | 459  | 11994  |
|  Valley National Bancorp  | 6340  | 71705  |
|  Veritex Holdings, Inc.  | 816  | 22913  |
|  Washington Federal, Inc.  | 968  | 32476  |
|  Washington Trust Bancorp, Inc.  | 253  | 11937  |
|  Webster Financial Corp.  | 2646  | 125262  |
|  Wells Fargo & Co.  | 57094  | 2357411  |
|  WesBanco, Inc.  | 906  | 33504  |
|  Westamerica Bancorp.  | 409  | 24135  |
|  Western Alliance Bancorp.  | 1634  | 97321  |
|  Wintrust Financial Corp.  | 913  | 77167  |
|  Zions Bancorp NA  | 2266  | 111397  |
|  |  | 23433622  |
| Capital Markets - 3.2%  |  |  |
|  Affiliated Managers Group, Inc.  | 577  | 91414  |
|  Ameriprise Financial, Inc.  | 1628  | 506910  |
|  Ares Management Corp.  | 2331  | 159534  |
|  Artisan Partners Asset Management, Inc.  | 1012  | 30056  |
|  Assetmark Financial Holdings, Inc. (a)  | 310  | 7130  |
| B. Riley Financial, Inc. (b)  | 248  | 8482  |
|  Bank of New York Mellon Corp.  | 11069  | 503861  |
|  BGC Partners, Inc. Class A  | 4848  | 18277  |
|  BlackRock, Inc. Class A  | 2270  | 1608590  |
|  Blackstone, Inc.  | 10565  | 783817  |
|  Blucora, Inc. (a)  | 717  | 18305  |
|  Blue Owl Capital, Inc. Class A (b)  | 5079  | 53837  |
|  Bridge Investment Group Holdings, Inc.  | 351  | 4230  |
|  BrightSphere Investment Group, Inc.  | 444  | 9138  |
|  Carlyle Group LP  | 3278  | 97816  |
|  Cboe Global Markets, Inc.  | 1596  | 200250  |
|  Charles Schwab Corp.  | 22987  | 1913898  |
|  CME Group, Inc.  | 5410  | 909746  |
|  Cohen & Steers, Inc.  | 385  | 24856  |
|  Coinbase Global, Inc. (a)(b)  | 2370  | 83874  |
|  Cowen Group, Inc. Class A  | 396  | 15294  |
|  Diamond Hill Investment Group, Inc.  | 46  | 8511  |
|  Donnelley Financial Solutions, Inc. (a)  | 383  | 14803  |
|  Evercore, Inc. Class A  | 544  | 59340  |
|  FactSet Research Systems, Inc.  | 571  | 229091  |
|  Federated Hermes, Inc.  | 1261  | 45787  |
|  Focus Financial Partners, Inc. Class A (a)  | 877  | 32686  |
|  Franklin Resources, Inc. (b)  | 4277  | 112827  |
|  Galaxy Digital Holdings Ltd. (a)(b)  | 1623  | 4639  |
|  GCM Grosvenor, Inc. Class A  | 646  | 4916  |
|  Goldman Sachs Group, Inc.  | 5138  | 1764286  |
|  GQG Partners, Inc. unit  | 12292  | 11727  |
|  Greenhill & Co., Inc.  | 162  | 1661  |
|  Hamilton Lane, Inc. Class A  | 527  | 33665  |
|  Houlihan Lokey  | 749  | 65283  |
|  Interactive Brokers Group, Inc.  | 1549  | 112070  |
|  Intercontinental Exchange, Inc.  | 8407  | 862474  |
|  Invesco Ltd.  | 6863  | 123465  |
|  Janus Henderson Group PLC  | 2003  | 47111  |
|  Jefferies Financial Group, Inc.  | 2797  | 95881  |
|  KKR & Co. LP  | 8677  | 402786  |
|  Lazard Ltd. Class A  | 1702  | 59008  |
|  LPL Financial  | 1200  | 259404  |
|  MarketAxess Holdings, Inc.  | 567  | 158131  |
|  Moelis & Co. Class A  | 969  | 37181  |
|  Moody's Corp.  | 2376  | 662001  |
|  Morgan Stanley  | 20156  | 1713663  |
|  Morningstar, Inc.  | 378  | 81871  |
|  MSCI, Inc.  | 1212  | 563786  |
|  NASDAQ, Inc.  | 5100  | 312885  |
|  Northern Trust Corp.  | 3137  | 277593  |
|  Open Lending Corp. (a)  | 1573  | 10618  |
|  Oppenheimer Holdings, Inc. Class A (non-vtg.)  | 116  | 4910  |
|  P10, Inc.  | 511  | 5452  |
|  Perella Weinberg Partners Class A  | 627  | 6145  |
|  Piper Jaffray Companies  | 215  | 27991  |
|  PJT Partners, Inc.  | 375  | 27634  |
|  Raymond James Financial, Inc.  | 2923  | 312323  |
|  S&P Global, Inc.  | 5129  | 1717907  |
|  Sculptor Capital Management, Inc. Class A  | 226  | 1957  |
|  SEI Investments Co.  | 1550  | 90365  |
|  State Street Corp.  | 5535  | 429350  |
|  StepStone Group, Inc. Class A  | 722  | 18180  |
|  Stifel Financial Corp.  | 1601  | 93450  |
|  StoneX Group, Inc. (a)  | 261  | 24873  |
| T. Rowe Price Group, Inc.  | 3401  | 370913  |
|  Tradeweb Markets, Inc. Class A  | 1620  | 105187  |
|  Victory Capital Holdings, Inc.  | 449  | 12047  |
|  Virtu Financial, Inc. Class A  | 1419  | 28962  |
|  Virtus Investment Partners, Inc.  | 105  | 20101  |
|  WisdomTree Investments, Inc. (b)  | 1618  | 8818  |
|  |  | 18525030  |
| Consumer Finance - 0.5%  |  |  |
|  Ally Financial, Inc.  | 4649  | 113668  |
|  American Express Co.  | 9027  | 1333739  |
|  Atlanticus Holdings Corp. (a)  | 65  | 1703  |
|  Bread Financial Holdings, Inc.  | 751  | 28283  |
|  Capital One Financial Corp.  | 5777  | 537030  |
|  Credit Acceptance Corp. (a)(b)  | 91  | 43170  |
|  CURO Group Holdings Corp.  | 287  | 1019  |
|  Discover Financial Services  | 4111  | 402179  |
|  Encore Capital Group, Inc. (a)  | 374  | 17930  |
|  Enova International, Inc. (a)  | 478  | 18341  |
|  EZCORP, Inc. (non-vtg.) Class A (a)  | 815  | 6642  |
|  FirstCash Holdings, Inc.  | 572  | 49713  |
|  Green Dot Corp. Class A (a)  | 768  | 12150  |
|  Katapult Holdings, Inc. (a)  | 962  | 920  |
|  LendingClub Corp. (a)  | 1564  | 13763  |
|  LendingTree, Inc. (a)  | 153  | 3263  |
|  Medallion Financial Corp. (b)  | 250  | 1785  |
|  MoneyLion, Inc. (a)(b)  | 1130  | 701  |
|  Navient Corp.  | 1639  | 26962  |
|  Nelnet, Inc. Class A  | 273  | 24775  |
|  NerdWallet, Inc. (a)(b)  | 530  | 5088  |
|  OneMain Holdings, Inc.  | 1864  | 62090  |
|  Oportun Financial Corp. (a)  | 382  | 2105  |
|  PRA Group, Inc. (a)  | 596  | 20133  |
|  PROG Holdings, Inc. (a)  | 822  | 13884  |
|  Regional Management Corp.  | 144  | 4044  |
|  SLM Corp.  | 3787  | 62864  |
|  SoFi Technologies, Inc. (a)(b)  | 12235  | 56403  |
|  Sunlight Financial Holdings, Inc. Class A (a)(b)  | 441  | 569  |
|  Synchrony Financial  | 7252  | 238301  |
|  Upstart Holdings, Inc. (a)(b)  | 1093  | 14449  |
|  World Acceptance Corp. (a)  | 54  | 3561  |
|  |  | 3121227  |
| Diversified Financial Services - 1.6%  |  |  |
|  A-Mark Precious Metals, Inc.  | 264  | 9169  |
|  Acacia Research Corp. (a)  | 635  | 2673  |
|  Apollo Global Management, Inc.  | 6538  | 417059  |
|  Berkshire Hathaway, Inc. Class B (a)  | 27167  | 8391886  |
|  Cannae Holdings, Inc. (a)  | 1117  | 23066  |
|  Equitable Holdings, Inc.  | 5260  | 150962  |
|  Jackson Financial, Inc.  | 892  | 31033  |
|  Voya Financial, Inc. (b)  | 1475  | 90698  |
|  |  | 9116546  |
| Insurance - 2.5%  |  |  |
|  AFLAC, Inc.  | 8645  | 621921  |
|  Allstate Corp.  | 4069  | 551756  |
|  AMBAC Financial Group, Inc. (a)  | 683  | 11912  |
|  American Equity Investment Life Holding Co.  | 1069  | 48768  |
|  American Financial Group, Inc.  | 1050  | 144144  |
|  American International Group, Inc.  | 11447  | 723908  |
|  Amerisafe, Inc.  | 280  | 14552  |
|  Aon PLC  | 3175  | 952945  |
|  Arch Capital Group Ltd. (a)  | 5554  | 348680  |
|  Argo Group International Holdings, Ltd.  | 532  | 13752  |
|  Arthur J. Gallagher & Co.  | 3165  | 596729  |
|  Assurant, Inc.  | 801  | 100173  |
|  Assured Guaranty Ltd.  | 932  | 58026  |
|  Axis Capital Holdings Ltd.  | 1162  | 62946  |
|  Brighthouse Financial, Inc. (a)  | 1082  | 55474  |
|  Brown & Brown, Inc.  | 3528  | 200990  |
|  BRP Group, Inc. (a)  | 889  | 22349  |
|  Chubb Ltd.  | 6284  | 1386250  |
|  Cincinnati Financial Corp.  | 2397  | 245429  |
|  CNO Financial Group, Inc.  | 1747  | 39919  |
|  eHealth, Inc. (a)  | 452  | 2188  |
|  Employers Holdings, Inc.  | 422  | 18201  |
|  Enstar Group Ltd. (a)  | 204  | 47132  |
|  Erie Indemnity Co. Class A  | 375  | 93270  |
|  Everest Re Group Ltd.  | 593  | 196443  |
|  F&G Annuities & Life, Inc.  | 284  | 5683  |
|  Fidelity National Financial, Inc.  | 4162  | 156574  |
|  First American Financial Corp.  | 1572  | 82278  |
|  Genworth Financial, Inc. Class A (a)  | 7651  | 40474  |
|  Globe Life, Inc.  | 1360  | 163948  |
|  Goosehead Insurance (a)(b)  | 307  | 10542  |
|  Hanover Insurance Group, Inc.  | 536  | 72430  |
|  Hartford Financial Services Group, Inc.  | 4860  | 368534  |
|  HCI Group, Inc.  | 122  | 4830  |
|  Hippo Holdings, Inc. (a)(b)  | 246  | 3346  |
|  Horace Mann Educators Corp.  | 614  | 22945  |
|  James River Group Holdings Ltd.  | 581  | 12149  |
|  Kemper Corp.  | 964  | 47429  |
|  Kinsale Capital Group, Inc.  | 324  | 84732  |
|  Lemonade, Inc. (a)(b)  | 717  | 9809  |
|  Lincoln National Corp.  | 2334  | 71700  |
|  Loews Corp.  | 3001  | 175048  |
|  Markel Corp. (a)  | 204  | 268768  |
|  Marsh & McLennan Companies, Inc.  | 7509  | 1242589  |
|  MBIA, Inc. (a)  | 724  | 9303  |
|  Mercury General Corp.  | 416  | 14227  |
|  MetLife, Inc.  | 10074  | 729055  |
|  National Western Life Group, Inc.  | 36  | 10116  |
|  Old Republic International Corp.  | 4325  | 104449  |
|  Oscar Health, Inc. (a)  | 1823  | 4485  |
|  Palomar Holdings, Inc. (a)  | 378  | 17070  |
|  Primerica, Inc.  | 565  | 80128  |
|  Principal Financial Group, Inc.  | 3487  | 292629  |
|  ProAssurance Corp.  | 811  | 14168  |
|  Progressive Corp.  | 8804  | 1141967  |
|  Prudential Financial, Inc.  | 5596  | 556578  |
|  Reinsurance Group of America, Inc.  | 1008  | 143227  |
|  RenaissanceRe Holdings Ltd.  | 658  | 121223  |
|  RLI Corp.  | 607  | 79681  |
|  Root, Inc. (a)(b)  | 118  | 530  |
|  Ryan Specialty Group Holdings, Inc. (a)(b)  | 1243  | 51597  |
|  Safety Insurance Group, Inc.  | 230  | 19380  |
|  Selective Insurance Group, Inc.  | 907  | 80369  |
|  Selectquote, Inc. (a)  | 1595  | 1072  |
|  Siriuspoint Ltd. (a)  | 1276  | 7528  |
|  Stewart Information Services Corp.  | 400  | 17092  |
|  The Travelers Companies, Inc.  | 3570  | 669339  |
|  Tiptree, Inc.  | 382  | 5287  |
|  Trean Insurance Group, Inc. (a)  | 273  | 1638  |
|  Trupanion, Inc. (a)(b)  | 520  | 24716  |
|  United Fire Group, Inc.  | 341  | 9330  |
|  Universal Insurance Holdings, Inc.  | 352  | 3728  |
|  Unum Group  | 2829  | 116074  |
|  W.R. Berkley Corp.  | 3070  | 222790  |
|  White Mountains Insurance Group Ltd.  | 38  | 53745  |
|  Willis Towers Watson PLC  | 1654  | 404535  |
|  |  | 14408721  |
| Mortgage Real Estate Investment Trusts - 0.1%  |  |  |
|  AG Mortgage Investment Trust, Inc.  | 378  | 2007  |
|  AGNC Investment Corp.  | 7892  | 81682  |
|  Annaly Capital Management, Inc.  | 6500  | 137020  |
|  Apollo Commercial Real Estate Finance, Inc.  | 1956  | 21047  |
|  Arbor Realty Trust, Inc.  | 2550  | 33635  |
|  Ares Commercial Real Estate Corp.  | 909  | 9354  |
|  Armour Residential REIT, Inc. (b)  | 1522  | 8569  |
|  Blackstone Mortgage Trust, Inc.  | 2572  | 54449  |
|  BrightSpire Capital, Inc.  | 1379  | 8591  |
|  Broadmark Realty Capital, Inc.  | 2095  | 7458  |
|  Cherry Hill Mortgage Investment Corp. (b)  | 214  | 1241  |
|  Chimera Investment Corp.  | 3590  | 19745  |
|  Dynex Capital, Inc.  | 586  | 7454  |
|  Ellington Financial LLC (b)  | 822  | 10168  |
|  Ellington Residential Mortgage REIT (b)  | 216  | 1482  |
|  Franklin BSP Realty Trust, Inc. (b)  | 1243  | 16035  |
|  Granite Point Mortgage Trust, Inc.  | 859  | 4604  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)  | 1294  | 37500  |
|  Invesco Mortgage Capital, Inc.  | 471  | 5996  |
|  KKR Real Estate Finance Trust, Inc. (b)  | 930  | 12983  |
|  Ladder Capital Corp. Class A  | 1674  | 16807  |
|  MFA Financial, Inc.  | 1391  | 13701  |
|  New York Mortgage Trust, Inc.  | 5787  | 14815  |
|  Orchid Island Capital, Inc. (b)  | 515  | 5408  |
|  PennyMac Mortgage Investment Trust  | 1352  | 16751  |
|  Ready Capital Corp. (b)  | 1628  | 18136  |
|  Redwood Trust, Inc.  | 1737  | 11742  |
|  Rithm Capital Corp.  | 7051  | 57607  |
|  Sachem Capital Corp.  | 417  | 1376  |
|  Starwood Property Trust, Inc.  | 4677  | 85729  |
|  TPG RE Finance Trust, Inc.  | 889  | 6036  |
|  Two Harbors Investment Corp.  | 1308  | 20627  |
|  |  | 749755  |
| Thrifts & Mortgage Finance - 0.1%  |  |  |
|  Axos Financial, Inc. (a)  | 807  | 30844  |
|  Blue Foundry Bancorp (a)  | 366  | 4703  |
|  Capitol Federal Financial, Inc.  | 1896  | 16400  |
|  Columbia Financial, Inc. (a)  | 524  | 11329  |
|  Essent Group Ltd.  | 1620  | 62986  |
|  Federal Agricultural Mortgage Corp. Class C (non-vtg.)  | 135  | 15216  |
|  Hingham Institution for Savings  | 23  | 6347  |
|  Kearny Financial Corp.  | 1058  | 10739  |
|  Merchants Bancorp  | 428  | 10409  |
|  MGIC Investment Corp.  | 4562  | 59306  |
|  Mr. Cooper Group, Inc. (a)  | 1079  | 43300  |
|  New York Community Bancorp, Inc.  | 7015  | 60329  |
|  NMI Holdings, Inc. (a)  | 1303  | 27233  |
|  Northfield Bancorp, Inc.  | 644  | 10130  |
|  Ocwen Financial Corp. (a)  | 113  | 3456  |
|  PennyMac Financial Services, Inc.  | 480  | 27197  |
|  Provident Financial Services, Inc.  | 1122  | 23966  |
|  Radian Group, Inc.  | 2426  | 46264  |
|  Rocket Companies, Inc. (b)  | 1822  | 12754  |
|  Southern Missouri Bancorp, Inc.  | 121  | 5545  |
|  TFS Financial Corp. (b)  | 721  | 10390  |
|  Trustco Bank Corp., New York  | 264  | 9924  |
|  UWM Holdings Corp. Class A (b)  | 1060  | 3509  |
|  Walker & Dunlop, Inc.  | 462  | 36258  |
|  Waterstone Financial, Inc.  | 360  | 6206  |
|  WSFS Financial Corp.  | 956  | 43345  |
|  |  | 598085  |
|  TOTAL FINANCIALS  |  | 69952986  |
| HEALTH CARE - 15.2%  |  |  |
| Biotechnology - 2.9%  |  |  |
|  2seventy bio, Inc. (a)  | 554  | 5191  |
|  4D Molecular Therapeutics, Inc. (a)  | 411  | 9128  |
|  AbbVie, Inc.  | 26615  | 4301250  |
|  ACADIA Pharmaceuticals, Inc. (a)  | 1832  | 29165  |
|  Adicet Bio, Inc. (a)  | 499  | 4461  |
|  ADMA Biologics, Inc. (a)  | 2933  | 11380  |
|  Adverum Biotechnologies, Inc. (a)  | 840  | 487  |
|  Agenus, Inc. (a)  | 3583  | 8599  |
|  Agios Pharmaceuticals, Inc. (a)  | 826  | 23194  |
|  Akero Therapeutics, Inc. (a)(b)  | 469  | 25701  |
|  Alaunos Therapeutics, Inc. (a)(b)  | 3394  | 2203  |
|  Albireo Pharma, Inc. (a)(b)  | 259  | 5597  |
|  Aldeyra Therapeutics, Inc. (a)  | 789  | 5491  |
|  Alector, Inc. (a)  | 916  | 8455  |
|  Alkermes PLC (a)  | 2475  | 64672  |
|  Allakos, Inc. (a)  | 1152  | 9700  |
|  Allogene Therapeutics, Inc. (a)(b)  | 1453  | 9139  |
|  Allovir, Inc. (a)(b)  | 746  | 3827  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 1807  | 429434  |
|  Altimmune, Inc. (a)  | 564  | 9278  |
|  ALX Oncology Holdings, Inc. (a)  | 373  | 4204  |
|  Amgen, Inc.  | 8051  | 2114515  |
|  Amicus Therapeutics, Inc. (a)  | 3769  | 46019  |
|  AnaptysBio, Inc. (a)(b)  | 311  | 9638  |
|  Anavex Life Sciences Corp. (a)(b)  | 1172  | 10853  |
|  Anika Therapeutics, Inc. (a)  | 225  | 6660  |
|  Apellis Pharmaceuticals, Inc. (a)  | 1406  | 72704  |
|  Arbutus Biopharma Corp. (a)  | 1423  | 3316  |
|  Arcturus Therapeutics Holdings, Inc. (a)  | 338  | 5732  |
|  Arcus Biosciences, Inc. (a)  | 756  | 15634  |
|  Arcutis Biotherapeutics, Inc. (a)  | 637  | 9428  |
|  Ardelyx, Inc. (a)(b)  | 2393  | 6820  |
|  Arrowhead Pharmaceuticals, Inc. (a)  | 1600  | 64896  |
|  Ars Pharmaceuticals, Inc. (a)  | 446  | 3804  |
|  Assembly Biosciences, Inc. (a)(b)  | 897  | 1166  |
|  Atara Biotherapeutics, Inc. (a)  | 1546  | 5071  |
|  Atossa Therapeutics, Inc. (a)(b)  | 1835  | 970  |
|  Aura Biosciences, Inc. (a)  | 118  | 1239  |
|  AVEO Pharmaceuticals, Inc. (a)  | 369  | 5517  |
|  Avid Bioservices, Inc. (a)  | 914  | 12586  |
|  Avidity Biosciences, Inc. (a)  | 838  | 18595  |
|  Avita Medical, Inc. (a)(b)  | 436  | 2878  |
|  Beam Therapeutics, Inc. (a)(b)  | 892  | 34886  |
|  BioAtla, Inc. (a)(b)  | 495  | 4084  |
|  BioCryst Pharmaceuticals, Inc. (a)  | 2800  | 32144  |
|  Biogen, Inc. (a)  | 2185  | 605070  |
|  Biohaven Ltd. (a)  | 487  | 6760  |
|  BioMarin Pharmaceutical, Inc. (a)  | 2791  | 288841  |
|  BioXcel Therapeutics, Inc. (a)(b)  | 256  | 5499  |
|  bluebird bio, Inc. (a)(b)  | 1119  | 7743  |
|  Blueprint Medicines Corp. (a)  | 894  | 39166  |
|  BridgeBio Pharma, Inc. (a)(b)  | 1571  | 11971  |
|  C4 Therapeutics, Inc. (a)(b)  | 739  | 4360  |
|  Cardiff Oncology, Inc. (a)(b)  | 962  | 1347  |
|  CareDx, Inc. (a)  | 774  | 8831  |
|  Caribou Biosciences, Inc. (a)  | 885  | 5558  |
|  Catalyst Pharmaceutical Partners, Inc. (a)  | 1421  | 26431  |
|  Cel-Sci Corp. (a)(b)  | 580  | 1363  |
|  Celldex Therapeutics, Inc. (a)  | 701  | 31244  |
|  Century Therapeutics, Inc. (a)(b)  | 377  | 1934  |
|  Cerevel Therapeutics Holdings (a)  | 951  | 29995  |
|  Checkpoint Therapeutics, Inc. (a)(b)  | 136  | 695  |
|  Chimerix, Inc. (a)  | 836  | 1555  |
|  Chinook Therapeutics, Inc. (a)  | 647  | 16951  |
|  Cogent Biosciences, Inc. (a)  | 1037  | 11988  |
|  Coherus BioSciences, Inc. (a)(b)  | 958  | 7587  |
|  Concert Pharmaceuticals, Inc. (a)  | 575  | 3358  |
|  Crinetics Pharmaceuticals, Inc. (a)  | 633  | 11584  |
|  CRISPR Therapeutics AG (a)(b)  | 1176  | 47804  |
|  CTI BioPharma Corp. (a)  | 1254  | 7537  |
|  Cue Biopharma, Inc. (a)  | 395  | 1126  |
|  Cullinan Oncology, Inc. (a)(b)  | 334  | 3524  |
|  Curis, Inc. (a)  | 1527  | 840  |
|  Cytokinetics, Inc. (a)  | 1419  | 65019  |
|  CytomX Therapeutics, Inc. (a)(b)  | 648  | 1037  |
|  Day One Biopharmaceuticals, Inc. (a)  | 380  | 8178  |
|  Deciphera Pharmaceuticals, Inc. (a)  | 710  | 11637  |
|  Denali Therapeutics, Inc. (a)  | 1471  | 40909  |
|  DermTech, Inc. (a)(b)  | 459  | 812  |
|  Design Therapeutics, Inc. (a)(b)  | 491  | 5038  |
|  Dynavax Technologies Corp. (a)(b)  | 1758  | 18705  |
|  Dyne Therapeutics, Inc. (a)  | 389  | 4509  |
|  Eagle Pharmaceuticals, Inc. (a)  | 180  | 5261  |
|  Editas Medicine, Inc. (a)(b)  | 996  | 8835  |
|  Eiger Biopharmaceuticals, Inc. (a)  | 626  | 739  |
|  Emergent BioSolutions, Inc. (a)  | 669  | 7901  |
|  Enanta Pharmaceuticals, Inc. (a)  | 307  | 14282  |
|  Entrada Therapeutics, Inc. (a)  | 240  | 3245  |
|  Erasca, Inc. (a)  | 1011  | 4357  |
|  Evelo Biosciences, Inc. (a)(b)  | 802  | 1291  |
|  Exact Sciences Corp. (a)  | 2669  | 132142  |
|  Exelixis, Inc. (a)  | 4849  | 77778  |
|  Fate Therapeutics, Inc. (a)(b)  | 1236  | 12471  |
|  FibroGen, Inc. (a)  | 1315  | 21066  |
|  Foghorn Therapeutics, Inc. (a)(b)  | 332  | 2118  |
|  G1 Therapeutics, Inc. (a)(b)  | 513  | 2786  |
|  Generation Bio Co. (a)(b)  | 704  | 2767  |
|  Geron Corp. (a)  | 5224  | 12642  |
|  Gilead Sciences, Inc.  | 18864  | 1619474  |
|  Gossamer Bio, Inc. (a)  | 1218  | 2643  |
|  Gritstone Bio, Inc. (a)(b)  | 981  | 3384  |
|  Halozyme Therapeutics, Inc. (a)  | 2074  | 118011  |
|  Heron Therapeutics, Inc. (a)(b)  | 1578  | 3945  |
|  Homology Medicines, Inc. (a)  | 424  | 534  |
|  Horizon Therapeutics PLC (a)  | 3470  | 394886  |
|  Humacyte, Inc. Class A (a)(b)  | 725  | 1530  |
|  Icosavax, Inc. (a)  | 157  | 1247  |
|  Ideaya Biosciences, Inc. (a)  | 490  | 8903  |
|  IGM Biosciences, Inc. (a)  | 164  | 2790  |
|  Imago BioSciences, Inc. (a)  | 419  | 15063  |
|  Immunic, Inc. (a)(b)  | 406  | 568  |
|  ImmunityBio, Inc. (a)(b)  | 1697  | 8604  |
|  ImmunoGen, Inc. (a)  | 3057  | 15163  |
|  Immunovant, Inc. (a)  | 598  | 10615  |
|  Incyte Corp. (a)  | 2779  | 223209  |
|  Inhibrx, Inc. (a)(b)  | 425  | 10472  |
|  Inmune Bio, Inc. (a)(b)  | 268  | 1699  |
|  Inovio Pharmaceuticals, Inc. (a)(b)  | 3578  | 5582  |
|  Insmed, Inc. (a)  | 1801  | 35984  |
|  Intellia Therapeutics, Inc. (a)  | 1147  | 40019  |
|  Intercept Pharmaceuticals, Inc. (a)(b)  | 407  | 5035  |
|  Invivyd, Inc. (a)  | 1033  | 1550  |
|  Ionis Pharmaceuticals, Inc. (a)  | 2136  | 80677  |
|  Iovance Biotherapeutics, Inc. (a)  | 2179  | 13924  |
|  Ironwood Pharmaceuticals, Inc. Class A (a)  | 2013  | 24941  |
|  iTeos Therapeutics, Inc. (a)  | 308  | 6015  |
|  Iveric Bio, Inc. (a)  | 1646  | 35241  |
|  Janux Therapeutics, Inc. (a)  | 300  | 3951  |
|  Jounce Therapeutics, Inc. (a)  | 450  | 500  |
|  Kalvista Pharmaceuticals, Inc. (a)  | 307  | 2075  |
|  Karuna Therapeutics, Inc. (a)  | 403  | 79190  |
|  Karyopharm Therapeutics, Inc. (a)(b)  | 1193  | 4056  |
|  Keros Therapeutics, Inc. (a)  | 264  | 12677  |
|  Kezar Life Sciences, Inc. (a)(b)  | 655  | 4611  |
|  Kiniksa Pharmaceuticals Ltd. (a)  | 466  | 6981  |
|  Kinnate Biopharma, Inc. (a)(b)  | 197  | 1202  |
|  Kodiak Sciences, Inc. (a)  | 567  | 4060  |
|  Kronos Bio, Inc. (a)(b)  | 497  | 805  |
|  Krystal Biotech, Inc. (a)  | 334  | 26459  |
|  Kura Oncology, Inc. (a)  | 905  | 11231  |
|  Kymera Therapeutics, Inc. (a)(b)  | 534  | 13329  |
|  Lexicon Pharmaceuticals, Inc. (a)  | 866  | 1654  |
|  Lineage Cell Therapeutics, Inc. (a)(b)  | 1681  | 1967  |
|  Macrogenics, Inc. (a)  | 724  | 4858  |
|  Madrigal Pharmaceuticals, Inc. (a)  | 180  | 52245  |
|  MannKind Corp. (a)  | 3767  | 19852  |
|  Mersana Therapeutics, Inc. (a)  | 1317  | 7718  |
|  MiMedx Group, Inc. (a)  | 1377  | 3828  |
|  Mirati Therapeutics, Inc. (a)  | 751  | 34028  |
|  Mirum Pharmaceuticals, Inc. (a)  | 392  | 7644  |
|  Moderna, Inc. (a)  | 5066  | 909955  |
|  Monte Rosa Therapeutics, Inc. (a)(b)  | 515  | 3919  |
|  Morphic Holding, Inc. (a)  | 493  | 13188  |
|  Myovant Sciences Ltd. (a)  | 646  | 17416  |
|  Myriad Genetics, Inc. (a)  | 1212  | 17586  |
|  Natera, Inc. (a)  | 1462  | 58729  |
|  NeoImmuneTech, Inc. unit (a)  | 841  | 2668  |
|  Neurocrine Biosciences, Inc. (a)  | 1440  | 171994  |
|  NextCure, Inc. (a)  | 318  | 448  |
|  Nkarta, Inc. (a)  | 580  | 3474  |
|  Novavax, Inc. (a)(b)  | 1176  | 12089  |
|  Nurix Therapeutics, Inc. (a)  | 619  | 6797  |
|  Nuvalent, Inc. Class A (a)  | 308  | 9172  |
|  Ocugen, Inc. (a)(b)  | 3133  | 4073  |
|  Olema Pharmaceuticals, Inc. (a)(b)  | 344  | 843  |
|  Omniab, Inc. (c)  | 93  | 290  |
|  Omniab, Inc. (c)  | 93  | 274  |
|  Organogenesis Holdings, Inc. Class A (a)  | 1016  | 2733  |
|  ORIC Pharmaceuticals, Inc. (a)(b)  | 410  | 2415  |
|  Outlook Therapeutics, Inc. (a)(b)  | 1299  | 1403  |
|  PDL BioPharma, Inc. (a)(c)  | 644  | 811  |
|  PDS Biotechnology Corp. (a)  | 357  | 4712  |
|  PepGen, Inc.  | 170  | 2273  |
|  Pieris Pharmaceuticals, Inc. (a)(b)  | 676  | 703  |
|  PMV Pharmaceuticals, Inc. (a)(b)  | 422  | 3671  |
|  Point Biopharma Global, Inc. (a)(b)  | 927  | 6758  |
|  Praxis Precision Medicines, Inc. (a)(b)  | 412  | 981  |
|  Precigen, Inc. (a)(b)  | 1100  | 1672  |
|  Precision BioSciences, Inc. (a)  | 634  | 754  |
|  Prometheus Biosciences, Inc. (a)  | 427  | 46970  |
|  Protagonist Therapeutics, Inc. (a)  | 712  | 7768  |
|  Prothena Corp. PLC (a)  | 523  | 31511  |
|  PTC Therapeutics, Inc. (a)  | 1073  | 40956  |
|  Puma Biotechnology, Inc. (a)  | 355  | 1502  |
|  RAPT Therapeutics, Inc. (a)  | 309  | 6118  |
|  Recursion Pharmaceuticals, Inc. (a)(b)  | 1750  | 13493  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 1614  | 1164485  |
|  REGENXBIO, Inc. (a)  | 548  | 12429  |
|  Relay Therapeutics, Inc. (a)  | 1323  | 19766  |
|  Repligen Corp. (a)  | 778  | 131723  |
|  Replimune Group, Inc. (a)  | 452  | 12294  |
|  Revolution Medicines, Inc. (a)  | 1109  | 26416  |
|  Rhythm Pharmaceuticals, Inc. (a)(b)  | 582  | 16948  |
|  Rigel Pharmaceuticals, Inc. (a)  | 2433  | 3650  |
|  Rocket Pharmaceuticals, Inc. (a)  | 690  | 13503  |
|  Sage Therapeutics, Inc. (a)  | 772  | 29444  |
|  Sana Biotechnology, Inc. (a)(b)  | 1227  | 4847  |
|  Sangamo Therapeutics, Inc. (a)  | 1813  | 5693  |
|  Sarepta Therapeutics, Inc. (a)  | 1318  | 170786  |
|  Scholar Rock Holding Corp. (a)(b)  | 585  | 5294  |
|  Seagen, Inc. (a)  | 2055  | 264088  |
|  Selecta Biosciences, Inc. (a)(b)  | 1985  | 2243  |
|  Seres Therapeutics, Inc. (a)  | 1495  | 8372  |
|  Sesen Bio, Inc. (a)  | 1904  | 1160  |
|  Shattuck Labs, Inc. (a)  | 342  | 787  |
|  Sorrento Therapeutics, Inc. (a)(b)  | 6248  | 5536  |
|  Spectrum Pharmaceuticals, Inc. (a)(b)  | 2348  | 865  |
|  SpringWorks Therapeutics, Inc. (a)  | 509  | 13239  |
|  Stoke Therapeutics, Inc. (a)  | 376  | 3470  |
|  Surface Oncology, Inc. (a)  | 778  | 638  |
|  Sutro Biopharma, Inc. (a)  | 557  | 4501  |
|  Syndax Pharmaceuticals, Inc. (a)  | 792  | 20156  |
|  Taysha Gene Therapies, Inc. (a)  | 311  | 703  |
|  TCR2 Therapeutics, Inc. (a)  | 708  | 707  |
|  Tenaya Therapeutics, Inc. (a)  | 162  | 326  |
|  TG Therapeutics, Inc. (a)  | 1979  | 23412  |
|  Travere Therapeutics, Inc. (a)  | 855  | 17981  |
|  Twist Bioscience Corp. (a)  | 851  | 20262  |
|  Tyra Biosciences, Inc. (a)(b)  | 212  | 1611  |
|  Ultragenyx Pharmaceutical, Inc. (a)  | 1057  | 48971  |
|  uniQure B.V. (a)  | 660  | 14962  |
|  United Therapeutics Corp. (a)  | 685  | 190492  |
|  Vanda Pharmaceuticals, Inc. (a)  | 779  | 5757  |
|  Vaxart, Inc. (a)  | 1728  | 1660  |
|  Vaxcyte, Inc. (a)  | 717  | 34380  |
|  VBI Vaccines, Inc. (a)(b)  | 3456  | 1352  |
|  Veracyte, Inc. (a)  | 1061  | 25178  |
|  Verastem, Inc. (a)(b)  | 2557  | 1029  |
|  Vericel Corp. (a)  | 709  | 18675  |
|  Vertex Pharmaceuticals, Inc. (a)  | 3861  | 1114980  |
|  Verve Therapeutics, Inc. (a)(b)  | 640  | 12384  |
|  Viking Therapeutics, Inc. (a)  | 1212  | 11393  |
|  Vir Biotechnology, Inc. (a)  | 1129  | 28575  |
|  Viridian Therapeutics, Inc. (a)(b)  | 596  | 17409  |
|  Voyager Therapeutics, Inc. (a)(b)  | 418  | 2550  |
|  Xencor, Inc. (a)  | 946  | 24634  |
|  Y-mAbs Therapeutics, Inc. (a)  | 541  | 2640  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 663  | 13353  |
|  |  | 17100355  |
| Health Care Equipment & Supplies - 2.8%  |  |  |
|  Abbott Laboratories  | 26361  | 2894174  |
|  Accuray, Inc. (a)(b)  | 1200  | 2508  |
|  Align Technology, Inc. (a)  | 1095  | 230936  |
|  Alphatec Holdings, Inc. (a)  | 1026  | 12671  |
|  Angiodynamics, Inc. (a)  | 578  | 7959  |
|  Apollo Endosurgery, Inc. (a)  | 348  | 3470  |
|  Artivion, Inc. (a)  | 593  | 7187  |
|  Asensus Surgical, Inc. (a)(b)  | 3774  | 1310  |
|  Atricure, Inc. (a)  | 696  | 30888  |
|  Atrion Corp.  | 21  | 11748  |
|  Avanos Medical, Inc. (a)  | 694  | 18780  |
|  AxoGen, Inc. (a)  | 607  | 6058  |
|  Axonics Modulation Technologies, Inc. (a)  | 741  | 46335  |
|  Baxter International, Inc.  | 7581  | 386404  |
|  Becton, Dickinson & Co.  | 4292  | 1091456  |
|  Beyond Air, Inc. (a)(b)  | 312  | 2025  |
|  Bioventus, Inc. (a)(b)  | 584  | 1524  |
|  Boston Scientific Corp. (a)  | 21538  | 996563  |
|  Butterfly Network, Inc. Class A (a)  | 2030  | 4994  |
|  Cardiovascular Systems, Inc. (a)  | 635  | 8649  |
|  Cerus Corp. (a)  | 2588  | 9446  |
|  ClearPoint Neuro, Inc. (a)(b)  | 289  | 2448  |
|  Co.-Diagnostics, Inc. (a)(b)  | 368  | 927  |
|  CONMED Corp. (b)  | 464  | 41129  |
|  Cutera, Inc. (a)(b)  | 287  | 12691  |
|  DarioHealth Corp. (a)(b)  | 290  | 1241  |
|  Dentsply Sirona, Inc.  | 3252  | 103544  |
|  DexCom, Inc. (a)  | 5911  | 669362  |
|  Edwards Lifesciences Corp. (a)  | 9334  | 696410  |
|  Embecta Corp. (b)  | 880  | 22255  |
|  Enovis Corp. (a)  | 716  | 38320  |
|  Envista Holdings Corp. (a)  | 2461  | 82862  |
|  Figs, Inc. Class A (a)  | 2030  | 13662  |
|  Glaukos Corp. (a)  | 717  | 31319  |
|  Globus Medical, Inc. (a)  | 1161  | 86227  |
|  Haemonetics Corp. (a)  | 768  | 60403  |
|  Heska Corp. (a)  | 158  | 9821  |
|  Hologic, Inc. (a)  | 3758  | 281136  |
|  ICU Medical, Inc. (a)(b)  | 301  | 47401  |
|  IDEXX Laboratories, Inc. (a)  | 1254  | 511582  |
|  Inari Medical, Inc. (a)  | 726  | 46145  |
|  Inogen, Inc. (a)  | 325  | 6406  |
|  Inspire Medical Systems, Inc. (a)  | 417  | 105034  |
|  Insulet Corp. (a)  | 1045  | 307638  |
|  Integer Holdings Corp. (a)  | 500  | 34230  |
|  Integra LifeSciences Holdings Corp. (a)  | 1113  | 62406  |
|  Intuitive Surgical, Inc. (a)  | 5377  | 1426787  |
|  IRadimed Corp.  | 120  | 3395  |
|  iRhythm Technologies, Inc. (a)  | 452  | 42339  |
|  Lantheus Holdings, Inc. (a)  | 1034  | 52693  |
|  LeMaitre Vascular, Inc. (b)  | 298  | 13714  |
|  LivaNova PLC (a)  | 805  | 44710  |
|  Masimo Corp. (a)  | 729  | 107856  |
|  Medtronic PLC  | 19999  | 1554322  |
|  Meridian Bioscience, Inc. (a)  | 642  | 21321  |
|  Merit Medical Systems, Inc. (a)  | 855  | 60380  |
|  Mesa Laboratories, Inc.  | 78  | 12964  |
|  Neogen Corp. (a)  | 3262  | 49680  |
|  Nevro Corp. (a)  | 556  | 22018  |
|  Novocure Ltd. (a)(b)  | 1357  | 99536  |
|  NuVasive, Inc. (a)  | 785  | 32373  |
|  Omnicell, Inc. (a)  | 666  | 33580  |
|  OraSure Technologies, Inc. (a)  | 1190  | 5736  |
|  Orthofix International NV (a)  | 272  | 5584  |
|  OrthoPediatrics Corp. (a)  | 219  | 8701  |
|  Outset Medical, Inc. (a)  | 774  | 19985  |
|  Owlet, Inc. (a)  | 886  | 495  |
|  Penumbra, Inc. (a)  | 571  | 127025  |
|  PROCEPT BioRobotics Corp. (a)  | 476  | 19773  |
|  Pulmonx Corp. (a)  | 542  | 4569  |
|  QuidelOrtho Corp. (a)  | 818  | 70078  |
|  ResMed, Inc.  | 2204  | 458719  |
|  Seaspine Holdings Corp. (a)  | 481  | 4016  |
|  Semler Scientific, Inc. (a)  | 59  | 1947  |
|  Senseonics Holdings, Inc. (a)(b)  | 6431  | 6624  |
|  Shockwave Medical, Inc. (a)  | 541  | 111235  |
|  SI-BONE, Inc. (a)  | 495  | 6732  |
|  Sight Sciences, Inc. (a)(b)  | 461  | 5629  |
|  Silk Road Medical, Inc. (a)  | 527  | 27852  |
|  SmileDirectClub, Inc. (a)  | 1693  | 596  |
|  Staar Surgical Co. (a)  | 720  | 34949  |
|  Stereotaxis, Inc. (a)  | 595  | 1232  |
|  STERIS PLC  | 1506  | 278143  |
|  Stryker Corp.  | 5068  | 1239075  |
|  SurModics, Inc. (a)  | 195  | 6653  |
|  Tactile Systems Technology, Inc. (a)  | 297  | 3410  |
|  Tandem Diabetes Care, Inc. (a)  | 963  | 43287  |
|  Teleflex, Inc.  | 707  | 176488  |
|  The Cooper Companies, Inc.  | 744  | 246018  |
|  TransMedics Group, Inc. (a)  | 461  | 28453  |
|  Treace Medical Concepts, Inc. (a)  | 515  | 11840  |
|  UFP Technologies, Inc. (a)  | 100  | 11789  |
|  Utah Medical Products, Inc.  | 57  | 5730  |
|  Varex Imaging Corp. (a)  | 572  | 11612  |
|  Vicarious Surgical, Inc. (a)(b)  | 459  | 927  |
|  ViewRay, Inc. (a)  | 2373  | 10631  |
|  Zimmer Biomet Holdings, Inc.  | 3157  | 402518  |
|  Zimvie, Inc. (a)(b)  | 333  | 3110  |
|  Zomedica Corp. (a)(b)  | 11813  | 1926  |
|  Zynex, Inc. (b)  | 430  | 5981  |
|  |  | 16036420  |
| Health Care Providers & Services - 3.3%  |  |  |
|  1Life Healthcare, Inc. (a)  | 2503  | 41825  |
|  23andMe Holding Co. Class A (a)(b)  | 4167  | 9001  |
|  Acadia Healthcare Co., Inc. (a)  | 1367  | 112531  |
|  Accolade, Inc. (a)  | 905  | 7050  |
|  AdaptHealth Corp. (a)  | 1137  | 21853  |
|  Addus HomeCare Corp. (a)  | 239  | 23778  |
|  Agiliti, Inc. (a)(b)  | 553  | 9019  |
|  Amedisys, Inc. (a)  | 491  | 41018  |
|  AmerisourceBergen Corp.  | 2339  | 387596  |
|  AMN Healthcare Services, Inc. (a)  | 653  | 67141  |
|  Apollo Medical Holdings, Inc. (a)(b)  | 579  | 17133  |
|  ATI Physical Therapy, Inc. (a)(b)  | 1099  | 335  |
|  Aveanna Healthcare Holdings, Inc. (a)  | 641  | 500  |
|  Brookdale Senior Living, Inc. (a)  | 2744  | 7491  |
|  Cano Health, Inc. (a)  | 2619  | 3588  |
|  Cardinal Health, Inc.  | 4100  | 315167  |
|  CareMax, Inc. Class A (a)  | 1054  | 3847  |
|  Castle Biosciences, Inc. (a)  | 364  | 8569  |
|  Centene Corp. (a)  | 8606  | 705778  |
|  Chemed Corp.  | 225  | 114847  |
|  Cigna Corp.  | 4592  | 1521513  |
|  Clover Health Investments Corp. (a)  | 4474  | 4159  |
|  Community Health Systems, Inc. (a)  | 1945  | 8402  |
|  Corvel Corp. (a)  | 140  | 20346  |
|  Cross Country Healthcare, Inc. (a)  | 544  | 14454  |
|  CVS Health Corp.  | 19763  | 1841714  |
|  DaVita HealthCare Partners, Inc. (a)  | 839  | 62648  |
|  DocGo, Inc. Class A (a)(b)  | 1159  | 8194  |
|  Elevance Health, Inc.  | 3613  | 1853361  |
|  Encompass Health Corp.  | 1506  | 90074  |
|  Enhabit Home Health & Hospice (a)  | 666  | 8765  |
|  Fulgent Genetics, Inc. (a)  | 298  | 8874  |
|  GeneDx Holdings Corp. Class A (a)(b)  | 4460  | 1177  |
|  Guardant Health, Inc. (a)  | 1541  | 41915  |
|  HCA Holdings, Inc.  | 3241  | 777710  |
|  HealthEquity, Inc. (a)  | 1271  | 78344  |
|  Henry Schein, Inc. (a)  | 2050  | 163734  |
|  Hims & Hers Health, Inc. (a)(b)  | 1799  | 11532  |
|  Humana, Inc.  | 1905  | 975722  |
|  InfuSystems Holdings, Inc. (a)  | 229  | 1988  |
|  Invitae Corp. (a)(b)  | 3413  | 6348  |
|  Laboratory Corp. of America Holdings  | 1362  | 320724  |
|  LHC Group, Inc. (a)  | 463  | 74862  |
|  McKesson Corp.  | 2163  | 811385  |
|  Modivcare, Inc. (a)  | 185  | 16600  |
|  Molina Healthcare, Inc. (a)  | 875  | 288943  |
|  National Healthcare Corp.  | 211  | 12555  |
|  National Research Corp. Class A  | 199  | 7423  |
|  Oak Street Health, Inc. (a)(b)  | 1735  | 37320  |
|  Opko Health, Inc. (a)  | 6262  | 7828  |
|  Option Care Health, Inc. (a)  | 2333  | 70200  |
|  Owens & Minor, Inc.  | 1139  | 22245  |
|  Patterson Companies, Inc.  | 1310  | 36719  |
|  Pediatrix Medical Group, Inc. (a)  | 1311  | 19481  |
|  Pennant Group, Inc. (a)  | 400  | 4392  |
|  PetIQ, Inc. Class A (a)  | 434  | 4001  |
|  Premier, Inc.  | 1777  | 62159  |
|  Privia Health Group, Inc. (a)  | 722  | 16397  |
|  Progyny, Inc. (a)  | 1129  | 35168  |
|  Quest Diagnostics, Inc.  | 1755  | 274552  |
|  R1 Rcm, Inc. (a)  | 2094  | 22929  |
|  RadNet, Inc. (a)  | 759  | 14292  |
|  Select Medical Holdings Corp.  | 1556  | 38635  |
|  Surgery Partners, Inc. (a)  | 599  | 16688  |
|  Talkspace, Inc. Class A (a)  | 1176  | 718  |
|  Tenet Healthcare Corp. (a)  | 1628  | 79430  |
|  The Ensign Group, Inc.  | 834  | 78905  |
|  The Joint Corp. (a)  | 247  | 3453  |
|  U.S. Physical Therapy, Inc.  | 193  | 15639  |
|  UnitedHealth Group, Inc.  | 14081  | 7465465  |
|  Universal Health Services, Inc. Class B  | 992  | 139763  |
|  |  | 19397912  |
| Health Care Technology - 0.1%  |  |  |
|  Allscripts Healthcare Solutions, Inc. (a)  | 1658  | 29247  |
|  American Well Corp. (a)  | 3911  | 11068  |
|  Certara, Inc. (a)  | 1587  | 25503  |
|  Computer Programs & Systems, Inc. (a)  | 204  | 5553  |
|  Definitive Healthcare Corp. (a)(b)  | 614  | 6748  |
|  Doximity, Inc. (a)(b)  | 1672  | 56112  |
|  Evolent Health, Inc. (a)  | 1254  | 35212  |
|  GoodRx Holdings, Inc. (a)(b)  | 1079  | 5028  |
|  Health Catalyst, Inc. (a)  | 863  | 9174  |
|  HealthStream, Inc. (a)  | 368  | 9141  |
|  iCAD, Inc. (a)  | 233  | 426  |
|  MultiPlan Corp. Class A (a)(b)  | 3604  | 4145  |
|  Nextgen Healthcare, Inc. (a)  | 872  | 16376  |
|  Phreesia, Inc. (a)  | 771  | 24950  |
|  Schrodinger, Inc. (a)  | 814  | 15214  |
|  Sharecare, Inc. Class A (a)  | 4598  | 7357  |
|  Simulations Plus, Inc.  | 225  | 8228  |
|  Tabula Rasa HealthCare, Inc. (a)(b)  | 341  | 1688  |
|  Teladoc Health, Inc. (a)(b)  | 2443  | 57777  |
|  Veeva Systems, Inc. Class A (a)  | 2110  | 340512  |
|  |  | 669459  |
| Life Sciences Tools & Services - 1.8%  |  |  |
|  10X Genomics, Inc. (a)(b)  | 1415  | 51563  |
|  Adaptive Biotechnologies Corp. (a)  | 1581  | 12079  |
|  Agilent Technologies, Inc.  | 4498  | 673126  |
|  Avantor, Inc. (a)  | 10159  | 214253  |
|  Azenta, Inc.  | 1133  | 65963  |
|  Berkeley Lights, Inc. (a)  | 501  | 1343  |
|  Bio-Rad Laboratories, Inc. Class A (a)  | 324  | 136239  |
|  Bio-Techne Corp.  | 2368  | 196260  |
|  BioLife Solutions, Inc. (a)  | 560  | 10192  |
|  BioNano Genomics, Inc. (a)(b)  | 4462  | 6515  |
|  Bruker Corp.  | 1519  | 103824  |
|  Charles River Laboratories International, Inc. (a)  | 767  | 167129  |
|  ChromaDex, Inc. (a)  | 829  | 1393  |
|  Codexis, Inc. (a)  | 953  | 4441  |
|  CryoPort, Inc. (a)(b)  | 750  | 13013  |
|  Danaher Corp.  | 9857  | 2616245  |
|  Frontage Holdings Corp. (a)(d)  | 10000  | 3694  |
|  Illumina, Inc. (a)  | 2366  | 478405  |
|  Inotiv, Inc. (a)(b)  | 248  | 1225  |
|  IQVIA Holdings, Inc. (a)  | 2809  | 575536  |
|  Maravai LifeSciences Holdings, Inc. (a)  | 1626  | 23268  |
|  Medpace Holdings, Inc. (a)  | 379  | 80503  |
|  Mettler-Toledo International, Inc. (a)  | 339  | 490008  |
|  Nanostring Technologies, Inc. (a)  | 721  | 5746  |
|  Nautilus Biotechnology, Inc. (a)  | 595  | 1071  |
|  NeoGenomics, Inc. (a)  | 2025  | 18711  |
|  OmniAb, Inc. (a)  | 1205  | 4338  |
|  Pacific Biosciences of California, Inc. (a)(b)  | 3055  | 24990  |
|  PerkinElmer, Inc.  | 1902  | 266698  |
|  Personalis, Inc. (a)  | 499  | 988  |
|  Quanterix Corp. (a)  | 526  | 7285  |
|  Quantum-Si, Inc. (a)(b)  | 1415  | 2589  |
|  Science 37 Holdings, Inc. (a)(b)  | 638  | 265  |
|  Seer, Inc. (a)  | 517  | 2999  |
|  SomaLogic, Inc. Class A (a)  | 2070  | 5196  |
|  Sotera Health Co. (a)  | 1433  | 11937  |
|  Standard BioTools, Inc. (a)(b)  | 780  | 913  |
|  Syneos Health, Inc. (a)  | 1549  | 56817  |
|  Thermo Fisher Scientific, Inc.  | 5898  | 3247970  |
|  Waters Corp. (a)  | 902  | 309007  |
|  West Pharmaceutical Services, Inc.  | 1116  | 262651  |
|  |  | 10156388  |
| Pharmaceuticals - 4.3%  |  |  |
|  9 Meters Biopharma, Inc. (a)  | 1  | 1  |
|  Aclaris Therapeutics, Inc. (a)  | 729  | 11482  |
|  Amneal Pharmaceuticals, Inc. (a)  | 1316  | 2619  |
|  Amphastar Pharmaceuticals, Inc. (a)  | 566  | 15859  |
|  ANI Pharmaceuticals, Inc. (a)  | 196  | 7885  |
|  Arvinas Holding Co. LLC (a)  | 731  | 25008  |
|  Atea Pharmaceuticals, Inc. (a)  | 1277  | 6142  |
|  Athira Pharma, Inc. (a)  | 387  | 1227  |
|  Axsome Therapeutics, Inc. (a)(b)  | 486  | 37485  |
|  Bristol-Myers Squibb Co.  | 32142  | 2312617  |
|  Cara Therapeutics, Inc. (a)  | 581  | 6240  |
|  Cassava Sciences, Inc. (a)(b)  | 583  | 17222  |
|  Catalent, Inc. (a)  | 2701  | 121572  |
|  Citius Pharmaceuticals, Inc. (a)(b)  | 1564  | 1236  |
|  Clearside Biomedical, Inc. (a)  | 985  | 1103  |
|  Collegium Pharmaceutical, Inc. (a)  | 513  | 11902  |
|  Corcept Therapeutics, Inc. (a)  | 1440  | 29246  |
|  CymaBay Therapeutics, Inc. (a)  | 1295  | 8120  |
|  DICE Therapeutics, Inc. (a)  | 391  | 12199  |
|  Edgewise Therapeutics, Inc. (a)  | 459  | 4103  |
|  Elanco Animal Health, Inc. (a)  | 6728  | 82216  |
|  Eli Lilly & Co.  | 11873  | 4343618  |
|  Esperion Therapeutics, Inc. (a)(b)  | 825  | 5140  |
|  Evolus, Inc. (a)(b)  | 514  | 3860  |
|  Eyepoint Pharmaceuticals, Inc. (a)  | 312  | 1092  |
|  Fulcrum Therapeutics, Inc. (a)(b)  | 384  | 2796  |
|  Harmony Biosciences Holdings, Inc. (a)  | 436  | 24024  |
|  Innoviva, Inc. (a)  | 947  | 12548  |
|  Intra-Cellular Therapies, Inc. (a)  | 1318  | 69749  |
|  Jazz Pharmaceuticals PLC (a)  | 944  | 150389  |
|  Johnson & Johnson  | 39578  | 6991454  |
|  KemPharm, Inc. (a)(b)  | 457  | 2098  |
|  Ligand Pharmaceuticals, Inc. Class B (a)  | 246  | 16433  |
|  Liquidia Technologies, Inc. (a)  | 847  | 5395  |
|  Marinus Pharmaceuticals, Inc. (a)(b)  | 397  | 1580  |
|  Merck & Co., Inc.  | 38134  | 4230967  |
|  Nektar Therapeutics (a)  | 2694  | 6088  |
|  NGM Biopharmaceuticals, Inc. (a)  | 583  | 2927  |
|  Nuvation Bio, Inc. (a)(b)  | 1978  | 3798  |
|  Ocular Therapeutix, Inc. (a)  | 1253  | 3521  |
|  Omeros Corp. (a)(b)  | 1073  | 2425  |
|  Organon & Co.  | 3830  | 106972  |
|  Pacira Biosciences, Inc. (a)  | 690  | 26641  |
|  Paratek Pharmaceuticals, Inc. (a)(b)  | 947  | 1771  |
|  Perrigo Co. PLC  | 2027  | 69100  |
|  Pfizer, Inc.  | 84488  | 4329165  |
|  Phathom Pharmaceuticals, Inc. (a)(b)  | 203  | 2278  |
|  Phibro Animal Health Corp. Class A  | 264  | 3540  |
|  Pliant Therapeutics, Inc. (a)  | 536  | 10361  |
|  Prestige Brands Holdings, Inc. (a)  | 752  | 47075  |
|  Provention Bio, Inc. (a)  | 1196  | 12642  |
|  Reata Pharmaceuticals, Inc. (a)(b)  | 405  | 15386  |
|  Relmada Therapeutics, Inc. (a)  | 445  | 1553  |
|  Revance Therapeutics, Inc. (a)  | 1199  | 22134  |
|  Royalty Pharma PLC  | 5522  | 218229  |
|  Seelos Therapeutics, Inc. (a)(b)  | 2587  | 1757  |
|  SIGA Technologies, Inc. (b)  | 576  | 4239  |
|  Supernus Pharmaceuticals, Inc. (a)  | 836  | 29820  |
|  Theravance Biopharma, Inc. (a)  | 792  | 8886  |
|  Theseus Pharmaceuticals, Inc. (a)(b)  | 154  | 767  |
|  Tricida, Inc. (a)(b)  | 460  | 70  |
|  Ventyx Biosciences, Inc. (a)  | 349  | 11444  |
|  Viatris, Inc.  | 18259  | 203223  |
|  Xeris Biopharma Holdings, Inc. (a)(b)  | 1496  | 1990  |
|  Xeris Biopharma Holdings, Inc. rights (a)(c)  | 400  | 0  |
|  Zoetis, Inc. Class A  | 7050  | 1033178  |
|  |  | 24757607  |
|  TOTAL HEALTH CARE  |  | 88118141  |
| INDUSTRIALS - 9.4%  |  |  |
| Aerospace & Defense - 1.8%  |  |  |
|  AAR Corp. (a)  | 501  | 22495  |
|  Aerojet Rocketdyne Holdings, Inc. (a)  | 1131  | 63257  |
|  AeroVironment, Inc. (a)  | 374  | 32037  |
|  AerSale Corp. (a)  | 269  | 4363  |
|  Archer Aviation, Inc. Class A (a)(b)  | 1914  | 3579  |
|  Astra Space, Inc. Class A (a)(b)  | 1572  | 682  |
|  Astronics Corp. (a)  | 337  | 3471  |
|  Axon Enterprise, Inc. (a)  | 1017  | 168751  |
|  BWX Technologies, Inc.  | 1372  | 79686  |
|  Byrna Technologies, Inc. (a)  | 212  | 1662  |
|  Cadre Holdings, Inc.  | 244  | 4914  |
|  Curtiss-Wright Corp.  | 577  | 96353  |
|  Ducommun, Inc. (a)  | 166  | 8293  |
|  General Dynamics Corp.  | 3383  | 839356  |
|  HEICO Corp.  | 558  | 85731  |
|  HEICO Corp. Class A  | 1094  | 131116  |
|  Hexcel Corp.  | 1266  | 74504  |
|  Howmet Aerospace, Inc.  | 5558  | 219041  |
|  Huntington Ingalls Industries, Inc.  | 600  | 138408  |
|  Kaman Corp.  | 430  | 9589  |
|  Kratos Defense & Security Solutions, Inc. (a)  | 1996  | 20599  |
|  L3Harris Technologies, Inc.  | 2880  | 599645  |
|  Lockheed Martin Corp.  | 3552  | 1728012  |
|  Maxar Technologies, Inc.  | 1123  | 58104  |
|  Mercury Systems, Inc. (a)  | 870  | 38924  |
|  Momentus, Inc. Class A (a)(b)  | 623  | 486  |
|  Moog, Inc. Class A  | 436  | 38263  |
|  National Presto Industries, Inc.  | 83  | 5682  |
|  Northrop Grumman Corp.  | 2189  | 1194340  |
|  Park Aerospace Corp.  | 225  | 3017  |
|  Parsons Corp. (a)  | 520  | 24050  |
|  Raytheon Technologies Corp.  | 22222  | 2242644  |
|  Rocket Lab U.S.A., Inc. Class A (a)(b)  | 3468  | 13074  |
|  Spirit AeroSystems Holdings, Inc. Class A  | 1584  | 46886  |
|  Textron, Inc.  | 3184  | 225427  |
|  The Boeing Co. (a)  | 8403  | 1600687  |
|  TransDigm Group, Inc.  | 775  | 487979  |
|  Triumph Group, Inc. (a)  | 944  | 9931  |
|  V2X, Inc. (a)  | 186  | 7680  |
|  Virgin Galactic Holdings, Inc. (a)(b)  | 3606  | 12549  |
|  Woodward, Inc.  | 907  | 87625  |
|  |  | 10432892  |
| Air Freight & Logistics - 0.5%  |  |  |
|  Air Transport Services Group, Inc. (a)  | 866  | 22499  |
|  Atlas Air Worldwide Holdings, Inc. (a)  | 378  | 38102  |
|  C.H. Robinson Worldwide, Inc.  | 1865  | 170759  |
|  Expeditors International of Washington, Inc.  | 2466  | 256267  |
|  FedEx Corp.  | 3599  | 623347  |
|  Forward Air Corp.  | 407  | 42690  |
|  GXO Logistics, Inc. (a)  | 1796  | 76671  |
|  Hub Group, Inc. Class A (a)  | 515  | 40937  |
|  United Parcel Service, Inc. Class B  | 11018  | 1915369  |
|  |  | 3186641  |
| Airlines - 0.2%  |  |  |
|  Alaska Air Group, Inc. (a)  | 1910  | 82015  |
|  Allegiant Travel Co. (a)  | 248  | 16862  |
|  American Airlines Group, Inc. (a)(b)  | 9791  | 124542  |
|  Blade Air Mobility, Inc. (a)  | 582  | 2084  |
|  Delta Air Lines, Inc. (a)  | 9652  | 317165  |
|  Hawaiian Holdings, Inc. (a)  | 787  | 8075  |
|  JetBlue Airways Corp. (a)  | 4812  | 31182  |
|  Joby Aviation, Inc. (a)(b)  | 4196  | 14057  |
|  SkyWest, Inc. (a)  | 757  | 12498  |
|  Southwest Airlines Co.  | 8929  | 300639  |
|  Spirit Airlines, Inc. (a)  | 1636  | 31869  |
|  Sun Country Airlines Holdings, Inc. (a)  | 470  | 7454  |
|  United Airlines Holdings, Inc. (a)  | 4918  | 185409  |
|  Wheels Up Experience, Inc. Class A (a)  | 2849  | 2934  |
|  |  | 1136785  |
| Building Products - 0.6%  |  |  |
|  A.O. Smith Corp.  | 1934  | 110702  |
|  AAON, Inc.  | 633  | 47678  |
|  Advanced Drain Systems, Inc.  | 966  | 79183  |
|  Allegion PLC  | 1323  | 139259  |
|  American Woodmark Corp. (a)  | 258  | 12606  |
|  Apogee Enterprises, Inc.  | 329  | 14627  |
|  Armstrong World Industries, Inc.  | 695  | 47670  |
|  Builders FirstSource, Inc. (a)  | 2351  | 152533  |
|  Carlisle Companies, Inc.  | 777  | 183100  |
|  Carrier Global Corp.  | 12666  | 522473  |
|  CSW Industrials, Inc.  | 233  | 27012  |
|  Fortune Brands Home & Security, Inc.  | 1950  | 111365  |
|  Gibraltar Industries, Inc. (a)  | 465  | 21334  |
|  Griffon Corp.  | 733  | 26234  |
|  Hayward Holdings, Inc. (a)(b)  | 1627  | 15294  |
|  Insteel Industries, Inc.  | 310  | 8531  |
|  Janus International Group, Inc. (a)  | 1259  | 11986  |
|  Jeld-Wen Holding, Inc. (a)  | 1288  | 12429  |
|  Johnson Controls International PLC  | 10367  | 663488  |
|  Lennox International, Inc.  | 485  | 116027  |
|  Masco Corp.  | 3395  | 158445  |
|  Masonite International Corp. (a)  | 342  | 27569  |
|  MasterBrand, Inc. (a)  | 1950  | 14723  |
|  Owens Corning  | 1449  | 123600  |
|  PGT Innovations, Inc. (a)  | 881  | 15823  |
|  Quanex Building Products Corp.  | 496  | 11745  |
|  Resideo Technologies, Inc. (a)  | 2197  | 36141  |
|  Simpson Manufacturing Co. Ltd.  | 651  | 57718  |
|  Tecnoglass, Inc.  | 331  | 10185  |
|  The AZEK Co., Inc. (a)(b)  | 1681  | 34158  |
|  Trane Technologies PLC  | 3487  | 586130  |
|  Trex Co., Inc. (a)  | 1664  | 70437  |
|  UFP Industries, Inc.  | 928  | 73544  |
|  View, Inc. Class A (a)(b)  | 1282  | 1237  |
|  Zurn Elkay Water Solutions Cor  | 2192  | 46361  |
|  |  | 3591347  |
| Commercial Services & Supplies - 0.6%  |  |  |
|  ABM Industries, Inc.  | 1007  | 44731  |
|  ACCO Brands Corp.  | 1412  | 7893  |
|  ACV Auctions, Inc. Class A (a)  | 1704  | 13990  |
|  Aris Water Solution, Inc. Class A (b)  | 304  | 4381  |
|  Aurora Innovation, Inc. (a)  | 5821  | 7043  |
|  Brady Corp. Class A  | 721  | 33959  |
|  BrightView Holdings, Inc. (a)  | 630  | 4341  |
|  Casella Waste Systems, Inc. Class A (a)  | 764  | 60593  |
|  Cimpress PLC (a)  | 302  | 8338  |
|  Cintas Corp.  | 1294  | 584396  |
|  Clean Harbors, Inc. (a)  | 758  | 86503  |
|  Copart, Inc. (a)  | 6444  | 392375  |
|  CoreCivic, Inc. (a)  | 1861  | 21513  |
|  Deluxe Corp.  | 618  | 10494  |
|  Driven Brands Holdings, Inc. (a)  | 842  | 22995  |
|  Ennis, Inc.  | 382  | 8465  |
|  Harsco Corp. (a)  | 1264  | 7951  |
|  Healthcare Services Group, Inc.  | 1103  | 13236  |
|  Heritage-Crystal Clean, Inc. (a)  | 236  | 7665  |
|  HNI Corp.  | 624  | 17740  |
|  IAA, Inc. (a)  | 2017  | 80680  |
|  Interface, Inc.  | 925  | 9130  |
|  KAR Auction Services, Inc. (a)  | 1726  | 22524  |
|  Kimball International, Inc. Class B  | 490  | 3185  |
|  Matthews International Corp. Class A  | 465  | 14155  |
|  Millerknoll, Inc.  | 1141  | 23972  |
|  Montrose Environmental Group, Inc. (a)(b)  | 395  | 17534  |
|  MSA Safety, Inc. (b)  | 555  | 80025  |
|  Pitney Bowes, Inc.  | 2485  | 9443  |
|  Republic Services, Inc.  | 3089  | 398450  |
|  Rollins, Inc.  | 3482  | 127232  |
|  SP Plus Corp. (a)  | 332  | 11527  |
|  Steelcase, Inc. Class A  | 1265  | 8944  |
|  Stericycle, Inc. (a)  | 1391  | 69397  |
|  Tetra Tech, Inc.  | 804  | 116733  |
|  The Brink's Co.  | 712  | 38242  |
|  The GEO Group, Inc. (a)  | 1883  | 20619  |
|  UniFirst Corp.  | 227  | 43809  |
|  Viad Corp. (a)  | 292  | 7122  |
|  VSE Corp.  | 166  | 7782  |
|  Waste Management, Inc.  | 5659  | 887784  |
|  |  | 3356891  |
| Construction & Engineering - 0.3%  |  |  |
|  AECOM  | 2097  | 178098  |
|  Ameresco, Inc. Class A (a)(b)  | 503  | 28741  |
|  API Group Corp. (a)  | 3035  | 57088  |
|  Arcosa, Inc.  | 729  | 39614  |
|  Argan, Inc.  | 204  | 7524  |
|  Comfort Systems U.S.A., Inc.  | 539  | 62028  |
|  Construction Partners, Inc. Class A (a)  | 615  | 16414  |
|  Dycom Industries, Inc. (a)  | 445  | 41652  |
|  EMCOR Group, Inc.  | 741  | 109750  |
|  Fluor Corp. (a)  | 2138  | 74103  |
|  Granite Construction, Inc.  | 659  | 23111  |
|  Great Lakes Dredge & Dock Corp. (a)  | 972  | 5783  |
|  IES Holdings, Inc. (a)  | 116  | 4126  |
|  MasTec, Inc. (a)  | 861  | 73469  |
|  Matrix Service Co. (a)  | 518  | 3222  |
|  MDU Resources Group, Inc.  | 3054  | 92658  |
|  MYR Group, Inc. (a)  | 260  | 23938  |
|  Northwest Pipe Co. (a)  | 161  | 5426  |
|  NV5 Global, Inc. (a)  | 191  | 25273  |
|  Primoris Services Corp.  | 782  | 17157  |
|  Quanta Services, Inc.  | 2153  | 306803  |
|  Sterling Construction Co., Inc. (a)  | 436  | 14301  |
|  Tutor Perini Corp. (a)  | 544  | 4107  |
|  Valmont Industries, Inc.  | 321  | 106145  |
|  Willscot Mobile Mini Holdings (a)  | 3218  | 145357  |
|  |  | 1465888  |
| Electrical Equipment - 0.7%  |  |  |
|  Acuity Brands, Inc.  | 494  | 81811  |
|  Advent Technologies Holdings, Inc. Class A (a)(b)  | 851  | 1540  |
|  American Superconductor Corp. (a)(b)  | 277  | 1019  |
|  AMETEK, Inc.  | 3457  | 483012  |
|  Array Technologies, Inc. (a)  | 2115  | 40883  |
|  Atkore, Inc. (a)  | 623  | 70661  |
|  AZZ, Inc.  | 364  | 14633  |
|  Babcock & Wilcox Enterprises, Inc. (a)  | 1193  | 6884  |
|  Beam Global (a)  | 98  | 1712  |
|  Bloom Energy Corp. Class A (a)(b)  | 2659  | 50840  |
|  ChargePoint Holdings, Inc. Class A (a)(b)  | 3913  | 37291  |
|  Eaton Corp. PLC  | 5996  | 941072  |
|  Emerson Electric Co.  | 8902  | 855126  |
|  Encore Wire Corp. (b)  | 286  | 39342  |
|  Energous Corp. (a)(b)  | 1508  | 1261  |
|  EnerSys  | 620  | 45781  |
|  Enovix Corp. (a)(b)  | 1622  | 20178  |
|  Eos Energy Enterprises, Inc. (a)(b)  | 619  | 916  |
|  ESS Tech, Inc. Class A (a)(b)  | 737  | 1791  |
|  Fluence Energy, Inc. (a)(b)  | 515  | 8832  |
|  FTC Solar, Inc. (a)(b)  | 532  | 1426  |
|  FuelCell Energy, Inc. (a)(b)  | 5874  | 16330  |
|  Generac Holdings, Inc. (a)  | 962  | 96835  |
|  GrafTech International Ltd.  | 2861  | 13618  |
|  Hubbell, Inc. Class B  | 808  | 189621  |
|  KULR Technology Group, Inc. (a)(b)  | 962  | 1154  |
|  nVent Electric PLC  | 2512  | 96637  |
|  Plug Power, Inc. (a)(b)  | 7846  | 97055  |
|  Powell Industries, Inc.  | 157  | 5523  |
|  Regal Rexnord Corp.  | 1002  | 120220  |
|  Rockwell Automation, Inc.  | 1738  | 447657  |
|  Sensata Technologies, Inc. PLC  | 2342  | 94570  |
|  Shoals Technologies Group, Inc. (a)  | 1577  | 38905  |
|  Stem, Inc. (a)(b)  | 2130  | 19042  |
|  SunPower Corp. (a)(b)  | 1322  | 23836  |
|  Sunrun, Inc. (a)  | 3174  | 76239  |
|  Thermon Group Holdings, Inc. (a)  | 485  | 9739  |
|  TPI Composites, Inc. (a)  | 561  | 5689  |
|  Vertiv Holdings Co.  | 4551  | 62167  |
|  Vicor Corp. (a)  | 351  | 18866  |
|  |  | 4139714  |
| Industrial Conglomerates - 0.8%  |  |  |
|  3M Co.  | 8334  | 999413  |
|  General Electric Co.  | 16507  | 1383122  |
|  Honeywell International, Inc.  | 10139  | 2172788  |
|  |  | 4555323  |
| Machinery - 2.0%  |  |  |
|  3D Systems Corp. (a)(b)  | 1897  | 14038  |
|  AGCO Corp.  | 933  | 129398  |
|  Agrify Corp. (a)  | 1  | 0  |
|  Alamo Group, Inc.  | 153  | 21665  |
|  Albany International Corp. Class A  | 473  | 46633  |
|  Allison Transmission Holdings, Inc.  | 1449  | 60278  |
|  Altra Industrial Motion Corp.  | 984  | 58794  |
|  Astec Industries, Inc.  | 353  | 14353  |
|  Barnes Group, Inc.  | 754  | 30801  |
|  Berkshire Grey, Inc. Class A (a)(b)  | 823  | 497  |
|  Blue Bird Corp. (a)  | 281  | 3010  |
|  Caterpillar, Inc.  | 7947  | 1903783  |
|  Chart Industries, Inc. (a)(b)  | 540  | 62224  |
|  CIRCOR International, Inc. (a)  | 257  | 6158  |
|  Columbus McKinnon Corp. (NY Shares)  | 420  | 13637  |
|  Commercial Vehicle Group, Inc. (a)  | 513  | 3494  |
|  Crane Holdings Co.  | 718  | 72123  |
|  Cummins, Inc.  | 2121  | 513897  |
|  Deere & Co.  | 4187  | 1795218  |
|  Desktop Metal, Inc. (a)(b)  | 3728  | 5070  |
|  Donaldson Co., Inc.  | 1858  | 109380  |
|  Douglas Dynamics, Inc.  | 341  | 12331  |
|  Dover Corp.  | 2162  | 292756  |
|  Energy Recovery, Inc. (a)  | 820  | 16802  |
|  Enerpac Tool Group Corp. Class A  | 903  | 22981  |
|  EnPro Industries, Inc.  | 313  | 34020  |
|  ESAB Corp.  | 680  | 31906  |
|  ESCO Technologies, Inc.  | 389  | 34053  |
|  Evoqua Water Technologies Corp. (a)  | 1834  | 72626  |
|  Federal Signal Corp.  | 912  | 42381  |
|  Flowserve Corp.  | 1970  | 60440  |
|  Fortive Corp.  | 5351  | 343802  |
|  Franklin Electric Co., Inc.  | 586  | 46734  |
|  Gates Industrial Corp. PLC (a)  | 1468  | 16750  |
|  Gorman-Rupp Co.  | 332  | 8506  |
|  Graco, Inc.  | 2548  | 171378  |
|  Helios Technologies, Inc.  | 492  | 26784  |
|  Hillenbrand, Inc.  | 1050  | 44804  |
|  Hillman Solutions Corp. Class A (a)  | 1711  | 12336  |
|  Hydrofarm Holdings Group, Inc. (a)(b)  | 473  | 733  |
|  Hyliion Holdings Corp. Class A (a)  | 1763  | 4125  |
|  Hyster-Yale Materials Handling, Inc. Class A  | 131  | 3316  |
|  Hyzon Motors, Inc. Class A (a)(b)  | 1117  | 1731  |
|  IDEX Corp.  | 1135  | 259155  |
|  Illinois Tool Works, Inc.  | 4240  | 934072  |
|  Ingersoll Rand, Inc.  | 6075  | 317419  |
|  ITT, Inc.  | 1250  | 101375  |
|  John Bean Technologies Corp.  | 482  | 44021  |
|  Kadant, Inc.  | 177  | 31441  |
|  Kennametal, Inc.  | 1245  | 29955  |
|  Lightning eMotors, Inc. (a)(b)  | 455  | 167  |
|  Lincoln Electric Holdings, Inc.  | 870  | 125706  |
|  Lindsay Corp.  | 166  | 27033  |
|  Luxfer Holdings PLC sponsored  | 434  | 5954  |
|  Manitowoc Co., Inc. (a)  | 461  | 4223  |
|  Markforged Holding Corp. (a)  | 816  | 947  |
|  Microvast Holdings, Inc. (a)  | 2997  | 4585  |
|  Middleby Corp. (a)  | 813  | 108861  |
|  Mueller Industries, Inc.  | 856  | 50504  |
|  Mueller Water Products, Inc. Class A  | 2375  | 25555  |
|  Nikola Corp. (a)(b)  | 4771  | 10305  |
|  Nordson Corp.  | 813  | 193266  |
|  Omega Flex, Inc.  | 49  | 4573  |
|  Oshkosh Corp.  | 986  | 86955  |
|  Otis Worldwide Corp.  | 6321  | 494998  |
|  PACCAR, Inc.  | 5230  | 517613  |
|  Parker Hannifin Corp.  | 1932  | 562212  |
|  Pentair PLC  | 2483  | 111685  |
|  Proterra, Inc. Class A (a)(b)  | 2841  | 10711  |
|  Proto Labs, Inc. (a)  | 401  | 10238  |
|  RBC Bearings, Inc. (a)(b)  | 436  | 91277  |
|  REV Group, Inc.  | 439  | 5540  |
|  Sarcos Technology and Robotics Corp. Class A (a)  | 732  | 411  |
|  Shyft Group, Inc. (The)  | 486  | 12082  |
|  Snap-On, Inc.  | 801  | 183020  |
|  SPX Technologies, Inc. (a)  | 682  | 44773  |
|  Standex International Corp.  | 176  | 18024  |
|  Stanley Black & Decker, Inc.  | 2227  | 167292  |
|  Tennant Co.  | 277  | 17055  |
|  Terex Corp.  | 1039  | 44386  |
|  The Greenbrier Companies, Inc.  | 500  | 16765  |
|  Timken Co.  | 1008  | 71235  |
|  Titan International, Inc. (a)  | 741  | 11352  |
|  Toro Co.  | 1575  | 178290  |
|  Trinity Industries, Inc. (b)  | 1237  | 36578  |
|  Velo3D, Inc. (a)(b)  | 755  | 1351  |
|  Wabash National Corp.  | 699  | 15797  |
|  Watts Water Technologies, Inc. Class A  | 413  | 60393  |
|  Westinghouse Air Brake Tech Co.  | 2739  | 273380  |
|  Xos, Inc. Class A (a)  | 725  | 321  |
|  Xylem, Inc.  | 2714  | 300087  |
|  |  | 11788684  |
| Marine - 0.0%  |  |  |
|  Eagle Bulk Shipping, Inc.  | 151  | 7541  |
|  Genco Shipping & Trading Ltd.  | 521  | 8003  |
|  Kirby Corp. (a)  | 904  | 58172  |
|  Matson, Inc.  | 587  | 36693  |
|  Pangaea Logistics Solutions Ltd.  | 418  | 2153  |
|  |  | 112562  |
| Professional Services - 0.6%  |  |  |
|  Alight, Inc. Class A (a)  | 4073  | 34050  |
|  ASGN, Inc. (a)  | 757  | 61680  |
|  Atlas Technical Consultants, Inc. (a)(b)  | 541  | 2786  |
|  Barrett Business Services, Inc.  | 109  | 10168  |
|  BlackSky Technology, Inc. Class A (a)(b)  | 1070  | 1648  |
|  Booz Allen Hamilton Holding Corp. Class A  | 1989  | 207890  |
|  CACI International, Inc. Class A (a)  | 352  | 105808  |
|  CBIZ, Inc. (a)  | 772  | 36168  |
|  Clarivate Analytics PLC (a)  | 6511  | 54302  |
|  CoStar Group, Inc. (a)  | 5961  | 460666  |
|  CRA International, Inc.  | 104  | 12733  |
|  Dun & Bradstreet Holdings, Inc.  | 3270  | 40090  |
|  Equifax, Inc.  | 1844  | 358400  |
|  Exponent, Inc.  | 771  | 76398  |
|  First Advantage Corp. (a)  | 854  | 11102  |
|  Forrester Research, Inc. (a)  | 160  | 5722  |
|  Franklin Covey Co. (a)  | 196  | 9167  |
|  FTI Consulting, Inc. (a)  | 520  | 82576  |
|  Heidrick & Struggles International, Inc.  | 297  | 8307  |
|  HireRight Holdings Corp. (a)(b)  | 282  | 3345  |
|  Huron Consulting Group, Inc. (a)  | 315  | 22869  |
|  ICF International, Inc.  | 251  | 24862  |
|  Insperity, Inc.  | 539  | 61230  |
|  Jacobs Solutions, Inc.  | 1922  | 230775  |
|  KBR, Inc.  | 2090  | 110352  |
|  Kelly Services, Inc. Class A (non-vtg.)  | 514  | 8687  |
|  Kforce, Inc.  | 301  | 16504  |
|  Korn Ferry  | 838  | 42420  |
|  Leidos Holdings, Inc.  | 2052  | 215850  |
|  Manpower, Inc.  | 779  | 64821  |
|  Red Violet, Inc. (a)  | 129  | 2970  |
|  Resources Connection, Inc.  | 452  | 8308  |
|  Robert Half International, Inc.  | 1651  | 121893  |
|  Science Applications International Corp.  | 837  | 92848  |
|  Skillsoft Corp. (a)  | 1169  | 1520  |
|  Spire Global, Inc. (a)(b)  | 1242  | 1192  |
|  TransUnion Holding Co., Inc.  | 2900  | 164575  |
|  TriNet Group, Inc. (a)  | 556  | 37697  |
|  TrueBlue, Inc. (a)  | 466  | 9124  |
|  Upwork, Inc. (a)  | 1836  | 19168  |
|  Verisk Analytics, Inc.  | 2362  | 416704  |
|  Willdan Group, Inc. (a)  | 167  | 2981  |
|  |  | 3260356  |
| Road & Rail - 0.9%  |  |  |
|  ArcBest Corp.  | 368  | 25775  |
|  Avis Budget Group, Inc. (a)  | 435  | 71310  |
|  Bird Global, Inc. Class A (a)(b)  | 1806  | 325  |
|  Covenant Transport Group, Inc. Class A  | 125  | 4321  |
|  CSX Corp.  | 32225  | 998331  |
|  Daseke, Inc. (a)  | 1005  | 5718  |
|  Heartland Express, Inc.  | 679  | 10416  |
|  J.B. Hunt Transport Services, Inc.  | 1251  | 218124  |
|  Knight-Swift Transportation Holdings, Inc. Class A  | 2419  | 126780  |
|  Landstar System, Inc.  | 549  | 89432  |
|  Marten Transport Ltd.  | 893  | 17664  |
|  Norfolk Southern Corp.  | 3534  | 870848  |
|  Old Dominion Freight Lines, Inc.  | 1380  | 391616  |
|  P.A.M. Transportation Services, Inc.  | 85  | 2202  |
|  RXO, Inc. (a)  | 1735  | 29842  |
|  Ryder System, Inc.  | 771  | 64432  |
|  Saia, Inc. (a)(b)  | 398  | 83453  |
|  Schneider National, Inc. Class B  | 549  | 12847  |
|  TuSimple Holdings, Inc. (a)  | 2185  | 3583  |
|  U-Haul Holding Co. (b)  | 148  | 8908  |
|  U-Haul Holding Co. (non-vtg.)  | 1332  | 73233  |
|  U.S. Xpress Enterprises, Inc. (a)  | 158  | 286  |
|  Union Pacific Corp.  | 9399  | 1946251  |
|  Werner Enterprises, Inc.  | 892  | 35912  |
|  XPO, Inc. (a)  | 1735  | 57758  |
|  Yellow Corp. (a)(b)  | 575  | 1443  |
|  |  | 5150810  |
| Trading Companies & Distributors - 0.4%  |  |  |
|  Air Lease Corp. Class A  | 1554  | 59705  |
|  Applied Industrial Technologies, Inc.  | 579  | 72971  |
|  Beacon Roofing Supply, Inc. (a)  | 761  | 40173  |
|  BlueLinx Corp. (a)  | 137  | 9742  |
|  Boise Cascade Co.  | 596  | 40927  |
|  Core & Main, Inc. (a)(b)  | 1133  | 21878  |
|  Custom Truck One Source, Inc. Class A (a)  | 813  | 5138  |
|  DXP Enterprises, Inc. (a)  | 248  | 6832  |
|  Fastenal Co.  | 8652  | 409413  |
|  GATX Corp. (b)  | 530  | 56360  |
|  Global Industrial Co.  | 237  | 5577  |
|  GMS, Inc. (a)  | 647  | 32221  |
|  H&E Equipment Services, Inc.  | 474  | 21520  |
|  Herc Holdings, Inc.  | 392  | 51575  |
|  Hudson Technologies, Inc. (a)  | 546  | 5526  |
|  McGrath RentCorp.  | 365  | 36040  |
|  MRC Global, Inc. (a)  | 1326  | 15355  |
|  MSC Industrial Direct Co., Inc. Class A  | 707  | 57762  |
|  NOW, Inc. (a)  | 1643  | 20866  |
|  Rush Enterprises, Inc. Class A  | 645  | 33721  |
|  SiteOne Landscape Supply, Inc. (a)  | 681  | 79895  |
|  Textainer Group Holdings Ltd.  | 652  | 20219  |
|  Titan Machinery, Inc. (a)  | 301  | 11959  |
|  Transcat, Inc. (a)  | 110  | 7796  |
|  Triton International Ltd.  | 930  | 63965  |
|  United Rentals, Inc. (a)  | 1054  | 374613  |
|  Univar Solutions, Inc. (a)  | 2517  | 80041  |
|  Veritiv Corp.  | 209  | 25437  |
|  W.W. Grainger, Inc.  | 681  | 378806  |
|  Watsco, Inc. (b)  | 501  | 124949  |
|  WESCO International, Inc. (a)  | 674  | 84385  |
|  |  | 2255367  |
|  TOTAL INDUSTRIALS  |  | 54433260  |
| INFORMATION TECHNOLOGY - 24.1%  |  |  |
| Communications Equipment - 0.8%  |  |  |
|  ADTRAN Holdings, Inc. (b)  | 1031  | 19372  |
|  Arista Networks, Inc. (a)  | 3712  | 450451  |
|  Aviat Networks, Inc. (a)  | 159  | 4959  |
|  CalAmp Corp. (a)  | 633  | 2836  |
|  Calix, Inc. (a)  | 863  | 59055  |
|  Cambium Networks Corp. (a)  | 136  | 2947  |
|  Casa Systems, Inc. (a)(b)  | 679  | 1854  |
|  Ciena Corp. (a)  | 2257  | 115062  |
|  Cisco Systems, Inc.  | 62337  | 2969735  |
|  Clearfield, Inc. (a)  | 171  | 16098  |
|  CommScope Holding Co., Inc. (a)  | 3114  | 22888  |
|  Comtech Telecommunications Corp.  | 332  | 4030  |
|  Digi International, Inc. (a)  | 517  | 18896  |
|  DZS, Inc. (a)(b)  | 280  | 3550  |
|  EMCORE Corp. (a)  | 571  | 550  |
|  Extreme Networks, Inc. (a)  | 1977  | 36199  |
|  F5, Inc. (a)  | 897  | 128728  |
|  Harmonic, Inc. (a)  | 1565  | 20502  |
|  Infinera Corp. (a)(b)  | 3043  | 20510  |
|  Inseego Corp. (a)(b)  | 1075  | 906  |
|  Juniper Networks, Inc.  | 4853  | 155102  |
|  Lantronix, Inc. (a)  | 295  | 1274  |
|  Lumentum Holdings, Inc. (a)  | 1040  | 54257  |
|  Motorola Solutions, Inc.  | 2511  | 647110  |
|  NETGEAR, Inc. (a)  | 434  | 7860  |
|  NetScout Systems, Inc. (a)  | 1012  | 32900  |
|  Ondas Holdings, Inc. (a)(b)  | 487  | 774  |
|  Ribbon Communications, Inc. (a)  | 1040  | 2902  |
|  ViaSat, Inc. (a)(b)  | 1139  | 36049  |
|  Viavi Solutions, Inc. (a)  | 3433  | 36081  |
|  |  | 4873437  |
| Electronic Equipment & Components - 0.8%  |  |  |
|  908 Devices, Inc. (a)(b)  | 266  | 2027  |
|  Advanced Energy Industries, Inc.  | 566  | 48551  |
|  Aeva Technologies, Inc. (a)  | 1433  | 1949  |
|  AEye, Inc. Class A (a)(b)  | 1328  | 638  |
|  Akoustis Technologies, Inc. (a)(b)  | 758  | 2138  |
|  Alpine 4 Holdings, Inc. (a)(b)  | 2141  | 1132  |
|  Amphenol Corp. Class A  | 8954  | 681758  |
|  Arlo Technologies, Inc. (a)  | 1233  | 4328  |
|  Arrow Electronics, Inc. (a)  | 968  | 101224  |
|  Avnet, Inc.  | 1430  | 59459  |
|  Badger Meter, Inc.  | 442  | 48191  |
|  Belden, Inc.  | 657  | 47238  |
|  Benchmark Electronics, Inc.  | 512  | 13665  |
|  CDW Corp.  | 2037  | 363767  |
|  Cognex Corp.  | 2615  | 123193  |
|  Coherent Corp. (a)  | 1957  | 68691  |
|  Corning, Inc.  | 11457  | 365937  |
|  CTS Corp.  | 478  | 18843  |
|  Daktronics, Inc. (a)  | 549  | 1548  |
|  ePlus, Inc. (a)  | 398  | 17623  |
|  Evolv Technologies Holdings, Inc. (a)  | 851  | 2204  |
|  Fabrinet (a)  | 556  | 71290  |
|  FARO Technologies, Inc. (a)  | 283  | 8323  |
|  Focus Universal, Inc. (a)(b)  | 221  | 1417  |
|  Identiv, Inc. (a)  | 370  | 2679  |
|  Insight Enterprises, Inc. (a)  | 457  | 45823  |
|  IPG Photonics Corp. (a)  | 501  | 47430  |
|  Itron, Inc. (a)  | 676  | 34239  |
|  Jabil, Inc.  | 2075  | 141515  |
|  Keysight Technologies, Inc. (a)  | 2710  | 463600  |
|  Kimball Electronics, Inc. (a)  | 393  | 8878  |
|  Knowles Corp. (a)  | 1404  | 23054  |
|  Lightwave Logic, Inc. (a)(b)  | 1775  | 7650  |
|  Littelfuse, Inc.  | 374  | 82355  |
|  Methode Electronics, Inc. Class A  | 553  | 24537  |
|  MicroVision, Inc. (a)(b)  | 2363  | 5553  |
|  Mirion Technologies, Inc. Class A (a)(b)  | 1946  | 12863  |
|  Napco Security Technologies, Inc.  | 425  | 11679  |
|  National Instruments Corp.  | 1989  | 73394  |
|  nLIGHT, Inc. (a)  | 658  | 6672  |
|  Novanta, Inc. (a)  | 538  | 73098  |
|  OSI Systems, Inc. (a)  | 236  | 18767  |
|  Ouster, Inc. (a)(b)  | 911  | 786  |
|  Par Technology Corp. (a)(b)  | 372  | 9698  |
|  PC Connection, Inc.  | 166  | 7785  |
|  Plexus Corp. (a)  | 418  | 43025  |
|  Rogers Corp. (a)  | 281  | 33535  |
|  Sanmina Corp. (a)  | 871  | 49900  |
|  ScanSource, Inc. (a)  | 375  | 10958  |
|  Smartrent, Inc. (a)  | 1428  | 3470  |
|  TD SYNNEX Corp.  | 647  | 61277  |
|  TE Connectivity Ltd.  | 4816  | 552877  |
|  Teledyne Technologies, Inc. (a)  | 706  | 282336  |
|  Trimble, Inc. (a)  | 3737  | 188943  |
|  TTM Technologies, Inc. (a)  | 1524  | 22982  |
|  Velodyne Lidar, Inc. (a)  | 3338  | 2466  |
|  Vishay Intertechnology, Inc.  | 1978  | 42665  |
|  Vishay Precision Group, Inc. (a)  | 201  | 7769  |
|  Vontier Corp.  | 2393  | 46257  |
|  Zebra Technologies Corp. Class A (a)  | 781  | 200256  |
|  |  | 4705905  |
| IT Services - 4.4%  |  |  |
|  Accenture PLC Class A  | 9523  | 2541117  |
|  Affirm Holdings, Inc. (a)(b)  | 3104  | 30016  |
|  Akamai Technologies, Inc. (a)  | 2395  | 201899  |
|  Amdocs Ltd.  | 1846  | 167801  |
|  Automatic Data Processing, Inc.  | 6255  | 1494069  |
|  BigCommerce Holdings, Inc. (a)  | 891  | 7787  |
|  Block, Inc. Class A (a)  | 7977  | 501275  |
|  Brightcove, Inc. (a)  | 548  | 2866  |
|  Broadridge Financial Solutions, Inc.  | 1766  | 236874  |
|  Cantaloupe, Inc. (a)  | 866  | 3767  |
|  Cass Information Systems, Inc.  | 187  | 8568  |
|  Cloudflare, Inc. (a)  | 4263  | 192730  |
|  Cognizant Technology Solutions Corp. Class A  | 7797  | 445910  |
|  Concentrix Corp.  | 645  | 85888  |
|  Conduent, Inc. (a)  | 2442  | 9890  |
|  CSG Systems International, Inc.  | 477  | 27284  |
|  Cyxtera Technologies, Inc. Class A (a)  | 571  | 1096  |
|  Digitalocean Holdings, Inc. (a)(b)  | 918  | 23381  |
|  DXC Technology Co. (a)  | 3463  | 91770  |
|  Edgio, Inc. (a)  | 2226  | 2515  |
|  EPAM Systems, Inc. (a)  | 864  | 283167  |
|  Euronet Worldwide, Inc. (a)  | 712  | 67199  |
|  EVERTEC, Inc.  | 987  | 31959  |
|  EVO Payments, Inc. Class A (a)  | 713  | 24128  |
|  Exela Technologies, Inc. (a)(b)  | 266  | 22  |
|  ExlService Holdings, Inc. (a)  | 498  | 84376  |
|  Fastly, Inc. Class A (a)  | 1662  | 13612  |
|  Fidelity National Information Services, Inc.  | 9154  | 621099  |
|  Fiserv, Inc. (a)  | 9630  | 973304  |
|  FleetCor Technologies, Inc. (a)  | 1130  | 207558  |
|  Gartner, Inc. (a)  | 1192  | 400679  |
|  Genpact Ltd.  | 2542  | 117745  |
|  Global Payments, Inc.  | 4174  | 414562  |
|  GoDaddy, Inc. (a)  | 2354  | 176126  |
|  Grid Dynamics Holdings, Inc. (a)  | 676  | 7585  |
|  Hackett Group, Inc.  | 404  | 8229  |
|  i3 Verticals, Inc. Class A (a)  | 305  | 7424  |
|  IBM Corp.  | 13595  | 1915400  |
|  Information Services Group, Inc.  | 409  | 1881  |
|  International Money Express, Inc. (a)  | 506  | 12331  |
|  Jack Henry & Associates, Inc.  | 1097  | 192589  |
|  Kyndryl Holdings, Inc. (a)  | 3037  | 33771  |
|  Marqeta, Inc. Class A (a)  | 6060  | 37027  |
|  MasterCard, Inc. Class A  | 12845  | 4466592  |
|  Maximus, Inc.  | 911  | 66804  |
|  MoneyGram International, Inc. (a)  | 1395  | 15192  |
|  MongoDB, Inc. Class A (a)  | 1026  | 201958  |
|  Okta, Inc. (a)  | 2273  | 155314  |
|  Paya Holdings, Inc. (a)  | 1262  | 9932  |
|  Paychex, Inc.  | 4824  | 557461  |
|  Paymentus Holdings, Inc. (a)(b)  | 165  | 1322  |
|  PayPal Holdings, Inc. (a)  | 17413  | 1240154  |
|  Perficient, Inc. (a)  | 520  | 36312  |
|  Rackspace Technology, Inc. (a)(b)  | 853  | 2516  |
|  Repay Holdings Corp. (a)  | 1112  | 8952  |
|  Sabre Corp. (a)(b)  | 4889  | 30214  |
|  Shift4 Payments, Inc. (a)  | 766  | 42842  |
|  Snowflake, Inc. (a)  | 4263  | 611911  |
|  Squarespace, Inc. Class A (a)  | 670  | 14854  |
|  SS&C Technologies Holdings, Inc.  | 3345  | 174141  |
|  TaskUs, Inc. (a)  | 414  | 6997  |
|  The Western Union Co. (b)  | 5825  | 80210  |
|  Toast, Inc. (a)  | 4542  | 81892  |
|  Ttec Holdings, Inc.  | 273  | 12047  |
|  Tucows, Inc. (a)(b)  | 148  | 5020  |
|  Twilio, Inc. Class A (a)  | 2611  | 127835  |
|  Unisys Corp. (a)  | 1001  | 5115  |
|  VeriSign, Inc. (a)  | 1405  | 288643  |
|  Verra Mobility Corp. (a)  | 2118  | 29292  |
|  Visa, Inc. Class A  | 24613  | 5113597  |
|  WEX, Inc. (a)  | 666  | 108991  |
|  |  | 25204386  |
| Semiconductors & Semiconductor Equipment - 4.6%  |  |  |
|  ACM Research, Inc.  | 537  | 4140  |
|  Advanced Micro Devices, Inc. (a)  | 24306  | 1574300  |
|  AEHR Test Systems (a)  | 379  | 7618  |
|  Allegro MicroSystems LLC (a)  | 987  | 29630  |
|  Alpha & Omega Semiconductor Ltd. (a)  | 319  | 9114  |
|  Ambarella, Inc. (a)  | 546  | 44898  |
|  Amkor Technology, Inc.  | 1514  | 36306  |
|  Analog Devices, Inc.  | 7821  | 1282879  |
|  Applied Materials, Inc.  | 13098  | 1275483  |
|  Atomera, Inc. (a)(b)  | 287  | 1785  |
|  Axcelis Technologies, Inc. (a)  | 496  | 39363  |
|  AXT, Inc. (a)  | 642  | 2812  |
|  Broadcom, Inc.  | 6078  | 3398392  |
|  CEVA, Inc. (a)  | 338  | 8646  |
|  Cirrus Logic, Inc. (a)  | 843  | 62787  |
|  Cohu, Inc. (a)  | 734  | 23525  |
|  Diodes, Inc. (a)  | 687  | 52308  |
|  Enphase Energy, Inc. (a)  | 2039  | 540253  |
|  Entegris, Inc.  | 2245  | 147250  |
|  Everspin Technologies, Inc. (a)  | 266  | 1479  |
|  First Solar, Inc. (a)  | 1492  | 223487  |
|  FormFactor, Inc. (a)  | 1170  | 26009  |
|  Ichor Holdings Ltd. (a)  | 429  | 11506  |
|  Impinj, Inc. (a)  | 311  | 33955  |
|  indie Semiconductor, Inc. (a)(b)  | 951  | 5544  |
|  Intel Corp.  | 61810  | 1633638  |
|  KLA Corp.  | 2135  | 804959  |
|  Kopin Corp. (a)  | 1131  | 1402  |
|  Kulicke & Soffa Industries, Inc. (b)  | 878  | 38860  |
|  Lam Research Corp.  | 2062  | 866659  |
|  Lattice Semiconductor Corp. (a)  | 2072  | 134431  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 769  | 48432  |
|  Marvell Technology, Inc.  | 12799  | 474075  |
|  MaxLinear, Inc. Class A (a)  | 1119  | 37990  |
|  Meta Materials, Inc. (a)(b)  | 5214  | 6205  |
|  Microchip Technology, Inc.  | 8318  | 584340  |
|  Micron Technology, Inc.  | 16607  | 830018  |
|  MKS Instruments, Inc.  | 864  | 73207  |
|  Monolithic Power Systems, Inc.  | 670  | 236919  |
|  Navitas Semiconductor Corp. (a)(b)  | 1263  | 4433  |
|  NVE Corp.  | 68  | 4403  |
|  NVIDIA Corp.  | 37697  | 5509040  |
|  NXP Semiconductors NV  | 3952  | 624535  |
|  onsemi (a)  | 6524  | 406902  |
|  Onto Innovation, Inc. (a)  | 747  | 50863  |
|  PDF Solutions, Inc. (a)  | 426  | 12150  |
|  Photronics, Inc. (a)  | 901  | 15164  |
|  Pixelworks, Inc. (a)  | 728  | 1289  |
|  Power Integrations, Inc.  | 864  | 61966  |
|  Qorvo, Inc. (a)  | 1555  | 140945  |
|  Qualcomm, Inc.  | 16906  | 1858646  |
|  Rambus, Inc. (a)  | 1661  | 59497  |
|  Rockley Photonics Holdings Ltd. (a)(b)  | 1172  | 164  |
|  Semtech Corp. (a)  | 953  | 27342  |
|  Silicon Laboratories, Inc. (a)  | 515  | 69870  |
|  SiTime Corp. (a)  | 236  | 23982  |
|  SkyWater Technology, Inc. (a)(b)  | 125  | 889  |
|  Skyworks Solutions, Inc.  | 2417  | 220261  |
|  SMART Global Holdings, Inc. (a)(b)  | 728  | 10833  |
|  SolarEdge Technologies, Inc. (a)  | 838  | 237380  |
|  Synaptics, Inc. (a)  | 599  | 57001  |
|  Teradyne, Inc.  | 2364  | 206495  |
|  Texas Instruments, Inc.  | 13753  | 2272271  |
|  Ultra Clean Holdings, Inc. (a)  | 727  | 24100  |
|  Universal Display Corp.  | 657  | 70982  |
|  Veeco Instruments, Inc. (a)  | 747  | 13879  |
|  Wolfspeed, Inc. (a)(b)  | 1862  | 128552  |
|  |  | 26728438  |
| Software - 8.1%  |  |  |
|  8x8, Inc. (a)  | 1865  | 8057  |
|  A10 Networks, Inc.  | 1035  | 17212  |
|  ACI Worldwide, Inc. (a)  | 1719  | 39537  |
|  Adeia, Inc.  | 1582  | 14997  |
|  Adobe, Inc. (a)  | 7046  | 2371190  |
|  Agilysys, Inc. (a)  | 287  | 22713  |
|  Alarm.com Holdings, Inc. (a)  | 749  | 37061  |
|  Altair Engineering, Inc. Class A (a)(b)  | 784  | 35648  |
|  Alteryx, Inc. Class A (a)  | 907  | 45958  |
|  American Software, Inc. Class A  | 629  | 9234  |
|  Amplitude, Inc. (a)(b)  | 841  | 10159  |
|  ANSYS, Inc. (a)  | 1312  | 316966  |
|  AppFolio, Inc. (a)  | 274  | 28874  |
|  Appian Corp. Class A (a)(b)  | 619  | 20155  |
|  Asana, Inc. (a)(b)  | 1113  | 15326  |
|  Aspen Technology, Inc. (a)  | 435  | 89349  |
|  Autodesk, Inc. (a)  | 3271  | 611252  |
|  Avaya Holdings Corp. (a)(b)  | 1122  | 220  |
|  AvePoint, Inc. (a)  | 1377  | 5659  |
|  Benefitfocus, Inc. (a)  | 427  | 4466  |
|  Bentley Systems, Inc. Class B  | 2960  | 109402  |
|  Bill.Com Holdings, Inc. (a)  | 1414  | 154069  |
|  Black Knight, Inc. (a)  | 2346  | 144866  |
|  Blackbaud, Inc. (a)  | 663  | 39024  |
|  BlackLine, Inc. (a)  | 813  | 54691  |
|  Box, Inc. Class A (a)  | 2168  | 67490  |
|  C3.ai, Inc. (a)(b)  | 1306  | 14614  |
|  Cadence Design Systems, Inc. (a)  | 4122  | 662158  |
|  Cerence, Inc. (a)(b)  | 571  | 10581  |
|  Ceridian HCM Holding, Inc. (a)  | 2307  | 147994  |
|  Clear Secure, Inc. (b)  | 1062  | 29131  |
|  Clearwater Analytics Holdings, Inc. (a)(b)  | 827  | 15506  |
|  CommVault Systems, Inc. (a)  | 674  | 42354  |
|  Confluent, Inc. (a)  | 2130  | 47371  |
|  Consensus Cloud Solutions, Inc. (a)  | 267  | 14354  |
|  CoreCard Corp. (a)  | 67  | 1941  |
|  Couchbase, Inc. (a)  | 419  | 5556  |
|  Coupa Software, Inc. (a)  | 1136  | 89937  |
|  Crowdstrike Holdings, Inc. (a)  | 3214  | 338402  |
|  CS Disco, Inc. (a)(b)  | 211  | 1334  |
|  Datadog, Inc. Class A (a)  | 3723  | 273641  |
|  Digimarc Corp. (a)(b)  | 261  | 4826  |
|  Digital Turbine, Inc. (a)  | 1333  | 20315  |
|  DocuSign, Inc. (a)  | 3013  | 166980  |
|  Dolby Laboratories, Inc. Class A  | 926  | 65320  |
|  Domo, Inc. Class B (a)  | 443  | 6308  |
|  Dropbox, Inc. Class A (a)  | 4149  | 92855  |
|  Duck Creek Technologies, Inc. (a)  | 1097  | 13219  |
|  Dynatrace, Inc. (a)  | 3031  | 116087  |
|  E2open Parent Holdings, Inc. (a)  | 2662  | 15626  |
|  Ebix, Inc. (b)  | 378  | 7545  |
|  eGain Communications Corp. (a)  | 291  | 2628  |
|  Elastic NV (a)  | 1159  | 59689  |
|  Embark Technology, Inc. (a)(b)  | 126  | 415  |
|  Enfusion, Inc. Class A (a)  | 226  | 2185  |
|  Envestnet, Inc. (a)  | 830  | 51211  |
|  Everbridge, Inc. (a)  | 599  | 17718  |
|  Fair Isaac Corp. (a)  | 380  | 227460  |
|  Five9, Inc. (a)  | 1051  | 71321  |
|  ForgeRock, Inc. (a)  | 458  | 10429  |
|  Fortinet, Inc. (a)  | 9854  | 481762  |
|  Freshworks, Inc. (a)(b)  | 2188  | 32185  |
|  Gen Digital, Inc.  | 8907  | 190877  |
|  GitLab, Inc. (a)(b)  | 806  | 36625  |
|  Guidewire Software, Inc. (a)  | 1264  | 79076  |
|  HubSpot, Inc. (a)  | 723  | 209041  |
|  Intapp, Inc. (a)  | 256  | 6385  |
|  InterDigital, Inc.  | 440  | 21771  |
|  Intuit, Inc.  | 4247  | 1653017  |
|  IronNet, Inc. Class A (a)(b)  | 651  | 150  |
|  Jamf Holding Corp. (a)  | 714  | 15208  |
|  KnowBe4, Inc. (a)  | 1176  | 29141  |
|  Latch, Inc. (a)  | 1114  | 791  |
|  Life360, Inc. unit (a)(d)  | 2826  | 9289  |
|  LivePerson, Inc. (a)  | 1005  | 10191  |
|  Liveramp Holdings, Inc. (a)  | 1012  | 23721  |
|  Manhattan Associates, Inc. (a)  | 945  | 114723  |
|  Marathon Digital Holdings, Inc. (a)(b)  | 1625  | 5558  |
|  Matterport, Inc. (a)(b)  | 3173  | 8884  |
|  MeridianLink, Inc. (a)(b)  | 334  | 4586  |
|  Microsoft Corp.  | 112272  | 26925071  |
|  MicroStrategy, Inc. Class A (a)(b)  | 141  | 19961  |
|  Mitek Systems, Inc. (a)  | 690  | 6686  |
|  Model N, Inc. (a)  | 515  | 20888  |
|  Momentive Global, Inc. (a)  | 1895  | 13265  |
|  N-able, Inc. (a)  | 960  | 9869  |
|  nCino, Inc. (a)(b)  | 1150  | 30406  |
|  NCR Corp. (a)  | 2065  | 48342  |
|  New Relic, Inc. (a)  | 861  | 48603  |
|  Nutanix, Inc. Class A (a)  | 3378  | 87997  |
|  Olo, Inc. (a)(b)  | 1465  | 9156  |
|  ON24, Inc. (a)  | 728  | 6283  |
|  Onespan, Inc. (a)  | 549  | 6143  |
|  Oracle Corp.  | 22866  | 1869067  |
|  Pagerduty, Inc. (a)  | 1182  | 31394  |
|  Palantir Technologies, Inc. (a)(b)  | 26327  | 169019  |
|  Palo Alto Networks, Inc. (a)  | 4499  | 627790  |
|  Paycom Software, Inc. (a)  | 733  | 227457  |
|  Paycor HCM, Inc. (a)(b)  | 698  | 17080  |
|  Paylocity Holding Corp. (a)  | 617  | 119858  |
|  Pegasystems, Inc.  | 627  | 21468  |
|  PowerSchool Holdings, Inc. (a)  | 516  | 11909  |
|  Progress Software Corp.  | 660  | 33297  |
|  PROS Holdings, Inc. (a)  | 592  | 14362  |
|  PTC, Inc. (a)  | 1591  | 190984  |
|  Q2 Holdings, Inc. (a)  | 856  | 23001  |
|  Qualtrics International, Inc. (a)  | 1699  | 17636  |
|  Qualys, Inc. (a)  | 526  | 59033  |
|  Rapid7, Inc. (a)  | 907  | 30820  |
|  Rekor Systems, Inc. (a)(b)  | 514  | 617  |
|  Rimini Street, Inc. (a)  | 853  | 3250  |
|  RingCentral, Inc. (a)  | 1161  | 41099  |
|  Riot Blockchain, Inc. (a)(b)  | 2149  | 7285  |
|  Roper Technologies, Inc.  | 1595  | 689184  |
|  Salesforce.com, Inc. (a)  | 14979  | 1986066  |
|  SecureWorks Corp. (a)  | 143  | 914  |
|  Semrush Holdings, Inc. (a)(b)  | 435  | 3541  |
|  SentinelOne, Inc. (a)  | 3013  | 43960  |
|  ServiceNow, Inc. (a)  | 3041  | 1180729  |
|  ShotSpotter, Inc. (a)  | 145  | 4905  |
|  Smartsheet, Inc. (a)  | 1953  | 76870  |
|  Smith Micro Software, Inc. (a)(b)  | 683  | 1434  |
|  SolarWinds, Inc. (a)  | 737  | 6898  |
|  Splunk, Inc. (a)  | 2230  | 191981  |
|  Sprinklr, Inc. (a)  | 809  | 6610  |
|  Sprout Social, Inc. (a)  | 702  | 39635  |
|  SPS Commerce, Inc. (a)  | 543  | 69737  |
|  Sumo Logic, Inc. (a)  | 1712  | 13867  |
|  Synopsys, Inc. (a)  | 2303  | 735325  |
|  Telos Corp. (a)  | 854  | 4347  |
|  Tenable Holdings, Inc. (a)  | 1683  | 64206  |
|  Teradata Corp. (a)  | 1554  | 52308  |
|  Tyler Technologies, Inc. (a)  | 626  | 201829  |
|  UiPath, Inc. Class A (a)  | 5235  | 66537  |
|  Unity Software, Inc. (a)(b)  | 2697  | 77107  |
|  Upland Software, Inc. (a)  | 375  | 2674  |
|  Varonis Systems, Inc. (a)  | 1658  | 39693  |
|  Verint Systems, Inc. (a)  | 968  | 35119  |
|  Veritone, Inc. (a)(b)  | 400  | 2120  |
|  Vertex, Inc. Class A (a)  | 459  | 6660  |
|  Vobile Group Ltd. (a)  | 16000  | 6845  |
|  Workday, Inc. Class A (a)  | 2997  | 501488  |
|  Workiva, Inc. (a)  | 687  | 57687  |
|  Xperi, Inc. (a)  | 632  | 5442  |
|  Yext, Inc. (a)  | 1695  | 11068  |
|  Zoom Video Communications, Inc. Class A (a)  | 3337  | 226048  |
|  Zscaler, Inc. (a)  | 1260  | 140994  |
|  Zuora, Inc. (a)  | 1775  | 11289  |
|  |  | 47167780  |
| Technology Hardware, Storage & Peripherals - 5.4%  |  |  |
|  Apple, Inc.  | 227417  | 29548253  |
|  Avid Technology, Inc. (a)  | 512  | 13614  |
|  Corsair Gaming, Inc. (a)(b)  | 513  | 6961  |
|  Dell Technologies, Inc.  | 4004  | 161041  |
|  Diebold Nixdorf, Inc. (a)(b)  | 1198  | 1701  |
|  Eastman Kodak Co. (a)  | 1005  | 3065  |
|  Hewlett Packard Enterprise Co.  | 19558  | 312146  |
|  HP, Inc.  | 13702  | 368173  |
|  Immersion Corp.  | 547  | 3845  |
|  IonQ, Inc. (a)(b)  | 2415  | 8332  |
|  NetApp, Inc.  | 3311  | 198859  |
|  Pure Storage, Inc. Class A (a)  | 4190  | 112124  |
|  Quantum Corp. (a)  | 905  | 986  |
|  Seagate Technology Holdings PLC  | 2945  | 154936  |
|  Turtle Beach Corp. (a)  | 218  | 1563  |
|  Western Digital Corp. (a)  | 4719  | 148884  |
|  Xerox Holdings Corp.  | 1686  | 24616  |
|  |  | 31069099  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 139749045  |
| MATERIALS - 2.9%  |  |  |
| Chemicals - 1.8%  |  |  |
|  AdvanSix, Inc.  | 408  | 15512  |
|  Air Products & Chemicals, Inc.  | 3338  | 1028972  |
|  Albemarle Corp.  | 1763  | 382324  |
|  American Vanguard Corp.  | 461  | 10008  |
|  Amyris, Inc. (a)(b)  | 3277  | 5014  |
|  Ashland, Inc.  | 748  | 80432  |
|  Aspen Aerogels, Inc. (a)(b)  | 459  | 5412  |
|  Avient Corp.  | 1293  | 43652  |
|  Axalta Coating Systems Ltd. (a)  | 3324  | 84662  |
|  Balchem Corp.  | 485  | 59223  |
|  Cabot Corp.  | 849  | 56747  |
|  Celanese Corp. Class A  | 1503  | 153667  |
|  CF Industries Holdings, Inc.  | 3000  | 255600  |
|  Chase Corp.  | 127  | 10955  |
|  Corteva, Inc.  | 10814  | 635647  |
|  Danimer Scientific, Inc. (a)(b)  | 1387  | 2483  |
|  Dow, Inc.  | 10811  | 544766  |
|  DuPont de Nemours, Inc.  | 7535  | 517127  |
|  Eastman Chemical Co.  | 1850  | 150664  |
|  Ecolab, Inc.  | 3732  | 543230  |
|  Ecovyst, Inc. (a)  | 1127  | 9985  |
|  Element Solutions, Inc.  | 3450  | 62756  |
|  FMC Corp.  | 1896  | 236621  |
|  FutureFuel Corp.  | 353  | 2870  |
|  Ginkgo Bioworks Holdings, Inc. Class A (a)(b)  | 11438  | 19330  |
|  H.B. Fuller Co. (b)  | 802  | 57439  |
|  Hawkins, Inc.  | 291  | 11233  |
|  Huntsman Corp.  | 2852  | 78373  |
|  Ingevity Corp. (a)  | 540  | 38038  |
|  Innospec, Inc.  | 374  | 38470  |
|  International Flavors & Fragrances, Inc.  | 3839  | 402481  |
|  Intrepid Potash, Inc. (a)  | 128  | 3695  |
|  Koppers Holdings, Inc.  | 334  | 9419  |
|  Kronos Worldwide, Inc. (b)  | 304  | 2858  |
|  Linde PLC  | 7501  | 2446676  |
|  Livent Corp. (a)(b)  | 2700  | 53649  |
|  Loop Industries, Inc. (a)(b)  | 297  | 710  |
|  LSB Industries, Inc. (a)  | 606  | 8060  |
|  LyondellBasell Industries NV Class A  | 3829  | 317922  |
|  Mativ, Inc.  | 802  | 16762  |
|  Minerals Technologies, Inc.  | 497  | 30178  |
|  NewMarket Corp.  | 103  | 32044  |
|  Olin Corp.  | 2034  | 107680  |
|  Origin Materials, Inc. Class A (a)  | 1743  | 8035  |
|  Orion Engineered Carbons SA  | 924  | 16456  |
|  Perimeter Solutions SA (a)  | 2264  | 20693  |
|  PPG Industries, Inc.  | 3538  | 444868  |
|  PureCycle Technologies, Inc. (a)(b)  | 2102  | 14210  |
|  Quaker Houghton (b)  | 202  | 33714  |
|  Rayonier Advanced Materials, Inc. (a)  | 864  | 8294  |
|  RPM International, Inc.  | 1942  | 189248  |
|  Sensient Technologies Corp.  | 634  | 46231  |
|  Sherwin-Williams Co.  | 3551  | 842759  |
|  Stepan Co.  | 319  | 33961  |
|  The Chemours Co. LLC  | 2338  | 71590  |
|  The Mosaic Co.  | 5199  | 228080  |
|  The Scotts Miracle-Gro Co. Class A (b)  | 612  | 29737  |
|  Tredegar Corp.  | 319  | 3260  |
|  Trinseo PLC  | 546  | 12400  |
|  Tronox Holdings PLC  | 1731  | 23732  |
|  Valvoline, Inc.  | 2667  | 87078  |
|  Westlake Corp.  | 521  | 53423  |
|  |  | 10741115  |
| Construction Materials - 0.1%  |  |  |
|  Eagle Materials, Inc.  | 568  | 75459  |
|  Martin Marietta Materials, Inc.  | 939  | 317354  |
|  Summit Materials, Inc.  | 1812  | 51443  |
|  Vulcan Materials Co.  | 2000  | 350220  |
|  |  | 794476  |
| Containers & Packaging - 0.4%  |  |  |
|  Amcor PLC  | 22599  | 269154  |
|  Aptargroup, Inc.  | 984  | 108220  |
|  Ardagh Metal Packaging SA  | 2186  | 10515  |
|  Avery Dennison Corp.  | 1224  | 221544  |
|  Ball Corp.  | 4734  | 242097  |
|  Berry Global Group, Inc.  | 1888  | 114092  |
|  Crown Holdings, Inc.  | 1825  | 150033  |
|  Graphic Packaging Holding Co.  | 4632  | 103062  |
|  Greif, Inc. Class A  | 404  | 27092  |
|  International Paper Co.  | 5452  | 188803  |
|  Myers Industries, Inc.  | 509  | 11315  |
|  O-I Glass, Inc. (a)  | 2363  | 39155  |
|  Packaging Corp. of America  | 1412  | 180609  |
|  Pactiv Evergreen, Inc.  | 605  | 6873  |
|  Ranpak Holdings Corp. (A Shares) (a)  | 494  | 2850  |
|  Sealed Air Corp.  | 2192  | 109337  |
|  Silgan Holdings, Inc.  | 1260  | 65318  |
|  Sonoco Products Co.  | 1463  | 88819  |
|  TriMas Corp.  | 643  | 17837  |
|  WestRock Co.  | 3833  | 134768  |
|  |  | 2091493  |
| Metals & Mining - 0.6%  |  |  |
|  Alcoa Corp.  | 2710  | 123224  |
|  Alpha Metallurgical Resources  | 234  | 34255  |
|  Arconic Corp. (a)  | 1541  | 32608  |
|  ATI, Inc. (a)  | 1952  | 58287  |
|  Carpenter Technology Corp.  | 715  | 26412  |
|  Century Aluminum Co. (a)(b)  | 828  | 6773  |
|  Cleveland-Cliffs, Inc. (a)  | 7795  | 125577  |
|  Coeur d'Alene Mines Corp. (a)  | 4085  | 13726  |
|  Commercial Metals Co.  | 1814  | 87616  |
|  Compass Minerals International, Inc.  | 510  | 20910  |
|  Coronado Global Resources, Inc. unit (d)  | 13031  | 17619  |
|  Freeport-McMoRan, Inc.  | 21529  | 818102  |
|  Gatos Silver, Inc. (a)  | 550  | 2250  |
|  Gold Resource Corp.  | 1744  | 2668  |
|  Haynes International, Inc.  | 197  | 9001  |
|  Hecla Mining Co.  | 8447  | 46965  |
|  Kaiser Aluminum Corp.  | 234  | 17775  |
|  Materion Corp.  | 309  | 27041  |
|  McEwen Mining, Inc. (a)(b)  | 494  | 2895  |
|  MP Materials Corp. (a)(b)  | 1393  | 33822  |
|  Newmont Corp.  | 11946  | 563851  |
|  Nucor Corp.  | 3941  | 519463  |
|  Olympic Steel, Inc.  | 117  | 3929  |
|  Piedmont Lithium, Inc. (a)(b)  | 256  | 11269  |
|  Reliance Steel & Aluminum Co.  | 907  | 183613  |
|  Royal Gold, Inc.  | 987  | 111255  |
|  Ryerson Holding Corp.  | 330  | 9986  |
|  Schnitzer Steel Industries, Inc. Class A  | 399  | 12229  |
|  Steel Dynamics, Inc.  | 2612  | 255192  |
|  SunCoke Energy, Inc.  | 1215  | 10485  |
|  TimkenSteel Corp. (a)  | 599  | 10884  |
|  United States Steel Corp.  | 3575  | 89554  |
|  Warrior Metropolitan Coal, Inc.  | 785  | 27192  |
|  Worthington Industries, Inc. (b)  | 475  | 23612  |
|  |  | 3340040  |
| Paper & Forest Products - 0.0%  |  |  |
|  Clearwater Paper Corp. (a)  | 250  | 9453  |
|  Glatfelter Corp.  | 768  | 2135  |
|  Louisiana-Pacific Corp.  | 1115  | 66008  |
|  Mercer International, Inc. (SBI)  | 571  | 6646  |
|  Resolute Forest Products, Inc. (a)  | 649  | 14012  |
|  Sylvamo Corp.  | 498  | 24198  |
|  |  | 122452  |
|  TOTAL MATERIALS  |  | 17089576  |
| REAL ESTATE - 3.2%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 3.1%  |  |  |
|  Acadia Realty Trust (SBI)  | 1541  | 22113  |
|  Agree Realty Corp. (b)  | 1207  | 85613  |
|  Alexander & Baldwin, Inc.  | 1124  | 21053  |
|  Alexanders, Inc.  | 34  | 7482  |
|  Alexandria Real Estate Equities, Inc.  | 2238  | 326009  |
|  American Assets Trust, Inc.  | 803  | 21280  |
|  American Homes 4 Rent Class A  | 4572  | 137800  |
|  American Tower Corp.  | 7010  | 1485139  |
|  Americold Realty Trust  | 4066  | 115108  |
|  Apartment Income (REIT) Corp.  | 2334  | 80080  |
|  Apartment Investment & Management Co. Class A  | 2225  | 15842  |
|  Apple Hospitality (REIT), Inc.  | 3216  | 50748  |
|  Armada Hoffler Properties, Inc.  | 986  | 11339  |
|  Ashford Hospitality Trust, Inc. (a)  | 553  | 2472  |
|  AvalonBay Communities, Inc.  | 2108  | 340484  |
|  Boston Properties, Inc.  | 2152  | 145432  |
|  Braemar Hotels & Resorts, Inc.  | 952  | 3913  |
|  Brandywine Realty Trust (SBI)  | 2578  | 15855  |
|  Brixmor Property Group, Inc.  | 4532  | 102740  |
|  Broadstone Net Lease, Inc.  | 2640  | 42794  |
|  Camden Property Trust (SBI)  | 1609  | 180015  |
|  CareTrust (REIT), Inc.  | 1482  | 27536  |
|  CBL & Associates Properties, Inc. (b)  | 376  | 8678  |
|  Centerspace  | 233  | 13670  |
|  Chatham Lodging Trust  | 765  | 9387  |
|  City Office REIT, Inc.  | 645  | 5405  |
|  Community Healthcare Trust, Inc.  | 358  | 12816  |
|  Corporate Office Properties Trust (SBI)  | 1703  | 44176  |
|  Cousins Properties, Inc.  | 2289  | 57889  |
|  Crown Castle International Corp.  | 6521  | 884508  |
|  CTO Realty Growth, Inc.  | 255  | 4661  |
|  CubeSmart  | 3390  | 136448  |
|  DiamondRock Hospitality Co.  | 3186  | 26093  |
|  Digital Realty Trust, Inc.  | 4330  | 434169  |
|  Diversified Healthcare Trust (SBI)  | 3108  | 2010  |
|  Douglas Emmett, Inc.  | 2664  | 41772  |
|  Easterly Government Properties, Inc.  | 1390  | 19835  |
|  EastGroup Properties, Inc.  | 659  | 97572  |
|  Elme Communities (SBI)  | 1315  | 23407  |
|  Empire State Realty Trust, Inc.  | 2042  | 13763  |
|  EPR Properties  | 1137  | 42888  |
|  Equinix, Inc.  | 1372  | 898701  |
|  Equity Commonwealth  | 1675  | 41825  |
|  Equity Lifestyle Properties, Inc.  | 2639  | 170479  |
|  Equity Residential (SBI)  | 5103  | 301077  |
|  Essential Properties Realty Trust, Inc.  | 2167  | 50859  |
|  Essex Property Trust, Inc.  | 982  | 208105  |
|  Extra Space Storage, Inc.  | 2018  | 297009  |
|  Farmland Partners, Inc.  | 791  | 9856  |
|  Federal Realty Investment Trust (SBI)  | 1101  | 111245  |
|  First Industrial Realty Trust, Inc.  | 2004  | 96713  |
|  Four Corners Property Trust, Inc.  | 1284  | 33294  |
|  Franklin Street Properties Corp.  | 1230  | 3358  |
|  Gaming & Leisure Properties  | 3852  | 200651  |
|  Getty Realty Corp.  | 666  | 22544  |
|  Gladstone Commercial Corp.  | 570  | 10545  |
|  Gladstone Land Corp.  | 444  | 8147  |
|  Global Medical REIT, Inc.  | 926  | 8778  |
|  Global Net Lease, Inc.  | 1603  | 20150  |
|  Healthcare Trust of America, Inc.  | 5748  | 110764  |
|  Healthpeak Properties, Inc.  | 8138  | 204020  |
|  Hersha Hospitality Trust  | 494  | 4209  |
|  Highwoods Properties, Inc. (SBI)  | 1605  | 44908  |
|  Host Hotels & Resorts, Inc.  | 10769  | 172842  |
|  Hudson Pacific Properties, Inc.  | 1935  | 18828  |
|  Independence Realty Trust, Inc.  | 3343  | 56363  |
|  Indus Realty Trust, Inc. (b)  | 108  | 6857  |
|  Industrial Logistics Properties Trust  | 987  | 3227  |
|  InvenTrust Properties Corp.  | 1007  | 23836  |
|  Invitation Homes, Inc.  | 8744  | 259172  |
|  Iron Mountain, Inc.  | 4380  | 218343  |
|  iStar Financial, Inc.  | 1190  | 9080  |
|  JBG SMITH Properties  | 1518  | 28812  |
|  Kilroy Realty Corp.  | 1593  | 61601  |
|  Kimco Realty Corp.  | 9337  | 197758  |
|  Kite Realty Group Trust  | 3323  | 69949  |
|  Lamar Advertising Co. Class A  | 1315  | 124136  |
|  Life Storage, Inc.  | 1274  | 125489  |
|  LTC Properties, Inc.  | 600  | 21318  |
|  LXP Industrial Trust (REIT)  | 4280  | 42886  |
|  Medical Properties Trust, Inc.  | 9049  | 100806  |
|  Mid-America Apartment Communities, Inc.  | 1741  | 273320  |
|  National Health Investors, Inc.  | 668  | 34883  |
|  National Retail Properties, Inc.  | 2675  | 122408  |
|  National Storage Affiliates Trust  | 1313  | 47426  |
|  Necessity Retail (REIT), Inc./The  | 1917  | 11368  |
|  NETSTREIT Corp. (b)  | 803  | 14719  |
|  NexPoint Residential Trust, Inc.  | 343  | 14927  |
|  Office Properties Income Trust  | 771  | 10293  |
|  Omega Healthcare Investors, Inc.  | 3528  | 98608  |
|  One Liberty Properties, Inc.  | 284  | 6310  |
|  Orion Office (REIT), Inc. (b)  | 881  | 7524  |
|  Outfront Media, Inc.  | 2216  | 36741  |
|  Paramount Group, Inc.  | 2470  | 14672  |
|  Park Hotels & Resorts, Inc.  | 3402  | 40110  |
|  Pebblebrook Hotel Trust  | 1976  | 26459  |
|  Phillips Edison & Co., Inc. (b)  | 1770  | 56357  |
|  Physicians Realty Trust  | 3393  | 49097  |
|  Piedmont Office Realty Trust, Inc. Class A  | 1906  | 17478  |
|  Plymouth Industrial REIT, Inc.  | 591  | 11335  |
|  Postal Realty Trust, Inc.  | 307  | 4461  |
|  Potlatch Corp.  | 1222  | 53756  |
|  Prologis (REIT), Inc.  | 13902  | 1567172  |
|  Public Storage  | 2379  | 666572  |
|  Rayonier, Inc.  | 2212  | 72908  |
|  Realty Income Corp.  | 9301  | 589962  |
|  Regency Centers Corp.  | 2325  | 145313  |
|  Retail Opportunity Investments Corp.  | 1992  | 29940  |
|  Rexford Industrial Realty, Inc.  | 2587  | 141354  |
|  RLJ Lodging Trust  | 2513  | 26613  |
|  RPT Realty  | 1298  | 13032  |
|  Ryman Hospitality Properties, Inc.  | 831  | 67959  |
|  Sabra Health Care REIT, Inc.  | 3463  | 43045  |
|  Safehold, Inc.  | 317  | 9073  |
|  Saul Centers, Inc.  | 189  | 7689  |
|  SBA Communications Corp. Class A  | 1625  | 455504  |
|  Service Properties Trust  | 2590  | 18881  |
|  Simon Property Group, Inc.  | 4930  | 579176  |
|  SITE Centers Corp.  | 2846  | 38876  |
|  SL Green Realty Corp. (b)  | 979  | 33012  |
|  Spirit Realty Capital, Inc.  | 2067  | 82535  |
|  Stag Industrial, Inc.  | 2723  | 87980  |
|  Store Capital Corp.  | 4002  | 128304  |
|  Summit Hotel Properties, Inc.  | 1554  | 11220  |
|  Sun Communities, Inc.  | 1862  | 266266  |
|  Sunstone Hotel Investors, Inc.  | 3217  | 31076  |
|  Tanger Factory Outlet Centers, Inc.  | 1588  | 28489  |
|  Terreno Realty Corp.  | 1012  | 57552  |
|  The Macerich Co.  | 3225  | 36314  |
|  UDR, Inc.  | 4609  | 178507  |
|  UMH Properties, Inc.  | 794  | 12783  |
|  Uniti Group, Inc.  | 3562  | 19698  |
|  Universal Health Realty Income Trust (SBI)  | 205  | 9785  |
|  Urban Edge Properties  | 1772  | 24967  |
|  Urstadt Biddle Properties, Inc. Class A  | 458  | 8679  |
|  Ventas, Inc.  | 6027  | 271516  |
|  Veris Residential, Inc. (a)  | 1172  | 18670  |
|  VICI Properties, Inc.  | 14505  | 469962  |
|  Vornado Realty Trust  | 2429  | 50547  |
|  Welltower, Inc.  | 6982  | 457670  |
|  Weyerhaeuser Co.  | 11162  | 346022  |
|  Whitestone REIT Class B  | 722  | 6960  |
|  WP Carey, Inc.  | 3128  | 244453  |
|  Xenia Hotels & Resorts, Inc.  | 1727  | 22762  |
|  |  | 17849584  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Anywhere Real Estate, Inc. (a)  | 1710  | 10927  |
|  CBRE Group, Inc. (a)  | 4831  | 371794  |
|  Cushman & Wakefield PLC (a)  | 2453  | 30564  |
|  Digitalbridge Group, Inc.  | 2226  | 24352  |
|  Doma Holdings, Inc. Class A (a)  | 2176  | 986  |
|  Douglas Elliman, Inc. (b)  | 1055  | 4294  |
|  eXp World Holdings, Inc. (b)  | 1179  | 13063  |
|  Forestar Group, Inc. (a)  | 325  | 5008  |
|  Howard Hughes Corp. (a)  | 540  | 41267  |
|  Jones Lang LaSalle, Inc. (a)  | 721  | 114906  |
|  Kennedy-Wilson Holdings, Inc.  | 1808  | 28440  |
|  Marcus & Millichap, Inc.  | 370  | 12747  |
|  Newmark Group, Inc.  | 1896  | 15111  |
|  Offerpad Solutions, Inc. (a)(b)  | 895  | 412  |
|  Opendoor Technologies, Inc. (a)(b)  | 7951  | 9223  |
|  RE/MAX Holdings, Inc.  | 295  | 5499  |
|  Redfin Corp. (a)(b)  | 1579  | 6695  |
|  Seritage Growth Properties (a)(b)  | 575  | 6802  |
|  The RMR Group, Inc.  | 208  | 5876  |
|  The St. Joe Co.  | 538  | 20794  |
|  WeWork, Inc. (a)  | 3226  | 4613  |
|  Zillow Group, Inc. Class C (a)(b)  | 3410  | 109836  |
|  |  | 843209  |
|  TOTAL REAL ESTATE  |  | 18692793  |
| UTILITIES - 3.0%  |  |  |
| Electric Utilities - 1.8%  |  |  |
|  Allete, Inc.  | 867  | 55930  |
|  Alliant Energy Corp.  | 3779  | 208639  |
|  American Electric Power Co., Inc.  | 7733  | 734248  |
|  Avangrid, Inc.  | 1048  | 45043  |
|  Constellation Energy Corp.  | 4920  | 424153  |
|  Duke Energy Corp.  | 11589  | 1193551  |
|  Edison International  | 5743  | 365370  |
|  Entergy Corp.  | 3062  | 344475  |
|  Evergy, Inc.  | 3457  | 217549  |
|  Eversource Energy  | 5215  | 437226  |
|  Exelon Corp.  | 14928  | 645337  |
|  FirstEnergy Corp.  | 8170  | 342650  |
|  Hawaiian Electric Industries, Inc.  | 1655  | 69262  |
|  IDACORP, Inc.  | 762  | 82182  |
|  MGE Energy, Inc.  | 547  | 38509  |
|  NextEra Energy, Inc.  | 29577  | 2472637  |
|  NRG Energy, Inc.  | 3542  | 112706  |
|  OGE Energy Corp.  | 3014  | 119204  |
|  Otter Tail Corp.  | 627  | 36811  |
|  PG&E Corp. (a)  | 24236  | 394077  |
|  Pinnacle West Capital Corp.  | 1701  | 129344  |
|  PNM Resources, Inc.  | 1276  | 62256  |
|  Portland General Electric Co.  | 1346  | 65954  |
|  PPL Corp.  | 11081  | 323787  |
|  Southern Co.  | 15998  | 1142417  |
|  Xcel Energy, Inc.  | 8233  | 577216  |
|  |  | 10640533  |
| Gas Utilities - 0.2%  |  |  |
|  Atmos Energy Corp.  | 2106  | 236019  |
|  Chesapeake Utilities Corp.  | 267  | 31554  |
|  National Fuel Gas Co.  | 1377  | 87164  |
|  New Jersey Resources Corp.  | 1450  | 71949  |
|  Northwest Natural Holding Co.  | 540  | 25699  |
|  ONE Gas, Inc.  | 815  | 61712  |
|  South Jersey Industries, Inc.  | 1826  | 64878  |
|  Southwest Gas Corp. (b)  | 929  | 57487  |
|  Spire, Inc. (b)  | 786  | 54124  |
|  UGI Corp.  | 3159  | 117104  |
|  |  | 807690  |
| Independent Power and Renewable Electricity Producers - 0.1%  |  |  |
|  Clearway Energy, Inc.:  |  |  |
|  Class A  | 525  | 15708  |
|  Class C  | 1233  | 39296  |
|  Ormat Technologies, Inc. (b)  | 674  | 58288  |
|  Sunnova Energy International, Inc. (a)(b)  | 1454  | 26187  |
|  The AES Corp.  | 10059  | 289297  |
|  Vistra Corp.  | 5895  | 136764  |
|  |  | 565540  |
| Multi-Utilities - 0.8%  |  |  |
|  Ameren Corp.  | 3889  | 345810  |
|  Avista Corp.  | 1096  | 48597  |
|  Black Hills Corp.  | 981  | 69004  |
|  CenterPoint Energy, Inc.  | 9466  | 283885  |
|  CMS Energy Corp.  | 4369  | 276689  |
|  Consolidated Edison, Inc.  | 5331  | 508098  |
|  Dominion Energy, Inc.  | 12532  | 768462  |
|  DTE Energy Co.  | 2915  | 342600  |
|  NiSource, Inc.  | 6126  | 167975  |
|  NorthWestern Energy Corp.  | 852  | 50558  |
|  Public Service Enterprise Group, Inc.  | 7509  | 460076  |
|  Sempra Energy  | 4730  | 730974  |
|  Unitil Corp.  | 243  | 12480  |
|  WEC Energy Group, Inc.  | 4745  | 444891  |
|  |  | 4510099  |
| Water Utilities - 0.1%  |  |  |
|  American States Water Co.  | 558  | 51643  |
|  American Water Works Co., Inc.  | 2738  | 417326  |
|  California Water Service Group  | 813  | 49300  |
|  Essential Utilities, Inc.  | 3596  | 171637  |
|  Middlesex Water Co.  | 268  | 21084  |
|  SJW Group  | 397  | 32232  |
|  York Water Co. (b)  | 205  | 9221  |
|  |  | 752443  |
|  TOTAL UTILITIES  |  | 17276305  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $536,792,291)  |  | <br> **569263664**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  |
|  | Principal <br> Amount (e) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f) <br>(Cost $599,494) <br>| 600000  | **598512**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.0%**  | &nbsp;&nbsp; **Money Market Funds - 3.0%**  | &nbsp;&nbsp; **Money Market Funds - 3.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (g)  | 9614407  | 9616330  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (g)(h)  | 7523892  | 7524644  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $17,140,974)  |  | **17140974**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%** <br> (Cost $554,532,759) <br>| <br>**587003150**  |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(6772436)**  |
| **NET ASSETS - 100.0%**  | **580230714**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| CME E-mini Russell 2000 Index Contracts (United States)  | 12  | Mar 2023  | 1062540  | (3839)  | (3839)  |
| CME E-mini S&P MidCap 400 Index Contracts (United States)  | 2  | Mar 2023  | 488520  | (4204)  | (4204)  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 47  | Mar 2023  | 9073350  | (136786)  | (136786)  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(144829)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 1.8%  | The notional amount of futures purchased as a percentage of Net Assets is 1.8%  | The notional amount of futures purchased as a percentage of Net Assets is 1.8%  | The notional amount of futures purchased as a percentage of Net Assets is 1.8%  | The notional amount of futures purchased as a percentage of Net Assets is 1.8%  | The notional amount of futures purchased as a percentage of Net Assets is 1.8%  |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $88,893 or 0.0% of net assets.

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

(f) 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 $425,941.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 12759607  | 198141528  | 201284805  | 165697  | -  | -  | 9616330  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 4675743  | 37814259  | 34965358  | 82430  | -  | -  | 7524644  | 0.0%  |
| Total  | 17435350  | 235955787  | 236250163  | 248127  | -  | -  | 17140974  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 38495785  | 38495691  | -  | 94  |
| Consumer Discretionary  | 58207562  | 58149259  | 58291  | 12  |
| Consumer Staples  | 37539996  | 37539996  | -  | -  |
| Energy  | 29708215  | 29708215  | -  | -  |
| Financials  | 69952986  | 69941259  | 11727  | -  |
| Health Care  | 88118141  | 88113072  | 3694  | 1375  |
| Industrials  | 54433260  | 54433260  | -  | -  |
| Information Technology  | 139749045  | 139732911  | 16134  | -  |
| Materials  | 17089576  | 17071957  | 17619  | -  |
| Real Estate  | 18692793  | 18692793  | -  | -  |
| Utilities  | 17276305  | 17276305  | -  | -  |
|  U.S. Government and Government Agency Obligations  | 598512  | -  | 598512  | -  |
|  Money Market Funds  | 17140974  | 17140974  | -  | -  |
| **Total Investments in Securities:**  | 587003150  | 586295692  | 705977  | 1481  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (144829)  | (144829)  | -  | -  |
| Total Liabilities  | (144829)  | (144829)  | -  | -  |
| **Total Derivative Instruments:**  | (144829)  | (144829)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (144829)  |
| **Total Equity Risk**  | 0  | (144829)  |
| **Total Value of Derivatives**  | 0  | (144829)  |

---

(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).

**VIP Total Market Index Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $7,263,471) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $537,391,785)  | $569862176  |  |
|  Fidelity Central Funds (cost $17,140,974)  | 17140974  |  |
|  Total Investment in Securities (cost $554,532,759)  |  | $587003150  |
|  Foreign currency held at value (cost $2,540)  |  | 2574  |
| Receivable for investments sold  |  | 2294  |
|  Receivable for fund shares sold  |  | 464630  |
|  Dividends receivable  |  | 520997  |
|  Distributions receivable from Fidelity Central Funds  |  | 25916  |
| Other receivables  |  | 87  |
| **Total assets**  |  | 588019648  |
| **Liabilities**  |  |  |
|  Payable to custodian bank  | $397  |  |
|  Payable for fund shares redeemed  | 190724  |  |
|  Accrued management fee  | 29335  |  |
|  Distribution and service plan fees payable  | 5976  |  |
|  Payable for daily variation margin on futures contracts  | 8504  |  |
|  Other affiliated payables  | 29335  |  |
|  Collateral on securities loaned  | 7524663  |  |
| **Total Liabilities**  |  | 7788934  |
| **Net Assets**  |  | $580230714  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $562255519  |
|  Total accumulated earnings (loss)  |  | 17975195  |
|  **Net Assets**  |  | $580230714  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($548,368,059 ÷ 39,650,403 shares)  |  | $13.83  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($492,540 ÷ 35,628 shares)  |  | $13.82  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($31,370,115 ÷ 2,275,132 shares)  |  | $13.79  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $8668981  |
| Interest  |  | 7353  |
| Income from Fidelity Central Funds (including $82,430 from security lending)  |  | 248127  |
| **Total Income**  |  | 8924461  |
|  **Expenses**  |  |  |
| Management fee  | $340792  |  |
| Transfer agent fees  | 340792  |  |
| Distribution and service plan fees  | 58533  |  |
| Independent trustees' fees and expenses  | 1929  |  |
| Total expenses before reductions  | 742046  |  |
| Expense reductions  | (172)  |  |
| Total expenses after reductions  |  | 741874  |
| **Net Investment income (loss)**  |  | 8182587  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (6931627)  |  |
| Foreign currency transactions  | (208)  |  |
| Futures contracts  | (4111746)  |  |
| Total net realized gain (loss)  |  | (11043581)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (117909203)  |  |
| Assets and liabilities in foreign currencies  | 34  |  |
| Futures contracts  | (504711)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (118413880)  |
| **Net gain (loss)**  |  | (129457461)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(121274874)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $8182587  | $5258151  |
| &nbsp;&nbsp; Net realized gain (loss)  | (11043581) <br>| 3005669 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (118413880)  | 90234802 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (121274874) <br>| 98498622 <br>|
| Distributions to shareholders  | (9230777) <br>| (8552302) <br>|
| Share transactions - net increase (decrease)  | 127718193 <br>| 229065291 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (2787458) <br>| 319011611 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 583018172  | 264006561 <br>|
| &nbsp;&nbsp; End of period  | $580230714  | $583018172  |

---

**Financial Highlights** 

 **VIP Total Market Index Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.40  | $14.07  | $11.86  | $9.23  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .22  | .19  | .19  | .20  | .13  |
| Net realized and unrealized gain (loss)  | (3.56)  | 3.41  | 2.21  | 2.63  | (.81)  |
| Total from investment operations  | (3.34)  | 3.60  | 2.40  | 2.83  | (.68)  |
| Distributions from net investment income  | (.20)  | (.17)  | (.18)  | (.17)  | (.08)  |
| Distributions from net realized gain  | (.03)  | (.11)  | (.02)  | (.03)  | (.01)  |
| Total distributions  | (.23)  | (.27) <sup>D</sup>  | (.19) <sup>D</sup>  | (.20)  | (.09)  |
| Net asset value, end of period  | $13.83  | $17.40  | $14.07  | $11.86  | $9.23  |
| **Total Return** <sup>E,F,G</sup>  | (19.22)%  | 25.69%  | 20.30%  | 30.70%  | (6.76)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .12%  | .12%  | .12%  | .12%  | .12% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .12%  | .12%  | .12%  | .12%  | .12% <sup>J</sup>  |
| Expenses net of all reductions  | .12%  | .12%  | .12%  | .12%  | .12% <sup>J</sup>  |
| Net investment income (loss)  | 1.45%  | 1.18%  | 1.57%  | 1.80%  | 1.84% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $548368  | $569470  | $259544  | $173833  | $81855  |
| Portfolio turnover rate <sup>K</sup>  | 6%  | 3%  | 9%  | 4%  | 4% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Total Market Index Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $17.40  | $14.07  | $11.86  | $10.73  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .20  | .17  | .17  | .13  |
| Net realized and unrealized gain (loss)  | (3.56)  | 3.41  | 2.22  | 1.19  |
| Total from investment operations  | (3.36)  | 3.58  | 2.39  | 1.32  |
| Distributions from net investment income  | (.19)  | (.15)  | (.17)  | (.16)  |
| Distributions from net realized gain  | (.03)  | (.11)  | (.02)  | (.03)  |
| Total distributions  | (.22)  | (.25) <sup>D</sup>  | (.18) <sup>D</sup>  | (.19)  |
| Net asset value, end of period  | $13.82  | $17.40  | $14.07  | $11.86  |
| **Total Return** <sup>E,F,G</sup>  | (19.33)%  | 25.55%  | 20.20%  | 12.36%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |
| Expenses before reductions  | .22%  | .22%  | .22%  | .22% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .22%  | .22%  | .22%  | .22% <sup>J</sup>  |
| Expenses net of all reductions  | .22%  | .22%  | .22%  | .22% <sup>J</sup>  |
| Net investment income (loss)  | 1.35%  | 1.08%  | 1.47%  | 1.68% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $493  | $414  | $347  | $111  |
| Portfolio turnover rate <sup>K</sup>  | 6%  | 3%  | 9%  | 4% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Total Market Index Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.36  | $14.05  | $11.86  | $9.23  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .17  | .15  | .16  | .17  | .12  |
| Net realized and unrealized gain (loss)  | (3.54)  | 3.41  | 2.21  | 2.64  | (.82)  |
| Total from investment operations  | (3.37)  | 3.56  | 2.37  | 2.81  | (.70)  |
| Distributions from net investment income  | (.18)  | (.14)  | (.16)  | (.14)  | (.06)  |
| Distributions from net realized gain  | (.03)  | (.11)  | (.02)  | (.03)  | (.01)  |
| Total distributions  | (.20) <sup>D</sup>  | (.25)  | (.18)  | (.18) <sup>D</sup>  | (.07)  |
| Net asset value, end of period  | $13.79  | $17.36  | $14.05  | $11.86  | $9.23  |
| **Total Return** <sup>E,F,G</sup>  | (19.41)%  | 25.38%  | 19.98%  | 30.44%  | (6.96)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .37%  | .37%  | .37%  | .37%  | .37% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .37%  | .37%  | .37%  | .37%  | .37% <sup>J</sup>  |
| Expenses net of all reductions  | .37%  | .37%  | .37%  | .37%  | .37% <sup>J</sup>  |
| Net investment income (loss)  | 1.20%  | .93%  | 1.32%  | 1.55%  | 1.59% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $31370  | $13135  | $4116  | $1538  | $923  |
| Portfolio turnover rate <sup>K</sup>  | 6%  | 3%  | 9%  | 4%  | 4% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**VIP Extended Market Index Portfolio** 

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -18.13%  | &nbsp;&nbsp; 5.65%  |
| Service Class  | &nbsp;&nbsp; -18.22%  | &nbsp;&nbsp; 5.57%  |
| Service Class 2  | &nbsp;&nbsp; -18.30%  | &nbsp;&nbsp; 5.39%  |

---

<sup>A</sup> From April 17, 2018

*The initial offering of Service Class shares took place on April 11, 2019. Returns prior to April 11, 2019 are those of Initial Class.*

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP Extended Market Index Portfolio - Initial Class , a class of the fund, on April 17, 2018, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Extended Investable Market Index℠ and S&P 500 <sup>®</sup> Index performed over the same period.  |
| ![](img88148_7.jpg)  |

---

**Extended Market Index Portfolio**

**Management's Discussion of Fund Performance** 

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from the Geode Capital Management, LLC, passive equity index team:**

For the fiscal year ending December 31, 2022, the fund's share classes returned approximately -18%, roughly in line with the -18.15% result of the benchmark Fidelity U.S. Extended Investable Market Index TR. By sector, stocks in the information technology sector returned roughly -30% and detracted most, followed by consumer discretionary, which returned about -28%. Health care returned approximately -25%. Industrials returned -14%, with the capital goods industry (-12%) a notable detractor in the group. Financials (-14%), especially in the diversified financials industry (-26%), and real estate (-25%) hampered results. Other notable detractors included the communication services (-36%) and materials (-5%) sectors. Consumer staples (-3%) also hurt. Conversely, energy advanced about 51% and contributed most. Utilities stocks also outpaced the benchmark, producing a roughly flat return. Turning to individual stocks, the biggest individual detractor was Snowflake (-41%), from the software & services category, followed by Rivian Automotive (-71%), which is in the automobiles & components group. Within software & services, Affirm Holdings returned roughly -90% and hurt. Other detractors were Trex (-69%), a stock in the capital goods segment, and Coinbase Global (-86%), from the diversified financials industry. Conversely, the biggest individual contributor was Mosaic (+94%), from the materials sector. In energy, Devon Energy (+44%), Coterra Energy (+58%), and Marathon Oil (+63%) helped. CF Industries Holdings, within the materials sector, gained roughly 54% and boosted the fund.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**VIP Extended Market Index Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| LPL Financial  | 0.3  |
| Steel Dynamics, Inc.  | 0.3  |
| APA Corp.  | 0.3  |
| Bunge Ltd.  | 0.3  |
| First Solar, Inc.  | 0.3  |
| W.R. Berkley Corp.  | 0.3  |
| Howmet Aerospace, Inc.  | 0.3  |
| Royalty Pharma PLC  | 0.3  |
| Iron Mountain, Inc.  | 0.3  |
| Texas Pacific Land Corp.  | 0.3  |
|  | 3.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Industrials  | 17.1  |
| Financials  | 16.3  |
| Consumer Discretionary  | 12.3  |
| Health Care  | 12.1  |
| Information Technology  | 11.5  |
| Real Estate  | 7.5  |
| Materials  | 5.4  |
| Energy  | 4.7  |
| Consumer Staples  | 3.9  |
| Utilities  | 3.0  |
| Communication Services  | 2.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88148_8.jpg)  |
| *Foreign investments - 6%*  |
| *Futures - 3.5%*  |

---

**VIP Extended Market Index Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 96.4%**  | &nbsp;&nbsp; **Common Stocks - 96.4%**  | &nbsp;&nbsp; **Common Stocks - 96.4%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 2.6%  |  |  |
| Diversified Telecommunication Services - 0.7%  |  |  |
|  Anterix, Inc. (a)  | 617  | 19849  |
|  AST SpaceMobile, Inc. (a)(b)  | 1551  | 7476  |
|  ATN International, Inc.  | 332  | 15043  |
|  Bandwidth, Inc. (a)  | 772  | 17717  |
|  Cogent Communications Group, Inc.  | 1395  | 79627  |
|  Consolidated Communications Holdings, Inc. (a)  | 2487  | 8903  |
|  EchoStar Holding Corp. Class A (a)(b)  | 1134  | 18915  |
|  Frontier Communications Parent, Inc. (a)  | 7320  | 186514  |
|  Globalstar, Inc. (a)(b)  | 23032  | 30633  |
|  IDT Corp. Class B (a)  | 695  | 19578  |
|  Iridium Communications, Inc.  | 4169  | 214287  |
|  Liberty Global PLC:  |  |  |
|  Class A (a)  | 5588  | 105781  |
|  Class C (a)  | 9222  | 179183  |
|  Liberty Latin America Ltd.:  |  |  |
|  Class A (a)  | 649  | 4887  |
|  Class C (a)  | 5441  | 41352  |
|  Lumen Technologies, Inc. (b)  | 31250  | 163125  |
|  Ooma, Inc. (a)  | 779  | 10610  |
|  Radius Global Infrastructure, Inc. (a)  | 2558  | 30236  |
|  |  | 1153716  |
| Entertainment - 0.5%  |  |  |
|  AMC Entertainment Holdings, Inc. Class A (a)(b)  | 16968  | 69060  |
|  Cinedigm Corp. (a)(b)  | 4568  | 1771  |
|  Cinemark Holdings, Inc. (a)(b)  | 3590  | 31089  |
|  Genius Brands International, Inc. (a)(b)  | 10337  | 4807  |
|  Lions Gate Entertainment Corp.:  |  |  |
|  Class A (a)  | 2333  | 13321  |
|  Class B (a)  | 3809  | 20683  |
|  Live Nation Entertainment, Inc. (a)  | 4662  | 325128  |
|  Madison Square Garden Entertainment Corp. (a)(b)  | 836  | 37595  |
|  Madison Square Garden Sports Corp.  | 593  | 108715  |
|  Marcus Corp. (b)  | 802  | 11541  |
|  Playstudios, Inc. Class A (a)  | 2754  | 10686  |
|  Playtika Holding Corp. (a)  | 3407  | 28994  |
|  Sciplay Corp. (A Shares) (a)  | 739  | 11883  |
|  Skillz, Inc. (a)(b)  | 10417  | 5276  |
|  Warner Music Group Corp. Class A  | 3849  | 134792  |
|  World Wrestling Entertainment, Inc. Class A (b)  | 1419  | 97230  |
|  |  | 912571  |
| Interactive Media & Services - 0.4%  |  |  |
|  Angi, Inc. (a)  | 2342  | 5504  |
|  Bumble, Inc. (a)  | 2601  | 54751  |
|  CarGurus, Inc. Class A (a)  | 3070  | 43011  |
|  Cars.com, Inc. (a)  | 2051  | 28242  |
|  Eventbrite, Inc. (a)  | 2638  | 15459  |
|  EverQuote, Inc. Class A (a)  | 714  | 10524  |
|  fuboTV, Inc. (a)(b)  | 6221  | 10825  |
|  IAC, Inc. (a)  | 2574  | 114286  |
|  MediaAlpha, Inc. Class A (a)  | 719  | 7154  |
|  Nextdoor Holdings, Inc. (a)(b)  | 4229  | 8712  |
|  QuinStreet, Inc. (a)  | 1674  | 24022  |
|  Shutterstock, Inc.  | 801  | 42229  |
|  TripAdvisor, Inc. (a)  | 3418  | 61456  |
|  TrueCar, Inc. (a)  | 2395  | 6011  |
|  Vimeo, Inc. (a)  | 5278  | 18104  |
|  Yelp, Inc. (a)  | 2309  | 63128  |
|  Ziff Davis, Inc. (a)  | 1551  | 122684  |
|  |  | 636102  |
| Media - 1.0%  |  |  |
|  Advantage Solutions, Inc. Class A (a)  | 3299  | 6862  |
|  Altice U.S.A., Inc. Class A (a)(b)  | 7098  | 32651  |
|  AMC Networks, Inc. Class A (a)  | 910  | 14260  |
|  Boston Omaha Corp. (a)(b)  | 644  | 17066  |
|  Cable One, Inc.  | 160  | 113898  |
|  Cardlytics, Inc. (a)(b)  | 1179  | 6815  |
|  Clear Channel Outdoor Holdings, Inc. (a)  | 15626  | 16407  |
|  DISH Network Corp. Class A (a)  | 8246  | 115774  |
|  E.W. Scripps Co. Class A (a)  | 1937  | 25549  |
|  Entravision Communication Corp. Class A  | 2120  | 10176  |
|  Gannett Co., Inc. (a)  | 4943  | 10034  |
|  Gray Television, Inc.  | 2783  | 31142  |
|  iHeartMedia, Inc. (a)  | 3419  | 20958  |
|  John Wiley & Sons, Inc. Class A  | 1400  | 56084  |
|  Lee Enterprises, Inc. (a)  | 153  | 2840  |
|  Magnite, Inc. (a)  | 3894  | 41237  |
|  National CineMedia, Inc. (b)  | 1721  | 379  |
|  News Corp.:  |  |  |
|  Class A  | 12690  | 230958  |
|  Class B  | 3900  | 71916  |
|  Nexstar Broadcasting Group, Inc. Class A  | 1271  | 222463  |
|  PubMatic, Inc. (a)(b)  | 1408  | 18036  |
|  Scholastic Corp.  | 996  | 39302  |
|  Sinclair Broadcast Group, Inc. Class A (b)  | 1477  | 22908  |
|  Sirius XM Holdings, Inc. (b)  | 22928  | 133900  |
|  Stagwell, Inc. (a)(b)  | 3359  | 20859  |
|  TechTarget, Inc. (a)  | 892  | 39302  |
|  TEGNA, Inc.  | 7251  | 153649  |
|  The New York Times Co. Class A  | 5438  | 176517  |
|  Thryv Holdings, Inc. (a)  | 990  | 18810  |
|  WideOpenWest, Inc. (a)  | 1640  | 14940  |
|  |  | 1685692  |
| Wireless Telecommunication Services - 0.0%  |  |  |
|  Gogo, Inc. (a)  | 2143  | 31631  |
|  NII Holdings, Inc. (a)(b)(c)  | 1280  | 333  |
|  Shenandoah Telecommunications Co.  | 1668  | 26488  |
|  Telephone & Data Systems, Inc.  | 3308  | 34701  |
|  U.S. Cellular Corp. (a)  | 492  | 10258  |
|  |  | 103411  |
|  TOTAL COMMUNICATION SERVICES  |  | 4491492  |
| CONSUMER DISCRETIONARY - 12.3%  |  |  |
| Auto Components - 1.2%  |  |  |
|  Adient PLC (a)  | 3112  | 107955  |
|  American Axle & Manufacturing Holdings, Inc. (a)  | 3778  | 29544  |
|  Autoliv, Inc.  | 2574  | 197117  |
|  BorgWarner, Inc.  | 7776  | 312984  |
|  Dana, Inc.  | 4185  | 63319  |
|  Dorman Products, Inc. (a)  | 926  | 74886  |
|  Fox Factory Holding Corp. (a)  | 1389  | 126718  |
|  Garrett Motion, Inc. (a)(b)  | 1842  | 14036  |
|  Gentex Corp.  | 7728  | 210743  |
|  Gentherm, Inc. (a)  | 1080  | 70513  |
|  Holley, Inc. (a)(b)  | 1704  | 3612  |
|  LCI Industries  | 833  | 77011  |
|  Lear Corp.  | 1950  | 241839  |
|  Luminar Technologies, Inc. (a)(b)  | 7547  | 37358  |
|  Modine Manufacturing Co. (a)  | 1720  | 34159  |
|  Motorcar Parts of America, Inc. (a)  | 615  | 7294  |
|  Patrick Industries, Inc.  | 727  | 44056  |
|  QuantumScape Corp. Class A (a)(b)  | 8964  | 50826  |
|  Spruce Power Holding Corp. (Class A) (a)(b)  | 3044  | 2798  |
|  Standard Motor Products, Inc.  | 603  | 20984  |
|  Stoneridge, Inc. (a)  | 911  | 19641  |
|  The Goodyear Tire & Rubber Co. (a)  | 9260  | 93989  |
|  Visteon Corp. (a)  | 922  | 120625  |
|  XPEL, Inc. (a)  | 646  | 38799  |
|  |  | 2000806  |
| Automobiles - 0.4%  |  |  |
|  Arcimoto, Inc. (a)  | 46  | 152  |
|  Canoo, Inc. (a)(b)  | 4657  | 5728  |
|  Faraday Future Intelligent Electric, Inc. (a)(b)  | 4670  | 1356  |
|  Fisker, Inc. (a)(b)  | 4885  | 35514  |
|  Harley-Davidson, Inc.  | 4359  | 181334  |
|  Lordstown Motors Corp. Class A (a)(b)  | 5445  | 6207  |
|  Rivian Automotive, Inc. (a)  | 17901  | 329915  |
|  Thor Industries, Inc. (b)  | 1793  | 135354  |
|  Winnebago Industries, Inc.  | 1045  | 55072  |
|  Workhorse Group, Inc. (a)(b)  | 5184  | 7880  |
|  |  | 758512  |
| Distributors - 0.3%  |  |  |
|  Funko, Inc. (a)(b)  | 1107  | 12077  |
|  LKQ Corp.  | 8567  | 457563  |
|  |  | 469640  |
| Diversified Consumer Services - 0.9%  |  |  |
|  2U, Inc. (a)  | 2586  | 16214  |
|  ADT, Inc.  | 6472  | 58701  |
|  Adtalem Global Education, Inc. (a)  | 1463  | 51937  |
|  American Public Education, Inc. (a)  | 650  | 7989  |
|  Bright Horizons Family Solutions, Inc. (a)  | 1898  | 119764  |
|  Carriage Services, Inc.  | 411  | 11319  |
|  Chegg, Inc. (a)  | 4131  | 104390  |
|  Coursera, Inc. (a)  | 2855  | 33775  |
|  Duolingo, Inc. (a)(b)  | 816  | 58042  |
|  European Wax Center, Inc. (b)  | 829  | 10321  |
|  Frontdoor, Inc. (a)  | 2672  | 55578  |
|  Graham Holdings Co.  | 127  | 76735  |
|  Grand Canyon Education, Inc. (a)  | 1049  | 110837  |
|  H&R Block, Inc.  | 5237  | 191203  |
|  Laureate Education, Inc. Class A  | 3565  | 34295  |
|  Nerdy, Inc. Class A (a)  | 1838  | 4136  |
|  OneSpaWorld Holdings Ltd. (a)  | 1880  | 17540  |
|  Perdoceo Education Corp. (a)  | 2303  | 32012  |
|  Rover Group, Inc. Class A (a)  | 3187  | 11696  |
|  Service Corp. International  | 5181  | 358214  |
|  Strategic Education, Inc.  | 736  | 57644  |
|  Stride, Inc. (a)  | 1338  | 41853  |
|  The Beachbody Co., Inc. (a)(b)  | 4394  | 2311  |
|  Vivint Smart Home, Inc. Class A (a)  | 1365  | 16244  |
|  WW International, Inc. (a)(b)  | 1828  | 7056  |
|  Xwell, Inc. (a)(b)  | 3484  | 1264  |
|  |  | 1491070  |
| Hotels, Restaurants & Leisure - 2.7%  |  |  |
|  Accel Entertainment, Inc. (a)  | 1836  | 14137  |
|  ARAMARK Holdings Corp.  | 8444  | 349075  |
|  Bally's Corp. (a)  | 916  | 17752  |
|  BJ's Restaurants, Inc. (a)  | 792  | 20893  |
|  Bloomin' Brands, Inc.  | 2927  | 58891  |
|  Bluegreen Vacations Holding Corp. Class A  | 313  | 7812  |
|  Boyd Gaming Corp.  | 2659  | 144995  |
|  Brinker International, Inc. (a)  | 1445  | 46110  |
|  Century Casinos, Inc. (a)  | 977  | 6868  |
|  Choice Hotels International, Inc.  | 952  | 107233  |
|  Churchill Downs, Inc.  | 1090  | 230459  |
|  Chuy's Holdings, Inc. (a)  | 650  | 18395  |
|  Cracker Barrel Old Country Store, Inc. (b)  | 747  | 70771  |
|  Dave & Buster's Entertainment, Inc. (a)  | 1396  | 49474  |
|  Denny's Corp. (a)  | 1883  | 17342  |
|  Dine Brands Global, Inc.  | 513  | 33140  |
|  Draftkings Holdings, Inc. (a)(b)  | 14732  | 167797  |
|  Dutch Bros, Inc. (a)(b)  | 844  | 23792  |
|  El Pollo Loco Holdings, Inc.  | 678  | 6753  |
|  Everi Holdings, Inc. (a)  | 2938  | 42160  |
|  First Watch Restaurant Group, Inc. (a)  | 370  | 5006  |
|  Full House Resorts, Inc. (a)  | 1199  | 9016  |
|  GAN Ltd. (a)  | 1156  | 1734  |
|  Golden Entertainment, Inc. (a)  | 727  | 27190  |
|  Hilton Grand Vacations, Inc. (a)  | 2661  | 102555  |
|  Hyatt Hotels Corp. Class A (a)  | 1639  | 148248  |
|  Inspired Entertainment, Inc. (a)  | 815  | 10326  |
|  Jack in the Box, Inc.  | 683  | 46601  |
|  Krispy Kreme, Inc.  | 2193  | 22632  |
|  Kura Sushi U.S.A., Inc. Class A (a)  | 119  | 5674  |
|  Life Time Group Holdings, Inc. (a)(b)  | 1807  | 21612  |
|  Light & Wonder, Inc. Class A (a)  | 3096  | 181426  |
|  Lindblad Expeditions Holdings (a)(b)  | 1033  | 7954  |
|  Marriott Vacations Worldwide Corp. (b)  | 1287  | 173217  |
|  Membership Collective Group, Inc. Class A (a)(b)  | 1452  | 5430  |
|  Monarch Casino & Resort, Inc. (a)  | 445  | 34216  |
|  Noodles & Co. (a)  | 1265  | 6945  |
|  Norwegian Cruise Line Holdings Ltd. (a)(b)  | 13836  | 169353  |
|  Papa John's International, Inc.  | 1061  | 87331  |
|  Penn Entertainment, Inc. (a)  | 5209  | 154707  |
|  Planet Fitness, Inc. (a)  | 2764  | 217803  |
|  Playa Hotels & Resorts NV (a)  | 4465  | 29156  |
|  PlayAGS, Inc. (a)  | 974  | 4967  |
|  Portillo's, Inc. (a)  | 942  | 15373  |
|  RCI Hospitality Holdings, Inc.  | 287  | 26746  |
|  Red Robin Gourmet Burgers, Inc. (a)(b)  | 460  | 2567  |
|  Red Rock Resorts, Inc.  | 1624  | 64976  |
|  Rush Street Interactive, Inc. (a)  | 1923  | 6904  |
|  Ruth's Hospitality Group, Inc.  | 1019  | 15774  |
|  SeaWorld Entertainment, Inc. (a)  | 1375  | 73576  |
|  Shake Shack, Inc. Class A (a)  | 1229  | 51040  |
|  Six Flags Entertainment Corp. (a)  | 2427  | 56428  |
|  Texas Roadhouse, Inc. Class A  | 2197  | 199817  |
|  The Cheesecake Factory, Inc. (b)  | 1596  | 50609  |
|  The ONE Group Hospitality, Inc. (a)(b)  | 966  | 6086  |
|  Travel+Leisure Co.  | 2742  | 99809  |
|  Vail Resorts, Inc.  | 1320  | 314622  |
|  Wendy's Co.  | 5589  | 126479  |
|  Wingstop, Inc.  | 983  | 135280  |
|  Wyndham Hotels & Resorts, Inc.  | 2965  | 211434  |
|  Wynn Resorts Ltd. (a)  | 3397  | 280151  |
|  Xponential Fitness, Inc. (a)(b)  | 587  | 13460  |
|  |  | 4658079  |
| Household Durables - 1.6%  |  |  |
|  Aterian, Inc. (a)(b)  | 1819  | 1401  |
|  Bassett Furniture Industries, Inc.  | 282  | 4901  |
|  Beazer Homes U.S.A., Inc. (a)  | 964  | 12301  |
|  Cavco Industries, Inc. (a)  | 273  | 61766  |
|  Century Communities, Inc.  | 943  | 47159  |
|  Cricut, Inc. (b)  | 1332  | 12348  |
|  Dream Finders Homes, Inc. (a)(b)  | 643  | 5568  |
|  Ethan Allen Interiors, Inc. (b)  | 710  | 18758  |
|  GoPro, Inc. Class A (a)  | 4248  | 21155  |
|  Green Brick Partners, Inc. (a)  | 893  | 21637  |
|  Helen of Troy Ltd. (a)  | 794  | 88063  |
|  Hooker Furnishings Corp.  | 416  | 7779  |
|  Hovnanian Enterprises, Inc. Class A (a)  | 165  | 6943  |
|  Installed Building Products, Inc.  | 771  | 65998  |
|  iRobot Corp. (a)(b)  | 906  | 43606  |
|  KB Home  | 2779  | 88511  |
|  La-Z-Boy, Inc. (b)  | 1432  | 32678  |
|  Leggett & Platt, Inc. (b)  | 4346  | 140072  |
|  LGI Homes, Inc. (a)  | 673  | 62320  |
|  Lovesac (a)  | 505  | 11115  |
|  M.D.C. Holdings, Inc.  | 1852  | 58523  |
|  M/I Homes, Inc. (a)  | 897  | 41423  |
|  Meritage Homes Corp. (a)  | 1202  | 110824  |
|  Mohawk Industries, Inc. (a)  | 1731  | 176943  |
|  Newell Brands, Inc.  | 12357  | 161630  |
|  PulteGroup, Inc.  | 7607  | 346347  |
|  Purple Innovation, Inc. (a)  | 1376  | 6591  |
|  Skyline Champion Corp. (a)  | 1737  | 89473  |
|  Snap One Holdings Corp. (a)(b)  | 515  | 3816  |
|  Sonos, Inc. (a)  | 4172  | 70507  |
|  Taylor Morrison Home Corp. (a)  | 3740  | 113509  |
|  Tempur Sealy International, Inc.  | 5669  | 194617  |
|  Toll Brothers, Inc.  | 3515  | 175469  |
|  TopBuild Corp. (a)  | 1064  | 166505  |
|  Traeger, Inc. (a)(b)  | 1864  | 5256  |
|  TRI Pointe Homes, Inc. (a)  | 3337  | 62035  |
|  Tupperware Brands Corp. (a)  | 1273  | 5270  |
|  Universal Electronics, Inc. (a)  | 424  | 8823  |
|  Vizio Holding Corp. (a)(b)  | 1839  | 13627  |
|  VOXX International Corp. (a)  | 443  | 3712  |
|  Weber, Inc. (b)  | 675  | 5434  |
|  Whirlpool Corp.  | 1792  | 253496  |
|  ZAGG, Inc. rights (a)(c)  | 548  | 49  |
|  |  | 2827958  |
| Internet & Direct Marketing Retail - 0.3%  |  |  |
|  1-800-FLOWERS.com, Inc. Class A (a)  | 906  | 8661  |
|  BARK, Inc. (a)  | 3389  | 5050  |
|  CarParts.com, Inc. (a)  | 1564  | 9791  |
|  Chewy, Inc. (a)(b)  | 2982  | 110573  |
|  ContextLogic, Inc. (a)(b)  | 16384  | 7990  |
|  Duluth Holdings, Inc. (a)(b)  | 478  | 2954  |
|  Groupon, Inc. (a)(b)  | 733  | 6289  |
|  Lands' End, Inc. (a)(b)  | 391  | 2968  |
|  Liquidity Services, Inc. (a)  | 902  | 12682  |
|  Lyft, Inc. (a)  | 10065  | 110916  |
|  Overstock.com, Inc. (a)  | 1507  | 29176  |
|  PetMed Express, Inc. (b)  | 717  | 12691  |
|  Polished.Com, Inc. (a)  | 3253  | 1879  |
|  Porch Group, Inc. Class A (a)(b)  | 2739  | 5149  |
|  Poshmark, Inc. (a)  | 1404  | 25104  |
|  Quotient Technology, Inc. (a)  | 3038  | 10420  |
|  Qurate Retail, Inc. Series A (a)  | 11297  | 18414  |
|  Rent the Runway, Inc. Class A (a)(b)  | 1419  | 4328  |
|  Revolve Group, Inc. (a)(b)  | 1358  | 30229  |
|  RumbleON, Inc. Class B (a)  | 322  | 2083  |
|  Stitch Fix, Inc. (a)(b)  | 2311  | 7187  |
|  The RealReal, Inc. (a)(b)  | 2959  | 3699  |
|  thredUP, Inc. (a)  | 2158  | 2827  |
|  Vivid Seats, Inc. Class A (a)(b)  | 799  | 5833  |
|  Wayfair LLC Class A (a)(b)  | 2514  | 82685  |
|  Xometry, Inc. (a)  | 965  | 31102  |
|  |  | 550680  |
| Leisure Products - 0.6%  |  |  |
|  Acushnet Holdings Corp. (b)  | 1073  | 45560  |
|  American Outdoor Brands, Inc. (a)(b)  | 451  | 4519  |
|  AMMO, Inc. (a)(b)  | 3058  | 5290  |
|  Brunswick Corp.  | 2442  | 176019  |
|  Clarus Corp.  | 927  | 7266  |
|  JAKKS Pacific, Inc. (a)  | 235  | 4110  |
|  Johnson Outdoors, Inc. Class A  | 179  | 11835  |
|  Latham Group, Inc. (a)  | 1377  | 4434  |
|  Malibu Boats, Inc. Class A (a)  | 678  | 36137  |
|  MasterCraft Boat Holdings, Inc. (a)  | 581  | 15030  |
|  Mattel, Inc. (a)  | 11611  | 207140  |
|  Peloton Interactive, Inc. Class A (a)(b)  | 10044  | 79749  |
|  Polaris, Inc. (b)  | 1838  | 185638  |
|  Smith & Wesson Brands, Inc. (b)  | 1480  | 12846  |
|  Solo Brands, Inc. Class A (a)  | 789  | 2935  |
|  Sturm, Ruger & Co., Inc.  | 591  | 29916  |
|  Topgolf Callaway Brands Corp. (a)  | 4542  | 89705  |
|  Vista Outdoor, Inc. (a)  | 1883  | 45889  |
|  YETI Holdings, Inc. (a)  | 2828  | 116825  |
|  |  | 1080843  |
| Multiline Retail - 0.3%  |  |  |
|  Big Lots, Inc. (b)  | 970  | 14259  |
|  Dillard's, Inc. Class A (b)  | 116  | 37491  |
|  Franchise Group, Inc. (b)  | 903  | 21509  |
|  Kohl's Corp.  | 4218  | 106505  |
|  Macy's, Inc.  | 8869  | 183145  |
|  Nordstrom, Inc. (b)  | 3725  | 60122  |
|  Ollie's Bargain Outlet Holdings, Inc. (a)  | 1911  | 89511  |
|  |  | 512542  |
| Specialty Retail - 2.6%  |  |  |
|  Abercrombie & Fitch Co. Class A (a)  | 1693  | 38787  |
|  Academy Sports & Outdoors, Inc.  | 2797  | 146954  |
|  Advance Auto Parts, Inc.  | 1992  | 292884  |
|  America's Car Mart, Inc. (a)  | 202  | 14597  |
|  American Eagle Outfitters, Inc.  | 5159  | 72020  |
|  Arko Corp.  | 2354  | 20386  |
|  Asbury Automotive Group, Inc. (a)  | 726  | 130136  |
|  AutoNation, Inc. (a)  | 1268  | 136056  |
|  Barnes & Noble Education, Inc. (a)  | 1380  | 2415  |
|  Bath & Body Works, Inc.  | 7494  | 315797  |
|  Bed Bath & Beyond, Inc. (a)(b)  | 2280  | 5723  |
|  Big 5 Sporting Goods Corp. (b)  | 716  | 6322  |
|  Boot Barn Holdings, Inc. (a)  | 995  | 62207  |
|  Build-A-Bear Workshop, Inc.  | 463  | 11038  |
|  Caleres, Inc. (b)  | 1202  | 26781  |
|  Camping World Holdings, Inc. (b)  | 1327  | 29619  |
|  Carvana Co. Class A (a)(b)  | 3313  | 15704  |
|  Chico's FAS, Inc. (a)  | 4091  | 20128  |
|  Citi Trends, Inc. (a)  | 299  | 7918  |
|  Conn's, Inc. (a)(b)  | 354  | 2436  |
|  Designer Brands, Inc. Class A  | 1832  | 17917  |
|  Destination XL Group, Inc. (a)  | 1809  | 12211  |
|  Dick's Sporting Goods, Inc.  | 1871  | 225063  |
|  EVgo, Inc. Class A (a)(b)  | 2334  | 10433  |
|  Express, Inc. (a)  | 2035  | 2076  |
|  Five Below, Inc. (a)  | 1824  | 322611  |
|  Floor & Decor Holdings, Inc. Class A (a)(b)  | 3487  | 242800  |
|  Foot Locker, Inc.  | 2636  | 99614  |
|  GameStop Corp. Class A (b)  | 8300  | 153218  |
|  Gap, Inc. (b)  | 7029  | 79287  |
|  Genesco, Inc. (a)  | 439  | 20203  |
|  Group 1 Automotive, Inc.  | 518  | 93432  |
|  GrowGeneration Corp. (a)(b)  | 1926  | 7550  |
|  Guess?, Inc.  | 1085  | 22449  |
|  Haverty Furniture Companies, Inc. (b)  | 409  | 12229  |
|  Hibbett, Inc.  | 436  | 29744  |
|  JOANN, Inc.  | 357  | 1017  |
|  Lazydays Holdings, Inc. (a)(b)  | 228  | 2722  |
|  Leslie's, Inc. (a)(b)  | 4870  | 59463  |
|  Lithia Motors, Inc. Class A (sub. vtg.)  | 904  | 185085  |
|  LL Flooring Holdings, Inc. (a)  | 972  | 5463  |
|  MarineMax, Inc. (a)  | 722  | 22541  |
|  Monro, Inc. (b)  | 1055  | 47686  |
|  Murphy U.S.A., Inc.  | 704  | 196796  |
|  National Vision Holdings, Inc. (a)(b)  | 2592  | 100466  |
|  OneWater Marine, Inc. Class A (a)(b)  | 368  | 10525  |
|  Party City Holdco, Inc. (a)(b)  | 3900  | 1425  |
|  Penske Automotive Group, Inc. (b)  | 851  | 97805  |
|  Petco Health & Wellness Co., Inc. (a)(b)  | 2548  | 24155  |
|  Rent-A-Center, Inc. (b)  | 1770  | 39914  |
|  RH (a)(b)  | 658  | 175811  |
|  Sally Beauty Holdings, Inc. (a)  | 3462  | 43344  |
|  Shoe Carnival, Inc. (b)  | 576  | 13772  |
|  Signet Jewelers Ltd. (b)  | 1528  | 103904  |
|  Sleep Number Corp. (a)(b)  | 740  | 19225  |
|  Sonic Automotive, Inc. Class A (sub. vtg.) (b)  | 606  | 29858  |
|  Sportsman's Warehouse Holdings, Inc. (a)  | 1424  | 13400  |
|  The Aaron's Co., Inc.  | 1001  | 11962  |
|  The Buckle, Inc.  | 984  | 44624  |
|  The Cato Corp. Class A (sub. vtg.)  | 532  | 4964  |
|  The Children's Place, Inc. (a)(b)  | 443  | 16134  |
|  The Container Store Group, Inc. (a)  | 1020  | 4396  |
|  The ODP Corp. (a)  | 1400  | 63756  |
|  Tilly's, Inc.  | 799  | 7231  |
|  TravelCenters of America LLC (a)  | 419  | 18763  |
|  Urban Outfitters, Inc. (a)(b)  | 1986  | 47366  |
|  Victoria's Secret & Co. (a)  | 2733  | 97787  |
|  Volta, Inc. (a)(b)  | 4416  | 1569  |
|  Vroom, Inc. (a)(b)  | 4495  | 4585  |
|  Williams-Sonoma, Inc. (b)  | 2260  | 259719  |
|  Winmark Corp.  | 88  | 20753  |
|  Zumiez, Inc. (a)(b)  | 534  | 11609  |
|  |  | 4518340  |
| Textiles, Apparel & Luxury Goods - 1.4%  |  |  |
|  Allbirds, Inc. Class A (a)(b)  | 3246  | 7855  |
|  Capri Holdings Ltd. (a)  | 4534  | 259889  |
|  Carter's, Inc. (b)  | 1280  | 95501  |
|  Columbia Sportswear Co.  | 1164  | 101943  |
|  Crocs, Inc. (a)  | 2028  | 219896  |
|  Deckers Outdoor Corp. (a)  | 872  | 348068  |
|  Fossil Group, Inc. (a)  | 1687  | 7271  |
|  G-III Apparel Group Ltd. (a)  | 1453  | 19921  |
|  Hanesbrands, Inc. (b)  | 11409  | 72561  |
|  Kontoor Brands, Inc.  | 1615  | 64584  |
|  Levi Strauss & Co. Class A (b)  | 3293  | 51107  |
|  Movado Group, Inc. (b)  | 544  | 17544  |
|  Oxford Industries, Inc.  | 492  | 45845  |
|  PLBY Group, Inc. (a)(b)  | 929  | 2555  |
|  PLBY Group, Inc. rights 1/17/23 (a)  | 929  | 0  |
|  PVH Corp.  | 2196  | 155016  |
|  Ralph Lauren Corp. (b)  | 1409  | 148889  |
|  Rocky Brands, Inc.  | 203  | 4795  |
|  Samsonite International SA (a)(d)  | 46800  | 122883  |
|  Skechers U.S.A., Inc. Class A (sub. vtg.) (a)  | 4429  | 185797  |
|  Steven Madden Ltd.  | 2438  | 77918  |
|  Tapestry, Inc.  | 8272  | 314998  |
|  Under Armour, Inc.:  |  |  |
|  Class A (sub. vtg.) (a)  | 7251  | 73670  |
|  Class C (non-vtg.) (a)  | 5376  | 47954  |
|  Unifi, Inc. (a)  | 490  | 4219  |
|  Vera Bradley, Inc. (a)  | 635  | 2877  |
|  Wolverine World Wide, Inc.  | 2569  | 28079  |
|  |  | 2481635  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 21350105  |
| CONSUMER STAPLES - 3.9%  |  |  |
| Beverages - 0.4%  |  |  |
|  Boston Beer Co., Inc. Class A (a)(b)  | 314  | 103469  |
|  Celsius Holdings, Inc. (a)(b)  | 1317  | 137021  |
|  Coca-Cola Bottling Co. Consolidated  | 150  | 76854  |
|  Duckhorn Portfolio, Inc. (a)  | 1407  | 23314  |
|  MGP Ingredients, Inc. (b)  | 504  | 53616  |
|  Molson Coors Beverage Co. Class B  | 6174  | 318084  |
|  National Beverage Corp. (b)  | 778  | 36200  |
|  The Vita Coco Co., Inc. (a)(b)  | 786  | 10863  |
|  Vintage Wine Estates, Inc. (a)  | 1410  | 4597  |
|  |  | 764018  |
| Food & Staples Retailing - 1.0%  |  |  |
|  Albertsons Companies, Inc.  | 5251  | 108906  |
|  Andersons, Inc.  | 1040  | 36390  |
|  BJ's Wholesale Club Holdings, Inc. (a)  | 4442  | 293883  |
|  Blue Apron Holdings, Inc.:  |  |  |
|  warrants 11/4/28 (a)  | 341  | 1  |
|  warrants 11/4/28 (a)  | 341  | 0  |
|  warrants 11/4/28 (a)  | 341  | 0  |
|  Casey's General Stores, Inc.  | 1224  | 274604  |
|  Chefs' Warehouse Holdings (a)  | 1134  | 37740  |
|  Grocery Outlet Holding Corp. (a)  | 2915  | 85089  |
|  Ingles Markets, Inc. Class A  | 464  | 44757  |
|  Performance Food Group Co. (a)  | 5090  | 297205  |
|  PriceSmart, Inc.  | 836  | 50812  |
|  Rite Aid Corp. (a)(b)  | 1915  | 6396  |
|  SpartanNash Co.  | 1190  | 35986  |
|  Sprouts Farmers Market LLC (a)  | 3529  | 114234  |
|  U.S. Foods Holding Corp. (a)  | 6708  | 228206  |
|  United Natural Foods, Inc. (a)  | 1899  | 73510  |
|  Weis Markets, Inc.  | 538  | 44272  |
|  |  | 1731991  |
| Food Products - 1.8%  |  |  |
|  Alico, Inc.  | 183  | 4368  |
|  AppHarvest, Inc. (a)(b)  | 2751  | 1561  |
|  B&G Foods, Inc. Class A (b)  | 2364  | 26359  |
|  Benson Hill, Inc. (a)  | 4411  | 11248  |
|  Beyond Meat, Inc. (a)(b)  | 1989  | 24485  |
|  Bunge Ltd.  | 4988  | 497653  |
|  Cal-Maine Foods, Inc.  | 1251  | 68117  |
|  Calavo Growers, Inc.  | 594  | 17464  |
|  Campbell Soup Co.  | 6612  | 375231  |
|  Darling Ingredients, Inc. (a)  | 5267  | 329662  |
|  Flowers Foods, Inc.  | 6329  | 181895  |
|  Fresh Del Monte Produce, Inc.  | 1001  | 26216  |
|  Freshpet, Inc. (a)(b)  | 1569  | 82796  |
|  Hostess Brands, Inc. Class A (a)  | 4473  | 100374  |
|  Ingredion, Inc.  | 2146  | 210158  |
|  J&J Snack Foods Corp.  | 488  | 73058  |
|  John B. Sanfilippo & Son, Inc.  | 301  | 24477  |
|  Lamb Weston Holdings, Inc.  | 4720  | 421779  |
|  Lancaster Colony Corp.  | 651  | 128442  |
|  Lifecore Biomedical (a)  | 875  | 5670  |
|  Mission Produce, Inc. (a)  | 1348  | 15664  |
|  Pilgrim's Pride Corp. (a)  | 1472  | 34931  |
|  Post Holdings, Inc. (a)  | 1779  | 160573  |
|  Seaboard Corp.  | 8  | 30202  |
|  Seneca Foods Corp. Class A (a)  | 195  | 11885  |
|  Sovos Brands, Inc. (a)  | 1254  | 18020  |
|  Tattooed Chef, Inc. (a)(b)  | 1571  | 1932  |
|  The Hain Celestial Group, Inc. (a)  | 2912  | 47116  |
|  The Simply Good Foods Co. (a)  | 2808  | 106788  |
|  Tootsie Roll Industries, Inc. (b)  | 590  | 25116  |
|  TreeHouse Foods, Inc. (a)  | 1654  | 81675  |
|  Utz Brands, Inc. Class A (b)  | 2189  | 34718  |
|  Vital Farms, Inc. (a)  | 942  | 14055  |
|  Whole Earth Brands, Inc. Class A (a)  | 1344  | 5470  |
|  |  | 3199158  |
| Household Products - 0.2%  |  |  |
|  Central Garden & Pet Co. (a)  | 378  | 14156  |
|  Central Garden & Pet Co. Class A (non-vtg.) (a)  | 1312  | 46970  |
|  Energizer Holdings, Inc.  | 2186  | 73340  |
|  Reynolds Consumer Products, Inc.  | 1800  | 53964  |
|  Spectrum Brands Holdings, Inc.  | 1327  | 80841  |
|  WD-40 Co. (b)  | 446  | 71900  |
|  |  | 341171  |
| Personal Products - 0.4%  |  |  |
|  BellRing Brands, Inc. (a)  | 4438  | 113790  |
|  Coty, Inc. Class A (a)  | 11816  | 101145  |
|  Edgewell Personal Care Co.  | 1692  | 65210  |
|  elf Beauty, Inc. (a)  | 1634  | 90360  |
|  Herbalife Nutrition Ltd. (a)  | 3247  | 48315  |
|  Inter Parfums, Inc.  | 580  | 55982  |
|  MediFast, Inc.  | 363  | 41872  |
|  Nu Skin Enterprises, Inc. Class A  | 1632  | 68805  |
|  The Beauty Health Co. (a)(b)  | 3467  | 31550  |
|  The Honest Co., Inc. (a)  | 1903  | 5728  |
|  USANA Health Sciences, Inc. (a)  | 376  | 20003  |
|  Veru, Inc. (a)(b)  | 1714  | 9050  |
|  |  | 651810  |
| Tobacco - 0.1%  |  |  |
|  22nd Century Group, Inc. (a)(b)  | 7040  | 6480  |
|  Turning Point Brands, Inc.  | 537  | 11615  |
|  Universal Corp.  | 808  | 42670  |
|  Vector Group Ltd.  | 4288  | 50856  |
|  |  | 111621  |
|  TOTAL CONSUMER STAPLES  |  | 6799769  |
| ENERGY - 4.7%  |  |  |
| Energy Equipment & Services - 1.2%  |  |  |
|  Archrock, Inc.  | 4453  | 39988  |
|  Bristow Group, Inc. (a)  | 767  | 20809  |
|  Cactus, Inc.  | 1988  | 99917  |
|  Championx Corp.  | 6670  | 193363  |
|  Core Laboratories NV (b)  | 1563  | 31682  |
|  DMC Global, Inc. (a)  | 588  | 11431  |
|  Dril-Quip, Inc. (a)  | 1157  | 31436  |
|  Expro Group Holdings NV (a)(b)  | 2252  | 40829  |
|  Helix Energy Solutions Group, Inc. (a)  | 4534  | 33461  |
|  Helmerich & Payne, Inc.  | 3453  | 171165  |
|  Liberty Oilfield Services, Inc. Class A  | 5216  | 83508  |
|  Nabors Industries Ltd. (a)  | 295  | 45687  |
|  Newpark Resources, Inc. (a)  | 2626  | 10898  |
|  Nextier Oilfield Solutions, Inc. (a)  | 5277  | 48759  |
|  Noble Corp. PLC (a)  | 3302  | 124518  |
|  NOV, Inc.  | 12898  | 269439  |
|  Oceaneering International, Inc. (a)  | 3365  | 58854  |
|  Oil States International, Inc. (a)  | 1991  | 14853  |
|  Patterson-UTI Energy, Inc.  | 7082  | 119261  |
|  ProFrac Holding Corp. (b)  | 820  | 20664  |
|  ProPetro Holding Corp. (a)  | 2881  | 29876  |
|  RPC, Inc.  | 2718  | 24163  |
|  Select Energy Services, Inc. Class A  | 2454  | 22675  |
|  Solaris Oilfield Infrastructure, Inc. Class A  | 1071  | 10635  |
|  TechnipFMC PLC (a)  | 14840  | 180900  |
|  TETRA Technologies, Inc. (a)  | 3737  | 12930  |
|  Tidewater, Inc. (a)  | 1514  | 55791  |
|  Transocean Ltd. (United States) (a)(b)  | 21337  | 97297  |
|  U.S. Silica Holdings, Inc. (a)  | 2504  | 31300  |
|  Valaris Ltd. (a)  | 1972  | 133347  |
|  Weatherford International PLC (a)  | 2106  | 107238  |
|  |  | 2176674  |
| Oil, Gas & Consumable Fuels - 3.5%  |  |  |
|  Aemetis, Inc. (a)(b)  | 1045  | 4138  |
|  Alto Ingredients, Inc. (a)  | 2110  | 6077  |
|  American Resources Corp. (a)(b)  | 1913  | 2525  |
|  Amplify Energy Corp. (a)  | 1161  | 10205  |
|  Antero Resources Corp. (a)  | 9246  | 286534  |
|  APA Corp.  | 10723  | 500550  |
|  Arch Resources, Inc.  | 609  | 86959  |
|  Berry Corp.  | 2165  | 17320  |
|  California Resources Corp.  | 2478  | 107818  |
|  Callon Petroleum Co. (a)  | 1684  | 62460  |
|  Centrus Energy Corp. Class A (a)(b)  | 392  | 12732  |
|  Chesapeake Energy Corp.  | 3172  | 299342  |
|  Chord Energy Corp.  | 1361  | 186198  |
|  Civitas Resources, Inc.  | 1705  | 98771  |
|  Clean Energy Fuels Corp. (a)  | 5847  | 30404  |
|  CNX Resources Corp. (a)  | 6220  | 104745  |
|  Comstock Resources, Inc. (b)  | 2943  | 40349  |
|  CONSOL Energy, Inc.  | 1065  | 69225  |
|  Crescent Energy, Inc. Class A (b)  | 1054  | 12637  |
|  CVR Energy, Inc.  | 973  | 30494  |
|  Delek U.S. Holdings, Inc.  | 2357  | 63639  |
|  Denbury, Inc. (a)  | 1634  | 142191  |
|  DT Midstream, Inc.  | 3174  | 175395  |
|  Earthstone Energy, Inc. (a)(b)  | 1240  | 17645  |
|  EQT Corp.  | 12145  | 410865  |
|  Equitrans Midstream Corp.  | 14173  | 94959  |
|  Gevo, Inc. (a)(b)  | 7649  | 14533  |
|  Green Plains, Inc. (a)(b)  | 1904  | 58072  |
|  Gulfport Energy Corp. (a)(b)  | 388  | 28572  |
|  HF Sinclair Corp.  | 4772  | 247619  |
|  International Seaways, Inc.  | 1336  | 49459  |
|  Kosmos Energy Ltd. (a)  | 14891  | 94707  |
|  Magnolia Oil & Gas Corp. Class A (b)  | 5523  | 129514  |
|  Matador Resources Co.  | 3696  | 211559  |
|  Murphy Oil Corp.  | 4798  | 206362  |
|  National Energy Services Reunited Corp. (a)  | 1562  | 10840  |
|  New Fortress Energy, Inc.  | 1566  | 66430  |
|  Nextdecade Corp. (a)(b)  | 1380  | 6817  |
|  Northern Oil & Gas, Inc.  | 2255  | 69499  |
|  Par Pacific Holdings, Inc. (a)  | 1817  | 42245  |
|  PBF Energy, Inc. Class A  | 3525  | 143750  |
|  PDC Energy, Inc.  | 3156  | 200343  |
|  Peabody Energy Corp. (a)  | 3827  | 101109  |
|  Permian Resource Corp. Class A (b)  | 6654  | 62548  |
|  Range Resources Corp.  | 8138  | 203613  |
|  Ranger Oil Corp.  | 651  | 26320  |
|  Rex American Resources Corp. (a)  | 521  | 16599  |
|  Ring Energy, Inc. (a)(b)  | 2887  | 7102  |
|  SandRidge Energy, Inc. (a)  | 1052  | 17916  |
|  SilverBow Resources, Inc. (a)  | 440  | 12443  |
|  Sitio Royalties Corp. (b)  | 421  | 12146  |
|  SM Energy Co.  | 4021  | 140051  |
|  Southwestern Energy Co. (a)  | 36591  | 214057  |
|  Talos Energy, Inc. (a)  | 2138  | 40365  |
|  Teekay Corp. (a)  | 2240  | 10170  |
|  Teekay Tankers Ltd. (a)  | 763  | 23508  |
|  Tellurian, Inc. (a)(b)  | 16796  | 28217  |
|  Texas Pacific Land Corp. (b)  | 203  | 475879  |
|  Uranium Energy Corp. (a)(b)  | 11022  | 42765  |
|  VAALCO Energy, Inc.  | 1887  | 8605  |
|  Vertex Energy, Inc. (a)(b)  | 2008  | 12450  |
|  Vital Energy, Inc. (a)(b)  | 561  | 28847  |
|  W&T Offshore, Inc. (a)  | 3115  | 17382  |
|  World Fuel Services Corp.  | 2033  | 55562  |
|  |  | 6012152  |
|  TOTAL ENERGY  |  | 8188826  |
| FINANCIALS - 16.3%  |  |  |
| Banks - 6.4%  |  |  |
|  1st Source Corp.  | 565  | 29996  |
|  Amerant Bancorp, Inc. Class A  | 828  | 22224  |
|  Ameris Bancorp  | 2144  | 101068  |
|  Associated Banc-Corp.  | 4926  | 113741  |
|  Atlantic Union Bankshares Corp.  | 2446  | 85952  |
|  Banc of California, Inc.  | 1848  | 29439  |
|  BancFirst Corp.  | 567  | 49998  |
|  Bancorp, Inc., Delaware (a)  | 1871  | 53099  |
|  Bank of Hawaii Corp.  | 1312  | 101759  |
|  Bank of Marin Bancorp  | 452  | 14862  |
|  Bank OZK  | 3652  | 146299  |
|  BankUnited, Inc.  | 2536  | 86148  |
|  Banner Corp.  | 1119  | 70721  |
|  Berkshire Hills Bancorp, Inc.  | 1482  | 44312  |
|  BOK Financial Corp.  | 955  | 99119  |
|  Brookline Bancorp, Inc., Delaware  | 2575  | 36436  |
|  Byline Bancorp, Inc.  | 758  | 17411  |
|  Cadence Bank  | 5991  | 147738  |
|  Camden National Corp.  | 483  | 20136  |
|  Cathay General Bancorp  | 2437  | 99405  |
|  Central Pacific Financial Corp.  | 935  | 18962  |
|  City Holding Co.  | 484  | 45056  |
|  Coastal Financial Corp. of Washington (a)  | 343  | 16299  |
|  Columbia Banking Systems, Inc. (b)  | 2605  | 78489  |
|  Comerica, Inc.  | 4293  | 286987  |
|  Commerce Bancshares, Inc.  | 3755  | 255603  |
|  Community Bank System, Inc.  | 1759  | 110729  |
|  Community Trust Bancorp, Inc.  | 501  | 23011  |
|  ConnectOne Bancorp, Inc.  | 1187  | 28737  |
|  CrossFirst Bankshares, Inc. (a)  | 1463  | 18156  |
|  Cullen/Frost Bankers, Inc.  | 2105  | 281439  |
|  Customers Bancorp, Inc. (a)  | 1010  | 28623  |
|  CVB Financial Corp.  | 4300  | 110725  |
|  Dime Community Bancshares, Inc.  | 1078  | 34313  |
|  Eagle Bancorp, Inc.  | 1057  | 46582  |
|  East West Bancorp, Inc.  | 4627  | 304919  |
|  Eastern Bankshares, Inc.  | 5317  | 91718  |
|  Enterprise Financial Services Corp.  | 1213  | 59388  |
|  Equity Bancshares, Inc.  | 458  | 14963  |
|  Farmers National Banc Corp.  | 1016  | 14346  |
|  FB Financial Corp.  | 1153  | 41669  |
|  Financial Institutions, Inc.  | 514  | 12521  |
|  First Bancorp, North Carolina  | 1187  | 50851  |
|  First Bancorp, Puerto Rico  | 6176  | 78559  |
|  First Bancshares, Inc.  | 791  | 25320  |
|  First Busey Corp.  | 1653  | 40862  |
|  First Citizens Bancshares, Inc.  | 434  | 329128  |
|  First Commonwealth Financial Corp.  | 3043  | 42511  |
|  First Financial Bancorp, Ohio  | 3140  | 76082  |
|  First Financial Bankshares, Inc.  | 4284  | 147370  |
|  First Financial Corp., Indiana  | 333  | 15345  |
|  First Foundation, Inc.  | 1662  | 23816  |
|  First Hawaiian, Inc.  | 4176  | 108743  |
|  First Horizon National Corp.  | 17624  | 431788  |
|  First Internet Bancorp  | 304  | 7381  |
|  First Interstate Bancsystem, Inc.  | 2980  | 115177  |
|  First Merchants Corp.  | 1946  | 80000  |
|  Flushing Financial Corp.  | 898  | 17403  |
|  FNB Corp., Pennsylvania  | 11499  | 150062  |
|  Fulton Financial Corp.  | 5474  | 92127  |
|  German American Bancorp, Inc.  | 924  | 34465  |
|  Glacier Bancorp, Inc.  | 3651  | 180432  |
|  Great Southern Bancorp, Inc.  | 285  | 16955  |
|  Hancock Whitney Corp.  | 2814  | 136169  |
|  Hanmi Financial Corp.  | 1004  | 24849  |
|  HarborOne Bancorp, Inc.  | 1417  | 19696  |
|  Heartland Financial U.S.A., Inc.  | 1235  | 57576  |
|  Heritage Commerce Corp.  | 2027  | 26351  |
|  Heritage Financial Corp., Washington  | 1166  | 35726  |
|  Hilltop Holdings, Inc.  | 1501  | 45045  |
|  Home Bancshares, Inc.  | 6292  | 143395  |
|  HomeStreet, Inc.  | 567  | 15638  |
|  HomeTrust Bancshares, Inc.  | 443  | 10707  |
|  Hope Bancorp, Inc.  | 3882  | 49728  |
|  Horizon Bancorp, Inc. Indiana  | 1293  | 19498  |
|  Independent Bank Corp.  | 671  | 16050  |
|  Independent Bank Corp.  | 1504  | 126983  |
|  Independent Bank Group, Inc.  | 1157  | 69513  |
|  International Bancshares Corp.  | 1735  | 79394  |
|  Lakeland Bancorp, Inc.  | 2163  | 38090  |
|  Lakeland Financial Corp.  | 825  | 60200  |
|  Live Oak Bancshares, Inc.  | 1084  | 32737  |
|  Mercantile Bank Corp.  | 483  | 16171  |
|  Metropolitan Bank Holding Corp. (a)  | 351  | 20593  |
|  Midland States Bancorp, Inc.  | 715  | 19033  |
|  National Bank Holdings Corp.  | 991  | 41691  |
|  NBT Bancorp, Inc.  | 1384  | 60093  |
|  Nicolet Bankshares, Inc. (a)  | 405  | 32315  |
|  Northwest Bancshares, Inc. (b)  | 4191  | 58590  |
|  OceanFirst Financial Corp.  | 1951  | 41459  |
|  OFG Bancorp  | 1545  | 42580  |
|  Old National Bancorp, Indiana  | 9622  | 173004  |
|  Old Second Bancorp, Inc.  | 1312  | 21044  |
|  Origin Bancorp, Inc.  | 951  | 34902  |
|  Pacific Premier Bancorp, Inc.  | 3124  | 98593  |
|  PacWest Bancorp  | 3867  | 88748  |
|  Park National Corp. (b)  | 470  | 66153  |
|  Pathward Financial, Inc.  | 981  | 42232  |
|  Peapack-Gladstone Financial Corp.  | 515  | 19168  |
|  Peoples Bancorp, Inc.  | 909  | 25679  |
|  Pinnacle Financial Partners, Inc.  | 2510  | 184234  |
|  Popular, Inc.  | 2461  | 163214  |
|  Preferred Bank, Los Angeles  | 453  | 33803  |
|  Premier Financial Corp.  | 1195  | 32229  |
|  Prosperity Bancshares, Inc.  | 2995  | 217677  |
|  QCR Holdings, Inc.  | 564  | 27997  |
|  Renasant Corp.  | 1826  | 68639  |
|  Republic First Bancorp, Inc. (a)(b)  | 1485  | 3193  |
|  S&T Bancorp, Inc.  | 1285  | 43921  |
|  Sandy Spring Bancorp, Inc.  | 1458  | 51365  |
|  Seacoast Banking Corp., Florida  | 1996  | 62255  |
|  ServisFirst Bancshares, Inc.  | 1604  | 110532  |
|  Silvergate Capital Corp. (a)(b)  | 1055  | 18357  |
|  Simmons First National Corp. Class A  | 4223  | 91132  |
|  Southside Bancshares, Inc.  | 985  | 35450  |
|  Southstate Corp.  | 2491  | 190213  |
|  Stellar Bancorp, Inc.  | 1466  | 43188  |
|  Stock Yards Bancorp, Inc.  | 957  | 62186  |
|  Synovus Financial Corp.  | 4779  | 179451  |
|  Texas Capital Bancshares, Inc. (a)  | 1636  | 98667  |
|  Tompkins Financial Corp.  | 417  | 32351  |
|  TowneBank  | 2154  | 66429  |
|  Trico Bancshares  | 1089  | 55528  |
|  Triumph Bancorp, Inc. (a)  | 756  | 36946  |
|  Trustmark Corp.  | 1999  | 69785  |
|  UMB Financial Corp.  | 1436  | 119935  |
|  Umpqua Holdings Corp.  | 7125  | 127181  |
|  United Bankshares, Inc., West Virginia (b)  | 4418  | 178885  |
|  United Community Bank, Inc.  | 3501  | 118334  |
|  Univest Corp. of Pennsylvania  | 945  | 24693  |
|  Valley National Bancorp  | 13799  | 156067  |
|  Veritex Holdings, Inc.  | 1780  | 49982  |
|  Washington Federal, Inc.  | 2168  | 72736  |
|  Washington Trust Bancorp, Inc.  | 545  | 25713  |
|  Webster Financial Corp.  | 5779  | 273578  |
|  WesBanco, Inc.  | 1949  | 72074  |
|  Westamerica Bancorp.  | 870  | 51339  |
|  Western Alliance Bancorp.  | 3558  | 211914  |
|  Wintrust Financial Corp.  | 2006  | 169547  |
|  Zions Bancorp NA  | 4933  | 242506  |
|  |  | 11140094  |
| Capital Markets - 3.2%  |  |  |
|  Affiliated Managers Group, Inc.  | 1257  | 199147  |
|  Ares Management Corp.  | 5084  | 347949  |
|  Artisan Partners Asset Management, Inc.  | 2194  | 65162  |
|  Assetmark Financial Holdings, Inc. (a)  | 698  | 16054  |
| B. Riley Financial, Inc. (b)  | 509  | 17408  |
|  BGC Partners, Inc. Class A  | 10841  | 40871  |
|  Blucora, Inc. (a)  | 1563  | 39903  |
|  Blue Owl Capital, Inc. Class A (b)  | 11046  | 117088  |
|  Bridge Investment Group Holdings, Inc.  | 905  | 10905  |
|  BrightSphere Investment Group, Inc.  | 1087  | 22370  |
|  Carlyle Group LP  | 7135  | 212908  |
|  Cboe Global Markets, Inc.  | 3487  | 437514  |
|  Cohen & Steers, Inc.  | 816  | 52681  |
|  Coinbase Global, Inc. (a)(b)  | 5171  | 183002  |
|  Cowen Group, Inc. Class A  | 866  | 33445  |
|  Diamond Hill Investment Group, Inc.  | 104  | 19242  |
|  Donnelley Financial Solutions, Inc. (a)  | 843  | 32582  |
|  Evercore, Inc. Class A  | 1187  | 129478  |
|  Federated Hermes, Inc.  | 2778  | 100869  |
|  Focus Financial Partners, Inc. Class A (a)  | 1909  | 71148  |
|  Franklin Resources, Inc. (b)  | 9306  | 245492  |
|  Galaxy Digital Holdings Ltd. (a)(b)  | 3685  | 10532  |
|  GCM Grosvenor, Inc. Class A (b)  | 1369  | 10418  |
|  GQG Partners, Inc. unit  | 25020  | 23870  |
|  Greenhill & Co., Inc.  | 363  | 3721  |
|  Hamilton Lane, Inc. Class A  | 1146  | 73206  |
|  Houlihan Lokey  | 1636  | 142594  |
|  Interactive Brokers Group, Inc.  | 3383  | 244760  |
|  Invesco Ltd.  | 14925  | 268501  |
|  Janus Henderson Group PLC  | 4355  | 102430  |
|  Jefferies Financial Group, Inc.  | 6103  | 209211  |
|  Lazard Ltd. Class A  | 3701  | 128314  |
|  LPL Financial  | 2620  | 566353  |
|  Moelis & Co. Class A  | 2109  | 80922  |
|  Morningstar, Inc.  | 825  | 178687  |
|  Open Lending Corp. (a)  | 3424  | 23112  |
|  Oppenheimer Holdings, Inc. Class A (non-vtg.)  | 246  | 10413  |
|  P10, Inc.  | 1048  | 11182  |
|  Perella Weinberg Partners Class A  | 1344  | 13171  |
|  Piper Jaffray Companies  | 452  | 58846  |
|  PJT Partners, Inc.  | 803  | 59173  |
|  Sculptor Capital Management, Inc. Class A  | 729  | 6313  |
|  SEI Investments Co.  | 3387  | 197462  |
|  StepStone Group, Inc. Class A  | 1584  | 39885  |
|  Stifel Financial Corp.  | 3486  | 203478  |
|  StoneX Group, Inc. (a)  | 570  | 54321  |
|  Tradeweb Markets, Inc. Class A  | 3532  | 229333  |
|  Victory Capital Holdings, Inc.  | 900  | 24147  |
|  Virtu Financial, Inc. Class A  | 3149  | 64271  |
|  Virtus Investment Partners, Inc.  | 223  | 42691  |
|  WisdomTree Investments, Inc. (b)  | 3656  | 19925  |
|  |  | 5496460  |
| Consumer Finance - 0.6%  |  |  |
|  Atlanticus Holdings Corp. (a)  | 143  | 3747  |
|  Bread Financial Holdings, Inc.  | 1612  | 60708  |
|  Credit Acceptance Corp. (a)(b)  | 200  | 94880  |
|  CURO Group Holdings Corp.  | 768  | 2726  |
|  Encore Capital Group, Inc. (a)  | 784  | 37585  |
|  Enova International, Inc. (a)  | 1031  | 39559  |
|  EZCORP, Inc. (non-vtg.) Class A (a)  | 1817  | 14809  |
|  FirstCash Holdings, Inc.  | 1251  | 108724  |
|  Green Dot Corp. Class A (a)  | 1574  | 24901  |
|  Katapult Holdings, Inc. (a)  | 1787  | 1710  |
|  LendingClub Corp. (a)  | 3383  | 29770  |
|  LendingTree, Inc. (a)  | 382  | 8148  |
|  Medallion Financial Corp. (b)  | 629  | 4491  |
|  MoneyLion, Inc. (a)  | 4415  | 2737  |
|  Navient Corp.  | 3634  | 59779  |
|  Nelnet, Inc. Class A  | 589  | 53452  |
|  NerdWallet, Inc. (a)(b)  | 1042  | 10003  |
|  OneMain Holdings, Inc.  | 4060  | 135239  |
|  Oportun Financial Corp. (a)  | 729  | 4017  |
|  PRA Group, Inc. (a)  | 1272  | 42968  |
|  PROG Holdings, Inc. (a)  | 1662  | 28071  |
|  Regional Management Corp.  | 307  | 8621  |
|  SLM Corp.  | 8275  | 137365  |
|  SoFi Technologies, Inc. (a)(b)  | 26664  | 122921  |
|  Sunlight Financial Holdings, Inc. Class A (a)(b)  | 1117  | 1441  |
|  Upstart Holdings, Inc. (a)(b)  | 2304  | 30459  |
|  World Acceptance Corp. (a)(b)  | 119  | 7847  |
|  |  | 1076678  |
| Diversified Financial Services - 0.4%  |  |  |
|  A-Mark Precious Metals, Inc.  | 571  | 19831  |
|  Acacia Research Corp. (a)  | 1068  | 4496  |
|  Cannae Holdings, Inc. (a)  | 2451  | 50613  |
|  Equitable Holdings, Inc.  | 11469  | 329160  |
|  Jackson Financial, Inc.  | 1978  | 68815  |
|  Voya Financial, Inc. (b)  | 3222  | 198121  |
|  |  | 671036  |
| Insurance - 4.0%  |  |  |
|  AMBAC Financial Group, Inc. (a)  | 1500  | 26160  |
|  American Equity Investment Life Holding Co.  | 2329  | 106249  |
|  American Financial Group, Inc.  | 2292  | 314646  |
|  Amerisafe, Inc.  | 647  | 33625  |
|  Argo Group International Holdings, Ltd.  | 1175  | 30374  |
|  Assurant, Inc.  | 1747  | 218480  |
|  Assured Guaranty Ltd.  | 2030  | 126388  |
|  Axis Capital Holdings Ltd.  | 2531  | 137104  |
|  Brighthouse Financial, Inc. (a)  | 2353  | 120638  |
|  Brown & Brown, Inc.  | 7706  | 439011  |
|  BRP Group, Inc. (a)  | 1981  | 49802  |
|  CNO Financial Group, Inc.  | 3750  | 85688  |
|  eHealth, Inc. (a)  | 886  | 4288  |
|  Employers Holdings, Inc.  | 876  | 37782  |
|  Enstar Group Ltd. (a)  | 444  | 102582  |
|  Erie Indemnity Co. Class A  | 820  | 203950  |
|  Everest Re Group Ltd.  | 1295  | 428995  |
|  First American Financial Corp.  | 3418  | 178898  |
|  Genworth Financial, Inc. Class A (a)  | 16550  | 87550  |
|  Globe Life, Inc.  | 2975  | 358636  |
|  Goosehead Insurance (a)(b)  | 688  | 23626  |
|  Hanover Insurance Group, Inc.  | 1170  | 158102  |
|  HCI Group, Inc. (b)  | 231  | 9145  |
|  Hippo Holdings, Inc. (a)(b)  | 502  | 6827  |
|  Horace Mann Educators Corp.  | 1337  | 49964  |
|  James River Group Holdings Ltd.  | 1247  | 26075  |
|  Kemper Corp.  | 2093  | 102976  |
|  Kinsale Capital Group, Inc.  | 708  | 185156  |
|  Lemonade, Inc. (a)(b)  | 1477  | 20205  |
|  Lincoln National Corp.  | 5088  | 156303  |
|  Loews Corp.  | 6548  | 381945  |
|  MBIA, Inc. (a)  | 1542  | 19815  |
|  Mercury General Corp.  | 892  | 30506  |
|  National Western Life Group, Inc.  | 81  | 22761  |
|  Old Republic International Corp.  | 9439  | 227952  |
|  Oscar Health, Inc. (a)  | 3570  | 8782  |
|  Palomar Holdings, Inc. (a)  | 831  | 37528  |
|  Primerica, Inc.  | 1231  | 174580  |
|  ProAssurance Corp.  | 1785  | 31184  |
|  Reinsurance Group of America, Inc.  | 2200  | 312598  |
|  RenaissanceRe Holdings Ltd.  | 1436  | 264554  |
|  RLI Corp.  | 1327  | 174195  |
|  Root, Inc. (a)(b)  | 172  | 772  |
|  Ryan Specialty Group Holdings, Inc. (a)(b)  | 2716  | 112741  |
|  Safety Insurance Group, Inc.  | 480  | 40445  |
|  Selective Insurance Group, Inc.  | 1984  | 175802  |
|  Selectquote, Inc. (a)  | 4398  | 2955  |
|  Siriuspoint Ltd. (a)  | 2809  | 16573  |
|  Stewart Information Services Corp.  | 890  | 38030  |
|  Tiptree, Inc.  | 749  | 10366  |
|  Trean Insurance Group, Inc. (a)  | 595  | 3570  |
|  Trupanion, Inc. (a)(b)  | 1157  | 54992  |
|  United Fire Group, Inc.  | 724  | 19809  |
|  Universal Insurance Holdings, Inc.  | 907  | 9605  |
|  Unum Group  | 6171  | 253196  |
|  W.R. Berkley Corp.  | 6707  | 486727  |
|  White Mountains Insurance Group Ltd.  | 83  | 117389  |
|  |  | 6858597  |
| Mortgage Real Estate Investment Trusts - 0.9%  |  |  |
|  AG Mortgage Investment Trust, Inc.  | 758  | 4025  |
|  AGNC Investment Corp.  | 17192  | 177937  |
|  Annaly Capital Management, Inc.  | 14162  | 298535  |
|  Apollo Commercial Real Estate Finance, Inc.  | 4200  | 45192  |
|  Arbor Realty Trust, Inc.  | 5621  | 74141  |
|  Ares Commercial Real Estate Corp.  | 1802  | 18543  |
|  Armour Residential REIT, Inc. (b)  | 3750  | 21113  |
|  Blackstone Mortgage Trust, Inc.  | 5622  | 119018  |
|  BrightSpire Capital, Inc.  | 3067  | 19107  |
|  Broadmark Realty Capital, Inc.  | 4388  | 15621  |
|  Cherry Hill Mortgage Investment Corp. (b)  | 676  | 3921  |
|  Chimera Investment Corp.  | 7639  | 42015  |
|  Dynex Capital, Inc.  | 1484  | 18876  |
|  Ellington Financial LLC (b)  | 1924  | 23800  |
|  Ellington Residential Mortgage REIT (b)  | 436  | 2991  |
|  Franklin BSP Realty Trust, Inc.  | 2778  | 35836  |
|  Granite Point Mortgage Trust, Inc.  | 1739  | 9321  |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b)  | 2895  | 83897  |
|  Invesco Mortgage Capital, Inc.  | 1094  | 13927  |
|  KKR Real Estate Finance Trust, Inc.  | 1931  | 26957  |
|  Ladder Capital Corp. Class A  | 3728  | 37429  |
|  MFA Financial, Inc.  | 2916  | 28723  |
|  New York Mortgage Trust, Inc.  | 12701  | 32515  |
|  Orchid Island Capital, Inc. (b)  | 1178  | 12369  |
|  PennyMac Mortgage Investment Trust (b)  | 3036  | 37616  |
|  Ready Capital Corp. (b)  | 3373  | 37575  |
|  Redwood Trust, Inc.  | 3809  | 25749  |
|  Rithm Capital Corp.  | 15364  | 125524  |
|  Sachem Capital Corp.  | 1386  | 4574  |
|  Starwood Property Trust, Inc.  | 10175  | 186508  |
|  TPG RE Finance Trust, Inc.  | 2013  | 13668  |
|  Two Harbors Investment Corp.  | 2818  | 44440  |
|  |  | 1641463  |
| Thrifts & Mortgage Finance - 0.8%  |  |  |
|  Axos Financial, Inc. (a)  | 1753  | 67000  |
|  Blue Foundry Bancorp (a)  | 774  | 9946  |
|  Capitol Federal Financial, Inc.  | 4225  | 36546  |
|  Columbia Financial, Inc. (a)  | 1099  | 23760  |
|  Essent Group Ltd.  | 3541  | 137674  |
|  Federal Agricultural Mortgage Corp. Class C (non-vtg.)  | 303  | 34151  |
|  Hingham Institution for Savings  | 51  | 14074  |
|  Kearny Financial Corp.  | 2213  | 22462  |
|  Merchants Bancorp  | 850  | 20672  |
|  MGIC Investment Corp.  | 9966  | 129558  |
|  Mr. Cooper Group, Inc. (a)  | 2353  | 94426  |
|  New York Community Bancorp, Inc.  | 15326  | 131804  |
|  NMI Holdings, Inc. (a)  | 2793  | 58374  |
|  Northfield Bancorp, Inc.  | 1458  | 22934  |
|  Ocwen Financial Corp. (a)  | 234  | 7156  |
|  PennyMac Financial Services, Inc.  | 1032  | 58473  |
|  Provident Financial Services, Inc.  | 2434  | 51990  |
|  Radian Group, Inc.  | 5305  | 101166  |
|  Rocket Companies, Inc. (b)  | 3737  | 26159  |
|  Southern Missouri Bancorp, Inc.  | 259  | 11870  |
|  TFS Financial Corp.  | 1551  | 22350  |
|  Trustco Bank Corp., New York  | 627  | 23569  |
|  UWM Holdings Corp. Class A (b)  | 3113  | 10304  |
|  Walker & Dunlop, Inc.  | 1015  | 79657  |
|  Waterstone Financial, Inc.  | 725  | 12499  |
|  WSFS Financial Corp.  | 2091  | 94806  |
|  |  | 1303380  |
|  TOTAL FINANCIALS  |  | 28187708  |
| HEALTH CARE - 12.1%  |  |  |
| Biotechnology - 4.5%  |  |  |
|  2seventy bio, Inc. (a)  | 1255  | 11759  |
|  4D Molecular Therapeutics, Inc. (a)  | 876  | 19456  |
|  ACADIA Pharmaceuticals, Inc. (a)  | 3927  | 62518  |
|  Adicet Bio, Inc. (a)  | 1026  | 9172  |
|  ADMA Biologics, Inc. (a)  | 5638  | 21875  |
|  Adverum Biotechnologies, Inc. (a)  | 2500  | 1449  |
|  Agenus, Inc. (a)  | 8459  | 20302  |
|  Agios Pharmaceuticals, Inc. (a)  | 1777  | 49898  |
|  Akero Therapeutics, Inc. (a)(b)  | 982  | 53814  |
|  Alaunos Therapeutics, Inc. (a)(b)  | 7099  | 4608  |
|  Albireo Pharma, Inc. (a)(b)  | 564  | 12188  |
|  Aldeyra Therapeutics, Inc. (a)  | 1611  | 11213  |
|  Alector, Inc. (a)  | 2015  | 18598  |
|  Alkermes PLC (a)  | 5382  | 140632  |
|  Allakos, Inc. (a)  | 2311  | 19459  |
|  Allogene Therapeutics, Inc. (a)(b)  | 2973  | 18700  |
|  Allovir, Inc. (a)(b)  | 1499  | 7690  |
|  Altimmune, Inc. (a)  | 1449  | 23836  |
|  ALX Oncology Holdings, Inc. (a)  | 713  | 8036  |
|  Amicus Therapeutics, Inc. (a)  | 8205  | 100183  |
|  AnaptysBio, Inc. (a)(b)  | 665  | 20608  |
|  Anavex Life Sciences Corp. (a)(b)  | 2607  | 24141  |
|  Anika Therapeutics, Inc. (a)  | 468  | 13853  |
|  Apellis Pharmaceuticals, Inc. (a)  | 3065  | 158491  |
|  Arbutus Biopharma Corp. (a)  | 3282  | 7647  |
|  Arcturus Therapeutics Holdings, Inc. (a)  | 750  | 12720  |
|  Arcus Biosciences, Inc. (a)  | 1713  | 35425  |
|  Arcutis Biotherapeutics, Inc. (a)  | 1300  | 19240  |
|  Ardelyx, Inc. (a)(b)  | 5239  | 14931  |
|  Arrowhead Pharmaceuticals, Inc. (a)  | 3480  | 141149  |
|  Ars Pharmaceuticals, Inc. (a)  | 787  | 6713  |
|  Assembly Biosciences, Inc. (a)  | 1110  | 1443  |
|  Atara Biotherapeutics, Inc. (a)  | 2994  | 9820  |
|  Atossa Therapeutics, Inc. (a)(b)  | 4119  | 2177  |
|  Aura Biosciences, Inc. (a)  | 477  | 5009  |
|  AVEO Pharmaceuticals, Inc. (a)  | 935  | 13978  |
|  Avid Bioservices, Inc. (a)  | 2051  | 28242  |
|  Avidity Biosciences, Inc. (a)  | 1710  | 37945  |
|  Avita Medical, Inc. (a)(b)  | 884  | 5834  |
|  Beam Therapeutics, Inc. (a)(b)  | 1942  | 75952  |
|  BioAtla, Inc. (a)(b)  | 925  | 7631  |
|  BioCryst Pharmaceuticals, Inc. (a)  | 6064  | 69615  |
|  Biohaven Ltd. (a)  | 1052  | 14602  |
|  BioXcel Therapeutics, Inc. (a)(b)  | 664  | 14263  |
|  bluebird bio, Inc. (a)(b)  | 2458  | 17009  |
|  Blueprint Medicines Corp. (a)  | 1956  | 85692  |
|  BridgeBio Pharma, Inc. (a)(b)  | 3447  | 26266  |
|  C4 Therapeutics, Inc. (a)(b)  | 1416  | 8354  |
|  Cardiff Oncology, Inc. (a)(b)  | 1360  | 1904  |
|  CareDx, Inc. (a)  | 1793  | 20458  |
|  Caribou Biosciences, Inc. (a)  | 1778  | 11166  |
|  Catalyst Pharmaceutical Partners, Inc. (a)  | 3086  | 57400  |
|  Cel-Sci Corp. (a)(b)  | 1586  | 3727  |
|  Celldex Therapeutics, Inc. (a)  | 1539  | 68593  |
|  Century Therapeutics, Inc. (a)(b)  | 681  | 3494  |
|  Cerevel Therapeutics Holdings (a)  | 2095  | 66076  |
|  Checkpoint Therapeutics, Inc. (a)(b)  | 210  | 1073  |
|  Chimerix, Inc. (a)  | 2502  | 4654  |
|  Chinook Therapeutics, Inc. (a)  | 1439  | 37702  |
|  Cogent Biosciences, Inc. (a)  | 2157  | 24935  |
|  Coherus BioSciences, Inc. (a)(b)  | 2167  | 17163  |
|  Concert Pharmaceuticals, Inc. (a)  | 1407  | 8217  |
|  Crinetics Pharmaceuticals, Inc. (a)  | 1448  | 26498  |
|  CRISPR Therapeutics AG (a)(b)  | 2563  | 104186  |
|  CTI BioPharma Corp. (a)  | 3194  | 19196  |
|  Cue Biopharma, Inc. (a)  | 1306  | 3722  |
|  Cullinan Oncology, Inc. (a)(b)  | 956  | 10086  |
|  Curis, Inc. (a)  | 2619  | 1440  |
|  Cytokinetics, Inc. (a)  | 3091  | 141630  |
|  CytomX Therapeutics, Inc. (a)(b)  | 1866  | 2986  |
|  Day One Biopharmaceuticals, Inc. (a)  | 894  | 19239  |
|  Deciphera Pharmaceuticals, Inc. (a)  | 1634  | 26781  |
|  Denali Therapeutics, Inc. (a)  | 3203  | 89075  |
|  DermTech, Inc. (a)(b)  | 749  | 1326  |
|  Design Therapeutics, Inc. (a)(b)  | 965  | 9901  |
|  Dynavax Technologies Corp. (a)(b)  | 3866  | 41134  |
|  Dyne Therapeutics, Inc. (a)  | 845  | 9794  |
|  Eagle Pharmaceuticals, Inc. (a)  | 333  | 9734  |
|  Editas Medicine, Inc. (a)(b)  | 2305  | 20445  |
|  Eiger Biopharmaceuticals, Inc. (a)  | 1340  | 1581  |
|  Emergent BioSolutions, Inc. (a)  | 1486  | 17550  |
|  Enanta Pharmaceuticals, Inc. (a)  | 643  | 29912  |
|  Entrada Therapeutics, Inc. (a)  | 567  | 7666  |
|  Erasca, Inc. (a)  | 1966  | 8473  |
|  Evelo Biosciences, Inc. (a)(b)  | 1838  | 2959  |
|  Exelixis, Inc. (a)  | 10574  | 169607  |
|  Fate Therapeutics, Inc. (a)(b)  | 2750  | 27748  |
|  FibroGen, Inc. (a)  | 2877  | 46090  |
|  Foghorn Therapeutics, Inc. (a)  | 716  | 4568  |
|  G1 Therapeutics, Inc. (a)(b)  | 1210  | 6570  |
|  Generation Bio Co. (a)(b)  | 1542  | 6060  |
|  Geron Corp. (a)(b)  | 10675  | 25834  |
|  Gossamer Bio, Inc. (a)  | 2527  | 5484  |
|  Gritstone Bio, Inc. (a)(b)  | 2139  | 7380  |
|  Halozyme Therapeutics, Inc. (a)  | 4525  | 257473  |
|  Heron Therapeutics, Inc. (a)(b)  | 3510  | 8775  |
|  Homology Medicines, Inc. (a)  | 1147  | 1445  |
|  Humacyte, Inc. Class A (a)(b)  | 1629  | 3437  |
|  Icosavax, Inc. (a)  | 814  | 6463  |
|  Ideaya Biosciences, Inc. (a)  | 1086  | 19733  |
|  IGM Biosciences, Inc. (a)(b)  | 302  | 5137  |
|  Imago BioSciences, Inc. (a)  | 795  | 28580  |
|  Immunic, Inc. (a)(b)  | 815  | 1141  |
|  ImmunityBio, Inc. (a)(b)  | 3416  | 17319  |
|  ImmunoGen, Inc. (a)  | 6427  | 31878  |
|  Immunovant, Inc. (a)  | 1484  | 26341  |
|  Inhibrx, Inc. (a)(b)  | 887  | 21856  |
|  Inmune Bio, Inc. (a)(b)  | 383  | 2428  |
|  Inovio Pharmaceuticals, Inc. (a)(b)  | 8510  | 13276  |
|  Insmed, Inc. (a)  | 3902  | 77962  |
|  Intellia Therapeutics, Inc. (a)  | 2497  | 87120  |
|  Intercept Pharmaceuticals, Inc. (a)(b)  | 794  | 9822  |
|  Invivyd, Inc. (a)  | 1746  | 2619  |
|  Ionis Pharmaceuticals, Inc. (a)  | 4655  | 175819  |
|  Iovance Biotherapeutics, Inc. (a)  | 4426  | 28282  |
|  Ironwood Pharmaceuticals, Inc. Class A (a)  | 4383  | 54305  |
|  iTeos Therapeutics, Inc. (a)  | 809  | 15800  |
|  Iveric Bio, Inc. (a)  | 3652  | 78189  |
|  Janux Therapeutics, Inc. (a)  | 573  | 7546  |
|  Jounce Therapeutics, Inc. (a)  | 1031  | 1144  |
|  Kalvista Pharmaceuticals, Inc. (a)  | 652  | 4408  |
|  Karuna Therapeutics, Inc. (a)  | 877  | 172331  |
|  Karyopharm Therapeutics, Inc. (a)(b)  | 2344  | 7970  |
|  Keros Therapeutics, Inc. (a)  | 535  | 25691  |
|  Kezar Life Sciences, Inc. (a)(b)  | 1698  | 11954  |
|  Kiniksa Pharmaceuticals Ltd. (a)  | 840  | 12583  |
|  Kinnate Biopharma, Inc. (a)  | 498  | 3038  |
|  Kodiak Sciences, Inc. (a)  | 1119  | 8012  |
|  Kronos Bio, Inc. (a)(b)  | 1551  | 2513  |
|  Krystal Biotech, Inc. (a)  | 703  | 55692  |
|  Kura Oncology, Inc. (a)  | 2027  | 25155  |
|  Kymera Therapeutics, Inc. (a)(b)  | 1189  | 29677  |
|  Lexicon Pharmaceuticals, Inc. (a)  | 2977  | 5686  |
|  Lineage Cell Therapeutics, Inc. (a)(b)  | 3625  | 4241  |
|  Macrogenics, Inc. (a)  | 1922  | 12897  |
|  Madrigal Pharmaceuticals, Inc. (a)  | 389  | 112907  |
|  MannKind Corp. (a)(b)  | 8430  | 44426  |
|  Mersana Therapeutics, Inc. (a)  | 2845  | 16672  |
|  MiMedx Group, Inc. (a)  | 3709  | 10311  |
|  Mirati Therapeutics, Inc. (a)  | 1643  | 74444  |
|  Mirum Pharmaceuticals, Inc. (a)  | 783  | 15269  |
|  Monte Rosa Therapeutics, Inc. (a)(b)  | 966  | 7351  |
|  Morphic Holding, Inc. (a)  | 975  | 26081  |
|  Myovant Sciences Ltd. (a)  | 1418  | 38229  |
|  Myriad Genetics, Inc. (a)  | 2644  | 38364  |
|  Natera, Inc. (a)  | 3182  | 127821  |
|  Neurocrine Biosciences, Inc. (a)  | 3143  | 375400  |
|  NextCure, Inc. (a)  | 420  | 592  |
|  Nkarta, Inc. (a)  | 1085  | 6499  |
|  Novavax, Inc. (a)(b)  | 2531  | 26019  |
|  Nurix Therapeutics, Inc. (a)  | 1472  | 16163  |
|  Nuvalent, Inc. Class A (a)  | 606  | 18047  |
|  Ocugen, Inc. (a)(b)  | 7079  | 9203  |
|  Olema Pharmaceuticals, Inc. (a)(b)  | 1356  | 3322  |
|  Omniab, Inc. (c)  | 200  | 624  |
|  Omniab, Inc. (c)  | 200  | 590  |
|  Organogenesis Holdings, Inc. Class A (a)  | 2217  | 5964  |
|  ORIC Pharmaceuticals, Inc. (a)(b)  | 907  | 5342  |
|  Outlook Therapeutics, Inc. (a)(b)  | 3456  | 3732  |
|  PDL BioPharma, Inc. (a)(c)  | 2200  | 2772  |
|  PDS Biotechnology Corp. (a)  | 802  | 10586  |
|  PepGen, Inc.  | 314  | 4198  |
|  Pieris Pharmaceuticals, Inc. (a)(b)  | 1999  | 2079  |
|  PMV Pharmaceuticals, Inc. (a)(b)  | 1059  | 9213  |
|  Point Biopharma Global, Inc. (a)(b)  | 2159  | 15739  |
|  Praxis Precision Medicines, Inc. (a)(b)  | 1003  | 2387  |
|  Precigen, Inc. (a)(b)  | 3303  | 5021  |
|  Precision BioSciences, Inc. (a)  | 2674  | 3182  |
|  Prometheus Biosciences, Inc. (a)  | 953  | 104830  |
|  Protagonist Therapeutics, Inc. (a)  | 1480  | 16147  |
|  Prothena Corp. PLC (a)  | 1157  | 69709  |
|  PTC Therapeutics, Inc. (a)  | 2339  | 89280  |
|  Puma Biotechnology, Inc. (a)  | 1133  | 4793  |
|  RAPT Therapeutics, Inc. (a)  | 741  | 14672  |
|  Recursion Pharmaceuticals, Inc. (a)(b)  | 3909  | 30138  |
|  REGENXBIO, Inc. (a)  | 1268  | 28758  |
|  Relay Therapeutics, Inc. (a)  | 2923  | 43670  |
|  Repligen Corp. (a)  | 1696  | 287150  |
|  Replimune Group, Inc. (a)  | 1054  | 28669  |
|  Revolution Medicines, Inc. (a)  | 2451  | 58383  |
|  Rhythm Pharmaceuticals, Inc. (a)(b)  | 1307  | 38060  |
|  Rigel Pharmaceuticals, Inc. (a)  | 5964  | 8946  |
|  Rocket Pharmaceuticals, Inc. (a)  | 1631  | 31919  |
|  Sage Therapeutics, Inc. (a)  | 1696  | 64685  |
|  Sana Biotechnology, Inc. (a)(b)  | 2991  | 11814  |
|  Sangamo Therapeutics, Inc. (a)  | 4415  | 13863  |
|  Sarepta Therapeutics, Inc. (a)  | 2874  | 372413  |
|  Scholar Rock Holding Corp. (a)(b)  | 1158  | 10480  |
|  Selecta Biosciences, Inc. (a)  | 3423  | 3868  |
|  Seres Therapeutics, Inc. (a)  | 3014  | 16878  |
|  Sesen Bio, Inc. (a)  | 6389  | 3894  |
|  Shattuck Labs, Inc. (a)  | 1301  | 2992  |
|  Sorrento Therapeutics, Inc. (a)(b)  | 12665  | 11221  |
|  Spectrum Pharmaceuticals, Inc. (a)(b)  | 5800  | 2137  |
|  SpringWorks Therapeutics, Inc. (a)  | 1039  | 27024  |
|  Stoke Therapeutics, Inc. (a)  | 740  | 6830  |
|  Surface Oncology, Inc. (a)  | 1183  | 970  |
|  Sutro Biopharma, Inc. (a)  | 1476  | 11926  |
|  Syndax Pharmaceuticals, Inc. (a)  | 1750  | 44538  |
|  Taysha Gene Therapies, Inc. (a)  | 657  | 1485  |
|  TCR2 Therapeutics, Inc. (a)  | 1263  | 1261  |
|  Tenaya Therapeutics, Inc. (a)  | 914  | 1837  |
|  TG Therapeutics, Inc. (a)  | 4510  | 53353  |
|  Travere Therapeutics, Inc. (a)  | 1823  | 38338  |
|  Twist Bioscience Corp. (a)  | 1829  | 43548  |
|  Tyra Biosciences, Inc. (a)(b)  | 557  | 4233  |
|  Ultragenyx Pharmaceutical, Inc. (a)  | 2294  | 106281  |
|  uniQure B.V. (a)  | 1348  | 30559  |
|  United Therapeutics Corp. (a)  | 1494  | 415466  |
|  Vanda Pharmaceuticals, Inc. (a)  | 1850  | 13672  |
|  Vaxart, Inc. (a)(b)  | 4281  | 4114  |
|  Vaxcyte, Inc. (a)  | 1455  | 69767  |
|  VBI Vaccines, Inc. (a)  | 5868  | 2295  |
|  Veracyte, Inc. (a)  | 2358  | 55955  |
|  Verastem, Inc. (a)(b)  | 5488  | 2209  |
|  Vericel Corp. (a)  | 1561  | 41117  |
|  Verve Therapeutics, Inc. (a)(b)  | 1339  | 25910  |
|  Viking Therapeutics, Inc. (a)  | 2317  | 21780  |
|  Vir Biotechnology, Inc. (a)  | 2492  | 63073  |
|  Viridian Therapeutics, Inc. (a)(b)  | 1232  | 35987  |
|  Voyager Therapeutics, Inc. (a)(b)  | 943  | 5752  |
|  Xencor, Inc. (a)  | 1971  | 51325  |
|  Y-mAbs Therapeutics, Inc. (a)  | 1075  | 5246  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 1441  | 29022  |
|  |  | 7713882  |
| Health Care Equipment & Supplies - 2.7%  |  |  |
|  Accuray, Inc. (a)(b)  | 3099  | 6477  |
|  Alphatec Holdings, Inc. (a)  | 2326  | 28726  |
|  Angiodynamics, Inc. (a)  | 1281  | 17639  |
|  Apollo Endosurgery, Inc. (a)  | 1333  | 13290  |
|  Artivion, Inc. (a)  | 1339  | 16229  |
|  Asensus Surgical, Inc. (a)(b)  | 7206  | 2501  |
|  Atricure, Inc. (a)  | 1508  | 66925  |
|  Atrion Corp.  | 44  | 24616  |
|  Avanos Medical, Inc. (a)  | 1494  | 40428  |
|  AxoGen, Inc. (a)  | 1379  | 13762  |
|  Axonics Modulation Technologies, Inc. (a)  | 1614  | 100923  |
|  Beyond Air, Inc. (a)(b)  | 876  | 5685  |
|  Bioventus, Inc. (a)(b)  | 1037  | 2707  |
|  Butterfly Network, Inc. Class A (a)  | 4843  | 11914  |
|  Cardiovascular Systems, Inc. (a)  | 1376  | 18741  |
|  Cerus Corp. (a)  | 5934  | 21659  |
|  ClearPoint Neuro, Inc. (a)  | 719  | 6090  |
|  Co.-Diagnostics, Inc. (a)(b)  | 993  | 2502  |
|  CONMED Corp. (b)  | 1002  | 88817  |
|  Cutera, Inc. (a)(b)  | 587  | 25957  |
|  DarioHealth Corp. (a)(b)  | 802  | 3433  |
|  Dentsply Sirona, Inc.  | 7083  | 225523  |
|  Enovis Corp. (a)  | 1565  | 83759  |
|  Envista Holdings Corp. (a)  | 5359  | 180438  |
|  Figs, Inc. Class A (a)  | 4176  | 28104  |
|  Glaukos Corp. (a)  | 1575  | 68796  |
|  Globus Medical, Inc. (a)  | 2532  | 188052  |
|  Haemonetics Corp. (a)  | 1677  | 131896  |
|  Heska Corp. (a)  | 332  | 20637  |
|  ICU Medical, Inc. (a)  | 659  | 103779  |
|  Inari Medical, Inc. (a)  | 1582  | 100552  |
|  Inogen, Inc. (a)  | 775  | 15275  |
|  Inspire Medical Systems, Inc. (a)  | 908  | 228707  |
|  Integer Holdings Corp. (a)  | 1079  | 73868  |
|  Integra LifeSciences Holdings Corp. (a)  | 2373  | 133054  |
|  IRadimed Corp.  | 230  | 6507  |
|  iRhythm Technologies, Inc. (a)  | 991  | 92827  |
|  Lantheus Holdings, Inc. (a)  | 2255  | 114915  |
|  LeMaitre Vascular, Inc. (b)  | 644  | 29637  |
|  LivaNova PLC (a)  | 1747  | 97028  |
|  Masimo Corp. (a)  | 1588  | 234945  |
|  Meridian Bioscience, Inc. (a)  | 1445  | 47988  |
|  Merit Medical Systems, Inc. (a)  | 1859  | 131283  |
|  Mesa Laboratories, Inc.  | 164  | 27258  |
|  Neogen Corp. (a)  | 7093  | 108026  |
|  Nevro Corp. (a)  | 1181  | 46768  |
|  Novocure Ltd. (a)(b)  | 2958  | 216969  |
|  NuVasive, Inc. (a)  | 1696  | 69943  |
|  Omnicell, Inc. (a)  | 1451  | 73159  |
|  OraSure Technologies, Inc. (a)  | 2399  | 11563  |
|  Orthofix International NV (a)  | 674  | 13837  |
|  OrthoPediatrics Corp. (a)  | 452  | 17958  |
|  Outset Medical, Inc. (a)  | 1577  | 40718  |
|  Owlet, Inc. (a)(b)  | 2103  | 1176  |
|  Penumbra, Inc. (a)  | 1245  | 276963  |
|  PROCEPT BioRobotics Corp. (a)  | 1070  | 44448  |
|  Pulmonx Corp. (a)(b)  | 1183  | 9973  |
|  QuidelOrtho Corp. (a)  | 1784  | 152835  |
|  Seaspine Holdings Corp. (a)  | 1154  | 9636  |
|  Semler Scientific, Inc. (a)  | 176  | 5808  |
|  Senseonics Holdings, Inc. (a)(b)  | 15564  | 16031  |
|  Shockwave Medical, Inc. (a)  | 1180  | 242620  |
|  SI-BONE, Inc. (a)  | 999  | 13586  |
|  Sight Sciences, Inc. (a)(b)  | 853  | 10415  |
|  Silk Road Medical, Inc. (a)  | 1177  | 62204  |
|  SmileDirectClub, Inc. (a)(b)  | 3226  | 1136  |
|  Staar Surgical Co. (a)  | 1571  | 76256  |
|  Stereotaxis, Inc. (a)  | 1399  | 2896  |
|  SurModics, Inc. (a)  | 473  | 16139  |
|  Tactile Systems Technology, Inc. (a)  | 609  | 6991  |
|  Tandem Diabetes Care, Inc. (a)  | 2105  | 94620  |
|  TransMedics Group, Inc. (a)  | 1029  | 63510  |
|  Treace Medical Concepts, Inc. (a)  | 1036  | 23818  |
|  UFP Technologies, Inc. (a)  | 230  | 27115  |
|  Utah Medical Products, Inc.  | 113  | 11360  |
|  Varex Imaging Corp. (a)(b)  | 1318  | 26755  |
|  Vicarious Surgical, Inc. (a)(b)  | 1071  | 2163  |
|  ViewRay, Inc. (a)  | 4778  | 21405  |
|  Zimvie, Inc. (a)(b)  | 705  | 6585  |
|  Zomedica Corp. (a)(b)  | 29244  | 4767  |
|  Zynex, Inc. (b)  | 764  | 10627  |
|  |  | 4724628  |
| Health Care Providers & Services - 2.3%  |  |  |
|  1Life Healthcare, Inc. (a)  | 5516  | 92172  |
|  23andMe Holding Co. Class A (a)(b)  | 8548  | 18464  |
|  Acadia Healthcare Co., Inc. (a)  | 2978  | 245149  |
|  Accolade, Inc. (a)  | 2108  | 16421  |
|  AdaptHealth Corp. (a)  | 2524  | 48511  |
|  Addus HomeCare Corp. (a)  | 524  | 52133  |
|  Agiliti, Inc. (a)(b)  | 1094  | 17843  |
|  Amedisys, Inc. (a)  | 1067  | 89137  |
|  AMN Healthcare Services, Inc. (a)  | 1423  | 146313  |
|  Apollo Medical Holdings, Inc. (a)(b)  | 1281  | 37905  |
|  ATI Physical Therapy, Inc. (a)(b)  | 2990  | 912  |
|  Aveanna Healthcare Holdings, Inc. (a)  | 1178  | 919  |
|  Brookdale Senior Living, Inc. (a)  | 6198  | 16921  |
|  Cano Health, Inc. (a)  | 5721  | 7838  |
|  CareMax, Inc. Class A (a)  | 2184  | 7972  |
|  Castle Biosciences, Inc. (a)  | 822  | 19350  |
|  Chemed Corp.  | 490  | 250111  |
|  Clover Health Investments Corp. (a)  | 11093  | 10311  |
|  Community Health Systems, Inc. (a)  | 4087  | 17656  |
|  Corvel Corp. (a)  | 310  | 45052  |
|  Cross Country Healthcare, Inc. (a)  | 1188  | 31565  |
|  DaVita HealthCare Partners, Inc. (a)  | 1829  | 136571  |
|  DocGo, Inc. Class A (a)(b)  | 2691  | 19025  |
|  Encompass Health Corp.  | 3276  | 195938  |
|  Enhabit Home Health & Hospice (a)  | 1628  | 21424  |
|  Fulgent Genetics, Inc. (a)  | 667  | 19863  |
|  GeneDx Holdings Corp. Class A (a)(b)  | 8244  | 2175  |
|  Guardant Health, Inc. (a)  | 3358  | 91338  |
|  HealthEquity, Inc. (a)  | 2771  | 170804  |
|  Henry Schein, Inc. (a)  | 4467  | 356779  |
|  Hims & Hers Health, Inc. (a)(b)  | 4169  | 26723  |
|  InfuSystems Holdings, Inc. (a)  | 700  | 6076  |
|  Invitae Corp. (a)(b)  | 7188  | 13370  |
|  LHC Group, Inc. (a)  | 1016  | 164277  |
|  Modivcare, Inc. (a)  | 417  | 37417  |
|  National Healthcare Corp.  | 448  | 26656  |
|  National Research Corp. Class A  | 448  | 16710  |
|  Oak Street Health, Inc. (a)(b)  | 3806  | 81867  |
|  Opko Health, Inc. (a)  | 13642  | 17053  |
|  Option Care Health, Inc. (a)  | 5083  | 152947  |
|  Owens & Minor, Inc.  | 2535  | 49509  |
|  Patterson Companies, Inc.  | 2832  | 79381  |
|  Pediatrix Medical Group, Inc. (a)  | 2769  | 41147  |
|  Pennant Group, Inc. (a)  | 856  | 9399  |
|  PetIQ, Inc. Class A (a)  | 847  | 7809  |
|  Premier, Inc.  | 3862  | 135093  |
|  Privia Health Group, Inc. (a)  | 1607  | 36495  |
|  Progyny, Inc. (a)  | 2455  | 76473  |
|  R1 Rcm, Inc. (a)  | 4478  | 49034  |
|  RadNet, Inc. (a)  | 1632  | 30731  |
|  Select Medical Holdings Corp.  | 3376  | 83826  |
|  Surgery Partners, Inc. (a)  | 1268  | 35326  |
|  Talkspace, Inc. Class A (a)  | 2839  | 1733  |
|  Tenet Healthcare Corp. (a)  | 3544  | 172912  |
|  The Ensign Group, Inc.  | 1814  | 171623  |
|  The Joint Corp. (a)  | 507  | 7088  |
|  U.S. Physical Therapy, Inc.  | 431  | 34924  |
|  Universal Health Services, Inc. Class B  | 2157  | 303900  |
|  |  | 4056071  |
| Health Care Technology - 0.4%  |  |  |
|  Allscripts Healthcare Solutions, Inc. (a)  | 3633  | 64086  |
|  American Well Corp. (a)  | 7902  | 22363  |
|  Certara, Inc. (a)  | 3499  | 56229  |
|  Computer Programs & Systems, Inc. (a)  | 506  | 13773  |
|  Definitive Healthcare Corp. (a)(b)  | 1190  | 13078  |
|  Doximity, Inc. (a)(b)  | 3634  | 121957  |
|  Evolent Health, Inc. (a)  | 2729  | 76630  |
|  GoodRx Holdings, Inc. (a)(b)  | 2608  | 12153  |
|  Health Catalyst, Inc. (a)  | 1763  | 18741  |
|  HealthStream, Inc. (a)  | 815  | 20245  |
|  iCAD, Inc. (a)  | 651  | 1191  |
|  MultiPlan Corp. Class A (a)(b)  | 7600  | 8740  |
|  Nextgen Healthcare, Inc. (a)  | 1784  | 33504  |
|  Phreesia, Inc. (a)  | 1747  | 56533  |
|  Schrodinger, Inc. (a)  | 1751  | 32726  |
|  Sharecare, Inc. Class A (a)  | 10805  | 17288  |
|  Simulations Plus, Inc.  | 527  | 19272  |
|  Tabula Rasa HealthCare, Inc. (a)(b)  | 891  | 4410  |
|  |  | 592919  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  10X Genomics, Inc. (a)(b)  | 3134  | 114203  |
|  Adaptive Biotechnologies Corp. (a)  | 3662  | 27978  |
|  Azenta, Inc.  | 2464  | 143454  |
|  Berkeley Lights, Inc. (a)  | 2002  | 5365  |
|  Bio-Rad Laboratories, Inc. Class A (a)  | 705  | 296445  |
|  BioLife Solutions, Inc. (a)  | 1122  | 20420  |
|  BioNano Genomics, Inc. (a)(b)  | 9822  | 14340  |
|  Bruker Corp.  | 3308  | 226102  |
|  ChromaDex, Inc. (a)(b)  | 1535  | 2579  |
|  Codexis, Inc. (a)  | 2225  | 10369  |
|  CryoPort, Inc. (a)(b)  | 1595  | 27673  |
|  Frontage Holdings Corp. (a)(d)  | 30000  | 11082  |
|  Inotiv, Inc. (a)(b)  | 594  | 2934  |
|  Maravai LifeSciences Holdings, Inc. (a)  | 3557  | 50901  |
|  Medpace Holdings, Inc. (a)  | 828  | 175875  |
|  Nanostring Technologies, Inc. (a)  | 1384  | 11030  |
|  Nautilus Biotechnology, Inc. (a)  | 1540  | 2772  |
|  NeoGenomics, Inc. (a)  | 4117  | 38041  |
|  OmniAb, Inc. (a)  | 2587  | 9313  |
|  Pacific Biosciences of California, Inc. (a)(b)  | 6806  | 55673  |
|  Personalis, Inc. (a)  | 1364  | 2701  |
|  Quanterix Corp. (a)  | 1150  | 15928  |
|  Quantum-Si, Inc. (a)(b)  | 2934  | 5369  |
|  Science 37 Holdings, Inc. (a)(b)  | 1544  | 641  |
|  Seer, Inc. (a)  | 1178  | 6832  |
|  SomaLogic, Inc. Class A (a)  | 5160  | 12952  |
|  Sotera Health Co. (a)  | 3247  | 27048  |
|  Standard BioTools, Inc. (a)(b)  | 2172  | 2541  |
|  Syneos Health, Inc. (a)  | 3374  | 123758  |
|  |  | 1444319  |
| Pharmaceuticals - 1.4%  |  |  |
|  9 Meters Biopharma, Inc. (a)  | 1  | 1  |
|  Aclaris Therapeutics, Inc. (a)  | 1683  | 26507  |
|  Amneal Pharmaceuticals, Inc. (a)  | 3398  | 6762  |
|  Amphastar Pharmaceuticals, Inc. (a)  | 1243  | 34829  |
|  ANI Pharmaceuticals, Inc. (a)  | 377  | 15167  |
|  Arvinas Holding Co. LLC (a)  | 1593  | 54497  |
|  Atea Pharmaceuticals, Inc. (a)  | 2495  | 12001  |
|  Athira Pharma, Inc. (a)  | 945  | 2996  |
|  Axsome Therapeutics, Inc. (a)(b)  | 1061  | 81835  |
|  Cara Therapeutics, Inc. (a)  | 1422  | 15272  |
|  Cassava Sciences, Inc. (a)(b)  | 1246  | 36807  |
|  Citius Pharmaceuticals, Inc. (a)(b)  | 4140  | 3271  |
|  Clearside Biomedical, Inc. (a)  | 1619  | 1813  |
|  Collegium Pharmaceutical, Inc. (a)  | 1157  | 26842  |
|  Corcept Therapeutics, Inc. (a)  | 3137  | 63712  |
|  CymaBay Therapeutics, Inc. (a)  | 2592  | 16252  |
|  DICE Therapeutics, Inc. (a)  | 818  | 25522  |
|  Edgewise Therapeutics, Inc. (a)  | 887  | 7930  |
|  Esperion Therapeutics, Inc. (a)(b)  | 1956  | 12186  |
|  Evolus, Inc. (a)  | 1202  | 9027  |
|  Eyepoint Pharmaceuticals, Inc. (a)  | 876  | 3066  |
|  Fulcrum Therapeutics, Inc. (a)(b)  | 1047  | 7622  |
|  Harmony Biosciences Holdings, Inc. (a)  | 976  | 53778  |
|  Innoviva, Inc. (a)  | 2122  | 28117  |
|  Intra-Cellular Therapies, Inc. (a)  | 2891  | 152992  |
|  Jazz Pharmaceuticals PLC (a)  | 2057  | 327701  |
|  KemPharm, Inc. (a)(b)  | 999  | 4585  |
|  Ligand Pharmaceuticals, Inc. Class B (a)  | 528  | 35270  |
|  Liquidia Technologies, Inc. (a)  | 1463  | 9319  |
|  Marinus Pharmaceuticals, Inc. (a)(b)  | 1187  | 4724  |
|  Nektar Therapeutics (a)  | 6248  | 14120  |
|  NGM Biopharmaceuticals, Inc. (a)  | 1274  | 6395  |
|  Nuvation Bio, Inc. (a)(b)  | 4646  | 8920  |
|  Ocular Therapeutix, Inc. (a)  | 2600  | 7306  |
|  Omeros Corp. (a)(b)  | 2140  | 4836  |
|  Organon & Co.  | 8336  | 232824  |
|  Pacira Biosciences, Inc. (a)  | 1517  | 58571  |
|  Paratek Pharmaceuticals, Inc. (a)(b)  | 1240  | 2319  |
|  Perrigo Co. PLC  | 4416  | 150541  |
|  Phathom Pharmaceuticals, Inc. (a)(b)  | 692  | 7764  |
|  Phibro Animal Health Corp. Class A  | 634  | 8502  |
|  Pliant Therapeutics, Inc. (a)  | 1106  | 21379  |
|  Prestige Brands Holdings, Inc. (a)  | 1632  | 102163  |
|  Provention Bio, Inc. (a)  | 2473  | 26140  |
|  Reata Pharmaceuticals, Inc. (a)(b)  | 906  | 34419  |
|  Relmada Therapeutics, Inc. (a)  | 750  | 2618  |
|  Revance Therapeutics, Inc. (a)  | 2663  | 49159  |
|  Royalty Pharma PLC  | 12053  | 476335  |
|  Seelos Therapeutics, Inc. (a)(b)  | 3758  | 2552  |
|  SIGA Technologies, Inc.  | 1269  | 9340  |
|  Supernus Pharmaceuticals, Inc. (a)  | 1737  | 61959  |
|  Theravance Biopharma, Inc. (a)  | 1838  | 20622  |
|  Theseus Pharmaceuticals, Inc. (a)(b)  | 573  | 2854  |
|  Tricida, Inc. (a)(b)  | 893  | 137  |
|  Ventyx Biosciences, Inc. (a)  | 717  | 23510  |
|  Xeris Biopharma Holdings, Inc. (a)(b)  | 4085  | 5433  |
|  Xeris Biopharma Holdings, Inc. rights (a)(c)  | 1262  | 0  |
|  |  | 2421121  |
|  TOTAL HEALTH CARE  |  | 20952940  |
| INDUSTRIALS - 17.1%  |  |  |
| Aerospace & Defense - 1.6%  |  |  |
|  AAR Corp. (a)  | 1085  | 48717  |
|  Aerojet Rocketdyne Holdings, Inc. (a)  | 2497  | 139657  |
|  AeroVironment, Inc. (a)  | 820  | 70241  |
|  AerSale Corp. (a)  | 551  | 8937  |
|  Archer Aviation, Inc. Class A (a)(b)  | 4775  | 8929  |
|  Astra Space, Inc. Class A (a)(b)  | 3750  | 1627  |
|  Astronics Corp. (a)  | 827  | 8518  |
|  Axon Enterprise, Inc. (a)  | 2219  | 368199  |
|  BWX Technologies, Inc.  | 2996  | 174008  |
|  Byrna Technologies, Inc. (a)  | 453  | 3552  |
|  Cadre Holdings, Inc.  | 498  | 10030  |
|  Curtiss-Wright Corp.  | 1260  | 210407  |
|  Ducommun, Inc. (a)  | 355  | 17736  |
|  Hexcel Corp.  | 2753  | 162014  |
|  Howmet Aerospace, Inc.  | 12128  | 477964  |
|  Huntington Ingalls Industries, Inc.  | 1311  | 302421  |
|  Kaman Corp.  | 894  | 19936  |
|  Kratos Defense & Security Solutions, Inc. (a)  | 4127  | 42591  |
|  Maxar Technologies, Inc.  | 2479  | 128263  |
|  Mercury Systems, Inc. (a)  | 1890  | 84559  |
|  Momentus, Inc. Class A (a)(b)  | 1531  | 1194  |
|  Moog, Inc. Class A  | 949  | 83284  |
|  National Presto Industries, Inc.  | 177  | 12117  |
|  Park Aerospace Corp.  | 699  | 9374  |
|  Parsons Corp. (a)  | 1079  | 49904  |
|  Rocket Lab U.S.A., Inc. Class A (a)(b)  | 7085  | 26710  |
|  Spirit AeroSystems Holdings, Inc. Class A  | 3433  | 101617  |
|  Triumph Group, Inc. (a)  | 2191  | 23049  |
|  V2X, Inc. (a)  | 359  | 14823  |
|  Virgin Galactic Holdings, Inc. (a)(b)  | 7400  | 25752  |
|  Woodward, Inc.  | 1976  | 190901  |
|  |  | 2827031  |
| Air Freight & Logistics - 0.3%  |  |  |
|  Air Transport Services Group, Inc. (a)  | 1883  | 48920  |
|  Atlas Air Worldwide Holdings, Inc. (a)  | 846  | 85277  |
|  Forward Air Corp.  | 879  | 92198  |
|  GXO Logistics, Inc. (a)  | 3899  | 166448  |
|  Hub Group, Inc. Class A (a)  | 1111  | 88313  |
|  |  | 481156  |
| Airlines - 0.4%  |  |  |
|  Alaska Air Group, Inc. (a)  | 4148  | 178115  |
|  Allegiant Travel Co. (a)  | 501  | 34063  |
|  American Airlines Group, Inc. (a)  | 21342  | 271470  |
|  Blade Air Mobility, Inc. (a)  | 1628  | 5828  |
|  Hawaiian Holdings, Inc. (a)  | 1696  | 17401  |
|  JetBlue Airways Corp. (a)  | 10672  | 69155  |
|  Joby Aviation, Inc. (a)(b)  | 9361  | 31359  |
|  SkyWest, Inc. (a)  | 1683  | 27786  |
|  Spirit Airlines, Inc. (a)  | 3532  | 68803  |
|  Sun Country Airlines Holdings, Inc. (a)  | 1075  | 17050  |
|  Wheels Up Experience, Inc. Class A (a)  | 5969  | 6148  |
|  |  | 727178  |
| Building Products - 2.1%  |  |  |
|  A.O. Smith Corp.  | 4231  | 242182  |
|  AAON, Inc.  | 1371  | 103264  |
|  Advanced Drain Systems, Inc.  | 2107  | 172711  |
|  Allegion PLC  | 2894  | 304622  |
|  American Woodmark Corp. (a)  | 556  | 27166  |
|  Apogee Enterprises, Inc.  | 735  | 32678  |
|  Armstrong World Industries, Inc.  | 1523  | 104463  |
|  Builders FirstSource, Inc. (a)  | 5130  | 332834  |
|  Carlisle Companies, Inc.  | 1698  | 400134  |
|  CSW Industrials, Inc.  | 507  | 58777  |
|  Fortune Brands Home & Security, Inc.  | 4255  | 243003  |
|  Gibraltar Industries, Inc. (a)  | 1040  | 47715  |
|  Griffon Corp.  | 1549  | 55439  |
|  Hayward Holdings, Inc. (a)(b)  | 3361  | 31593  |
|  Insteel Industries, Inc.  | 631  | 17365  |
|  Janus International Group, Inc. (a)  | 2575  | 24514  |
|  Jeld-Wen Holding, Inc. (a)  | 2739  | 26431  |
|  Lennox International, Inc.  | 1060  | 253584  |
|  Masonite International Corp. (a)  | 731  | 58926  |
|  MasterBrand, Inc. (a)  | 4255  | 32125  |
|  Owens Corning  | 3164  | 269889  |
|  PGT Innovations, Inc. (a)  | 1951  | 35040  |
|  Quanex Building Products Corp.  | 1115  | 26403  |
|  Resideo Technologies, Inc. (a)  | 4780  | 78631  |
|  Simpson Manufacturing Co. Ltd.  | 1420  | 125897  |
|  Tecnoglass, Inc.  | 684  | 21047  |
|  The AZEK Co., Inc. (a)(b)  | 3610  | 73355  |
|  Trex Co., Inc. (a)  | 3627  | 153531  |
|  UFP Industries, Inc.  | 2025  | 160481  |
|  View, Inc. Class A (a)(b)  | 1855  | 1790  |
|  Zurn Elkay Water Solutions Cor  | 4777  | 101034  |
|  |  | 3616624  |
| Commercial Services & Supplies - 1.4%  |  |  |
|  ABM Industries, Inc.  | 2185  | 97058  |
|  ACCO Brands Corp.  | 3138  | 17541  |
|  ACV Auctions, Inc. Class A (a)  | 3802  | 31214  |
|  Aris Water Solution, Inc. Class A (b)  | 830  | 11960  |
|  Aurora Innovation, Inc. (a)  | 11840  | 14326  |
|  Brady Corp. Class A  | 1532  | 72157  |
|  BrightView Holdings, Inc. (a)  | 1244  | 8571  |
|  Casella Waste Systems, Inc. Class A (a)  | 1665  | 132051  |
|  Cimpress PLC (a)  | 667  | 18416  |
|  Clean Harbors, Inc. (a)  | 1654  | 188754  |
|  CoreCivic, Inc. (a)  | 3841  | 44402  |
|  Deluxe Corp.  | 1441  | 24468  |
|  Driven Brands Holdings, Inc. (a)  | 1796  | 49049  |
|  Ennis, Inc.  | 859  | 19035  |
|  Harsco Corp. (a)  | 2609  | 16411  |
|  Healthcare Services Group, Inc.  | 2456  | 29472  |
|  Heritage-Crystal Clean, Inc. (a)  | 529  | 17182  |
|  HNI Corp.  | 1343  | 38181  |
|  IAA, Inc. (a)  | 4400  | 176000  |
|  Interface, Inc.  | 1924  | 18990  |
|  KAR Auction Services, Inc. (a)  | 3800  | 49590  |
|  Kimball International, Inc. Class B  | 1170  | 7605  |
|  Matthews International Corp. Class A  | 979  | 29801  |
|  Millerknoll, Inc.  | 2489  | 52294  |
|  Montrose Environmental Group, Inc. (a)(b)  | 886  | 39330  |
|  MSA Safety, Inc.  | 1207  | 174037  |
|  Pitney Bowes, Inc.  | 5201  | 19764  |
|  Rollins, Inc.  | 7603  | 277814  |
|  SP Plus Corp. (a)  | 766  | 26596  |
|  Steelcase, Inc. Class A  | 2923  | 20666  |
|  Stericycle, Inc. (a)  | 3023  | 150817  |
|  Tetra Tech, Inc.  | 1753  | 254518  |
|  The Brink's Co.  | 1565  | 84056  |
|  The GEO Group, Inc. (a)  | 4113  | 45037  |
|  UniFirst Corp.  | 495  | 95530  |
|  Viad Corp. (a)  | 697  | 17000  |
|  VSE Corp.  | 344  | 16127  |
|  |  | 2385820  |
| Construction & Engineering - 1.4%  |  |  |
|  AECOM  | 4578  | 388810  |
|  Ameresco, Inc. Class A (a)(b)  | 1110  | 63425  |
|  API Group Corp. (a)  | 6602  | 124184  |
|  Arcosa, Inc.  | 1584  | 86075  |
|  Argan, Inc.  | 451  | 16633  |
|  Comfort Systems U.S.A., Inc.  | 1176  | 135334  |
|  Construction Partners, Inc. Class A (a)  | 1358  | 36245  |
|  Dycom Industries, Inc. (a)  | 969  | 90698  |
|  EMCOR Group, Inc.  | 1622  | 240234  |
|  Fluor Corp. (a)  | 4660  | 161516  |
|  Granite Construction, Inc.  | 1423  | 49905  |
|  Great Lakes Dredge & Dock Corp. (a)  | 2223  | 13227  |
|  IES Holdings, Inc. (a)  | 296  | 10529  |
|  MasTec, Inc. (a)  | 1877  | 160164  |
|  Matrix Service Co. (a)  | 770  | 4789  |
|  MDU Resources Group, Inc.  | 6660  | 202064  |
|  MYR Group, Inc. (a)  | 547  | 50362  |
|  Northwest Pipe Co. (a)  | 336  | 11323  |
|  NV5 Global, Inc. (a)  | 410  | 54251  |
|  Primoris Services Corp.  | 1774  | 38922  |
|  Sterling Construction Co., Inc. (a)  | 1012  | 33194  |
|  Tutor Perini Corp. (a)  | 1397  | 10547  |
|  Valmont Industries, Inc.  | 701  | 231800  |
|  Willscot Mobile Mini Holdings (a)  | 7020  | 317093  |
|  |  | 2531324  |
| Electrical Equipment - 1.5%  |  |  |
|  Acuity Brands, Inc.  | 1077  | 178362  |
|  Advent Technologies Holdings, Inc. Class A (a)(b)  | 1109  | 2007  |
|  American Superconductor Corp. (a)  | 995  | 3662  |
|  Array Technologies, Inc. (a)  | 4593  | 88783  |
|  Atkore, Inc. (a)  | 1360  | 154251  |
|  AZZ, Inc.  | 828  | 33286  |
|  Babcock & Wilcox Enterprises, Inc. (a)  | 2391  | 13796  |
|  Beam Global (a)(b)  | 212  | 3704  |
|  Bloom Energy Corp. Class A (a)(b)  | 5786  | 110628  |
|  ChargePoint Holdings, Inc. Class A (a)(b)  | 8519  | 81186  |
|  Encore Wire Corp. (b)  | 630  | 86663  |
|  Energous Corp. (a)(b)  | 2363  | 1975  |
|  EnerSys  | 1336  | 98650  |
|  Enovix Corp. (a)(b)  | 3602  | 44809  |
|  Eos Energy Enterprises, Inc. (a)(b)  | 2122  | 3141  |
|  ESS Tech, Inc. Class A (a)(b)  | 2026  | 4923  |
|  Fluence Energy, Inc. (a)(b)  | 1193  | 20460  |
|  FTC Solar, Inc. (a)(b)  | 1395  | 3739  |
|  FuelCell Energy, Inc. (a)(b)  | 12855  | 35737  |
|  GrafTech International Ltd.  | 6229  | 29650  |
|  Hubbell, Inc. Class B  | 1765  | 414210  |
|  KULR Technology Group, Inc. (a)(b)  | 1813  | 2176  |
|  nVent Electric PLC  | 5475  | 210623  |
|  Powell Industries, Inc.  | 318  | 11187  |
|  Regal Rexnord Corp.  | 2186  | 262276  |
|  Sensata Technologies, Inc. PLC  | 5106  | 206180  |
|  Shoals Technologies Group, Inc. (a)  | 3470  | 85605  |
|  Stem, Inc. (a)(b)  | 4758  | 42537  |
|  SunPower Corp. (a)(b)  | 2784  | 50196  |
|  Sunrun, Inc. (a)  | 7000  | 168140  |
|  Thermon Group Holdings, Inc. (a)  | 1062  | 21325  |
|  TPI Composites, Inc. (a)  | 1203  | 12198  |
|  Vertiv Holdings Co.  | 9923  | 135548  |
|  Vicor Corp. (a)  | 727  | 39076  |
|  |  | 2660689  |
| Machinery - 3.9%  |  |  |
|  3D Systems Corp. (a)(b)  | 4307  | 31872  |
|  AGCO Corp.  | 2034  | 282095  |
|  Alamo Group, Inc.  | 339  | 48002  |
|  Albany International Corp. Class A  | 1018  | 100365  |
|  Allison Transmission Holdings, Inc.  | 3154  | 131206  |
|  Altra Industrial Motion Corp.  | 2131  | 127327  |
|  Astec Industries, Inc.  | 771  | 31349  |
|  Barnes Group, Inc.  | 1651  | 67443  |
|  Berkshire Grey, Inc. Class A (a)(b)  | 1229  | 742  |
|  Blue Bird Corp. (a)  | 531  | 5687  |
|  Chart Industries, Inc. (a)(b)  | 1177  | 135626  |
|  CIRCOR International, Inc. (a)  | 666  | 15957  |
|  Columbus McKinnon Corp. (NY Shares)  | 957  | 31074  |
|  Commercial Vehicle Group, Inc. (a)  | 883  | 6013  |
|  Crane Holdings Co.  | 1567  | 157405  |
|  Desktop Metal, Inc. (a)(b)  | 7632  | 10380  |
|  Donaldson Co., Inc.  | 4052  | 238541  |
|  Douglas Dynamics, Inc.  | 763  | 27590  |
|  Energy Recovery, Inc. (a)  | 1828  | 37456  |
|  Enerpac Tool Group Corp. Class A  | 1916  | 48762  |
|  EnPro Industries, Inc.  | 673  | 73148  |
|  ESCO Technologies, Inc.  | 841  | 73621  |
|  Evoqua Water Technologies Corp. (a)  | 3990  | 158004  |
|  Federal Signal Corp.  | 1980  | 92011  |
|  Flowserve Corp.  | 4282  | 131372  |
|  Franklin Electric Co., Inc.  | 1276  | 101761  |
|  Gates Industrial Corp. PLC (a)  | 3294  | 37585  |
|  Gorman-Rupp Co.  | 774  | 19830  |
|  Graco, Inc.  | 5561  | 374033  |
|  Helios Technologies, Inc.  | 1088  | 59231  |
|  Hillenbrand, Inc.  | 2275  | 97074  |
|  Hillman Solutions Corp. Class A (a)  | 3909  | 28184  |
|  Hydrofarm Holdings Group, Inc. (a)(b)  | 1689  | 2618  |
|  Hyliion Holdings Corp. Class A (a)  | 3776  | 8836  |
|  Hyster-Yale Materials Handling, Inc. Class A  | 313  | 7922  |
|  Hyzon Motors, Inc. Class A (a)(b)  | 2658  | 4120  |
|  ITT, Inc.  | 2715  | 220187  |
|  John Bean Technologies Corp.  | 1046  | 95531  |
|  Kadant, Inc.  | 381  | 67677  |
|  Kennametal, Inc.  | 2674  | 64336  |
|  Lightning eMotors, Inc. (a)(b)  | 841  | 308  |
|  Lincoln Electric Holdings, Inc.  | 1897  | 274098  |
|  Lindsay Corp.  | 358  | 58300  |
|  Luxfer Holdings PLC sponsored  | 926  | 12705  |
|  Manitowoc Co., Inc. (a)  | 1121  | 10268  |
|  Markforged Holding Corp. (a)  | 2860  | 3318  |
|  Microvast Holdings, Inc. (a)  | 6151  | 9411  |
|  Middleby Corp. (a)  | 1771  | 237137  |
|  Mueller Industries, Inc.  | 1865  | 110035  |
|  Mueller Water Products, Inc. Class A  | 5099  | 54865  |
|  Nikola Corp. (a)(b)  | 9787  | 21140  |
|  Nordson Corp.  | 1773  | 421478  |
|  Omega Flex, Inc. (b)  | 107  | 9985  |
|  Oshkosh Corp.  | 2148  | 189432  |
|  Pentair PLC  | 5406  | 243162  |
|  Proterra, Inc. Class A (a)(b)  | 6509  | 24539  |
|  Proto Labs, Inc. (a)  | 919  | 23462  |
|  RBC Bearings, Inc. (a)(b)  | 950  | 198883  |
|  REV Group, Inc.  | 1070  | 13503  |
|  Sarcos Technology and Robotics Corp. Class A (a)  | 2970  | 1667  |
|  Shyft Group, Inc. (The)  | 1077  | 26774  |
|  Snap-On, Inc.  | 1747  | 399172  |
|  SPX Technologies, Inc. (a)  | 1484  | 97425  |
|  Standex International Corp.  | 400  | 40964  |
|  Tennant Co.  | 615  | 37866  |
|  Terex Corp.  | 2223  | 94967  |
|  The Greenbrier Companies, Inc.  | 1089  | 36514  |
|  Timken Co.  | 2195  | 155121  |
|  Titan International, Inc. (a)  | 1703  | 26090  |
|  Toro Co.  | 3438  | 389182  |
|  Trinity Industries, Inc.  | 2669  | 78922  |
|  Velo3D, Inc. (a)(b)  | 2149  | 3847  |
|  Wabash National Corp.  | 1630  | 36838  |
|  Watts Water Technologies, Inc. Class A  | 897  | 131168  |
|  Xos, Inc. Class A (a)(b)  | 1583  | 701  |
|  |  | 6725220  |
| Marine - 0.1%  |  |  |
|  Eagle Bulk Shipping, Inc.  | 313  | 15631  |
|  Genco Shipping & Trading Ltd.  | 1218  | 18708  |
|  Kirby Corp. (a)  | 1962  | 126255  |
|  Matson, Inc.  | 1282  | 80138  |
|  Pangaea Logistics Solutions Ltd.  | 1114  | 5737  |
|  |  | 246469  |
| Professional Services - 1.8%  |  |  |
|  Alight, Inc. Class A (a)  | 8865  | 74111  |
|  ASGN, Inc. (a)  | 1651  | 134523  |
|  Atlas Technical Consultants, Inc. (a)(b)  | 1024  | 5274  |
|  Barrett Business Services, Inc.  | 226  | 21081  |
|  BlackSky Technology, Inc. Class A (a)(b)  | 2713  | 4178  |
|  Booz Allen Hamilton Holding Corp. Class A  | 4347  | 454348  |
|  CACI International, Inc. Class A (a)  | 769  | 231154  |
|  CBIZ, Inc. (a)  | 1688  | 79083  |
|  Clarivate Analytics PLC (a)  | 14168  | 118161  |
|  CRA International, Inc.  | 231  | 28281  |
|  Dun & Bradstreet Holdings, Inc.  | 7084  | 86850  |
|  Exponent, Inc.  | 1684  | 166868  |
|  First Advantage Corp. (a)  | 1905  | 24765  |
|  Forrester Research, Inc. (a)  | 372  | 13303  |
|  Franklin Covey Co. (a)  | 387  | 18100  |
|  FTI Consulting, Inc. (a)  | 1137  | 180556  |
|  Heidrick & Struggles International, Inc.  | 674  | 18852  |
|  HireRight Holdings Corp. (a)(b)  | 625  | 7413  |
|  Huron Consulting Group, Inc. (a)  | 683  | 49586  |
|  ICF International, Inc.  | 549  | 54378  |
|  Insperity, Inc.  | 1172  | 133139  |
|  KBR, Inc.  | 4563  | 240926  |
|  Kelly Services, Inc. Class A (non-vtg.)  | 1165  | 19689  |
|  Kforce, Inc.  | 657  | 36023  |
|  Korn Ferry  | 1794  | 90812  |
|  Manpower, Inc.  | 1701  | 141540  |
|  Red Violet, Inc. (a)  | 380  | 8748  |
|  Resources Connection, Inc.  | 1018  | 18711  |
|  Robert Half International, Inc.  | 3608  | 266379  |
|  Science Applications International Corp.  | 1831  | 203113  |
|  Skillsoft Corp. (a)  | 2677  | 3480  |
|  Spire Global, Inc. (a)  | 3114  | 2989  |
|  TriNet Group, Inc. (a)  | 1214  | 82309  |
|  TrueBlue, Inc. (a)  | 1046  | 20481  |
|  Upwork, Inc. (a)  | 3903  | 40747  |
|  Willdan Group, Inc. (a)  | 419  | 7479  |
|  |  | 3087430  |
| Road & Rail - 1.2%  |  |  |
|  ArcBest Corp.  | 817  | 57223  |
|  Avis Budget Group, Inc. (a)  | 948  | 155406  |
|  Bird Global, Inc. Class A (a)(b)  | 4282  | 772  |
|  Covenant Transport Group, Inc. Class A  | 299  | 10336  |
|  Daseke, Inc. (a)  | 2059  | 11716  |
|  Heartland Express, Inc.  | 1549  | 23762  |
|  J.B. Hunt Transport Services, Inc.  | 2728  | 475654  |
|  Knight-Swift Transportation Holdings, Inc. Class A  | 5277  | 276568  |
|  Landstar System, Inc.  | 1198  | 195154  |
|  Marten Transport Ltd.  | 1860  | 36791  |
|  P.A.M. Transportation Services, Inc.  | 238  | 6164  |
|  RXO, Inc. (a)  | 3777  | 64964  |
|  Ryder System, Inc.  | 1682  | 140565  |
|  Saia, Inc. (a)(b)  | 869  | 182212  |
|  Schneider National, Inc. Class B  | 1238  | 28969  |
|  TuSimple Holdings, Inc. (a)  | 4481  | 7349  |
|  U-Haul Holding Co. (b)  | 322  | 19381  |
|  U-Haul Holding Co. (non-vtg.)  | 2898  | 159332  |
|  U.S. Xpress Enterprises, Inc. (a)  | 1001  | 1812  |
|  Werner Enterprises, Inc.  | 1934  | 77863  |
|  XPO, Inc. (a)  | 3777  | 125736  |
|  Yellow Corp. (a)  | 1164  | 2922  |
|  |  | 2060651  |
| Trading Companies & Distributors - 1.4%  |  |  |
|  Air Lease Corp. Class A  | 3374  | 129629  |
|  Applied Industrial Technologies, Inc.  | 1262  | 159050  |
|  Beacon Roofing Supply, Inc. (a)  | 1668  | 88054  |
|  BlueLinx Corp. (a)  | 314  | 22329  |
|  Boise Cascade Co.  | 1290  | 88584  |
|  Core & Main, Inc. (a)(b)  | 2384  | 46035  |
|  Custom Truck One Source, Inc. Class A (a)  | 2025  | 12798  |
|  DXP Enterprises, Inc. (a)  | 517  | 14243  |
|  GATX Corp. (b)  | 1154  | 122716  |
|  Global Industrial Co.  | 524  | 12330  |
|  GMS, Inc. (a)  | 1400  | 69720  |
|  H&E Equipment Services, Inc.  | 1105  | 50167  |
|  Herc Holdings, Inc.  | 838  | 110256  |
|  Hudson Technologies, Inc. (a)  | 1289  | 13045  |
|  McGrath RentCorp.  | 786  | 77610  |
|  MRC Global, Inc. (a)  | 2730  | 31613  |
|  MSC Industrial Direct Co., Inc. Class A  | 1539  | 125736  |
|  NOW, Inc. (a)  | 3629  | 46088  |
|  Rush Enterprises, Inc. Class A  | 1396  | 72983  |
|  SiteOne Landscape Supply, Inc. (a)  | 1483  | 173986  |
|  Textainer Group Holdings Ltd.  | 1413  | 43817  |
|  Titan Machinery, Inc. (a)  | 663  | 26341  |
|  Transcat, Inc. (a)  | 228  | 16158  |
|  Triton International Ltd.  | 2029  | 139555  |
|  Univar Solutions, Inc. (a)  | 5480  | 174264  |
|  Veritiv Corp.  | 452  | 55013  |
|  Watsco, Inc. (b)  | 1092  | 272345  |
|  WESCO International, Inc. (a)  | 1469  | 183919  |
|  |  | 2378384  |
|  TOTAL INDUSTRIALS  |  | 29727976  |
| INFORMATION TECHNOLOGY - 11.5%  |  |  |
| Communications Equipment - 0.8%  |  |  |
|  ADTRAN Holdings, Inc.  | 2301  | 43236  |
|  Aviat Networks, Inc. (a)  | 325  | 10137  |
|  CalAmp Corp. (a)  | 1284  | 5752  |
|  Calix, Inc. (a)  | 1854  | 126869  |
|  Cambium Networks Corp. (a)  | 402  | 8711  |
|  Casa Systems, Inc. (a)(b)  | 1378  | 3762  |
|  Ciena Corp. (a)  | 4913  | 250465  |
|  Clearfield, Inc. (a)  | 377  | 35491  |
|  CommScope Holding Co., Inc. (a)  | 6893  | 50664  |
|  Comtech Telecommunications Corp.  | 907  | 11011  |
|  Digi International, Inc. (a)  | 1154  | 42179  |
|  DZS, Inc. (a)(b)  | 488  | 6188  |
|  EMCORE Corp. (a)  | 1089  | 1048  |
|  Extreme Networks, Inc. (a)  | 4242  | 77671  |
|  Harmonic, Inc. (a)  | 3451  | 45208  |
|  Infinera Corp. (a)(b)  | 6184  | 41680  |
|  Inseego Corp. (a)(b)  | 2856  | 2406  |
|  Juniper Networks, Inc.  | 10569  | 337785  |
|  Lantronix, Inc. (a)  | 1078  | 4657  |
|  Lumentum Holdings, Inc. (a)  | 2263  | 118061  |
|  NETGEAR, Inc. (a)  | 951  | 17223  |
|  NetScout Systems, Inc. (a)  | 2216  | 72042  |
|  Ondas Holdings, Inc. (a)(b)  | 1192  | 1895  |
|  Ribbon Communications, Inc. (a)  | 2284  | 6372  |
|  ViaSat, Inc. (a)(b)  | 2479  | 78460  |
|  Viavi Solutions, Inc. (a)  | 7427  | 78058  |
|  |  | 1477031  |
| Electronic Equipment & Components - 2.0%  |  |  |
|  908 Devices, Inc. (a)(b)  | 716  | 5456  |
|  Advanced Energy Industries, Inc.  | 1225  | 105081  |
|  Aeva Technologies, Inc. (a)  | 3218  | 4376  |
|  AEye, Inc. Class A (a)(b)  | 3112  | 1496  |
|  Akoustis Technologies, Inc. (a)(b)  | 1774  | 5003  |
|  Alpine 4 Holdings, Inc. (a)(b)  | 4884  | 2582  |
|  Arlo Technologies, Inc. (a)  | 2837  | 9958  |
|  Arrow Electronics, Inc. (a)  | 2109  | 220538  |
|  Avnet, Inc.  | 3108  | 129231  |
|  Badger Meter, Inc.  | 960  | 104669  |
|  Belden, Inc.  | 1427  | 102601  |
|  Benchmark Electronics, Inc.  | 1161  | 30987  |
|  Cognex Corp.  | 5700  | 268527  |
|  Coherent Corp. (a)  | 4255  | 149351  |
|  CTS Corp.  | 1035  | 40800  |
|  Daktronics, Inc. (a)  | 1146  | 3232  |
|  ePlus, Inc. (a)  | 888  | 39321  |
|  Evolv Technologies Holdings, Inc. (a)  | 2323  | 6017  |
|  Fabrinet (a)  | 1210  | 155146  |
|  FARO Technologies, Inc. (a)  | 612  | 17999  |
|  Focus Universal, Inc. (a)(b)  | 635  | 4070  |
|  Identiv, Inc. (a)  | 769  | 5568  |
|  Insight Enterprises, Inc. (a)  | 1002  | 100471  |
|  IPG Photonics Corp. (a)  | 1090  | 103190  |
|  Itron, Inc. (a)  | 1470  | 74456  |
|  Jabil, Inc.  | 4524  | 308537  |
|  Kimball Electronics, Inc. (a)  | 834  | 18840  |
|  Knowles Corp. (a)  | 3014  | 49490  |
|  Lightwave Logic, Inc. (a)(b)  | 3695  | 15925  |
|  Littelfuse, Inc.  | 813  | 179023  |
|  Methode Electronics, Inc. Class A  | 1196  | 53067  |
|  MicroVision, Inc. (a)(b)  | 5531  | 12998  |
|  Mirion Technologies, Inc. Class A (a)(b)  | 3980  | 26308  |
|  Napco Security Technologies, Inc.  | 971  | 26683  |
|  National Instruments Corp.  | 4328  | 159703  |
|  nLIGHT, Inc. (a)  | 1444  | 14642  |
|  Novanta, Inc. (a)  | 1170  | 158968  |
|  OSI Systems, Inc. (a)  | 512  | 40714  |
|  Ouster, Inc. (a)(b)  | 3900  | 3366  |
|  Par Technology Corp. (a)(b)  | 915  | 23854  |
|  PC Connection, Inc.  | 364  | 17072  |
|  Plexus Corp. (a)  | 906  | 93255  |
|  Rogers Corp. (a)  | 614  | 73275  |
|  Sanmina Corp. (a)  | 1901  | 108908  |
|  ScanSource, Inc. (a)  | 830  | 24253  |
|  Smartrent, Inc. (a)  | 4016  | 9759  |
|  TD SYNNEX Corp.  | 1392  | 131836  |
|  TTM Technologies, Inc. (a)  | 3373  | 50865  |
|  Velodyne Lidar, Inc. (a)  | 5877  | 4341  |
|  Vishay Intertechnology, Inc.  | 4292  | 92578  |
|  Vishay Precision Group, Inc. (a)  | 414  | 16001  |
|  Vontier Corp.  | 5189  | 100303  |
|  |  | 3504690  |
| IT Services - 1.9%  |  |  |
|  Affirm Holdings, Inc. (a)(b)  | 6765  | 65418  |
|  Amdocs Ltd.  | 4030  | 366327  |
|  BigCommerce Holdings, Inc. (a)  | 2025  | 17699  |
|  Brightcove, Inc. (a)  | 1402  | 7332  |
|  Cantaloupe, Inc. (a)  | 2052  | 8926  |
|  Cass Information Systems, Inc.  | 409  | 18740  |
|  Concentrix Corp.  | 1405  | 187090  |
|  Conduent, Inc. (a)  | 5252  | 21271  |
|  CSG Systems International, Inc.  | 1060  | 60632  |
|  Cyxtera Technologies, Inc. Class A (a)  | 1765  | 3389  |
|  Digitalocean Holdings, Inc. (a)(b)  | 2005  | 51067  |
|  DXC Technology Co. (a)  | 7550  | 200075  |
|  Edgio, Inc. (a)  | 4432  | 5008  |
|  Euronet Worldwide, Inc. (a)  | 1545  | 145817  |
|  EVERTEC, Inc.  | 2172  | 70329  |
|  EVO Payments, Inc. Class A (a)  | 1589  | 53772  |
|  Exela Technologies, Inc. (a)(b)  | 494  | 41  |
|  ExlService Holdings, Inc. (a)  | 1086  | 184001  |
|  Fastly, Inc. Class A (a)  | 3664  | 30008  |
|  Genpact Ltd.  | 5542  | 256705  |
|  Grid Dynamics Holdings, Inc. (a)  | 1568  | 17593  |
|  Hackett Group, Inc.  | 915  | 18639  |
|  i3 Verticals, Inc. Class A (a)  | 757  | 18425  |
|  Information Services Group, Inc.  | 1073  | 4936  |
|  International Money Express, Inc. (a)  | 1118  | 27246  |
|  Kyndryl Holdings, Inc. (a)  | 6692  | 74415  |
|  Marqeta, Inc. Class A (a)  | 13190  | 80591  |
|  Maximus, Inc.  | 1986  | 145633  |
|  MoneyGram International, Inc. (a)  | 3031  | 33008  |
|  Paya Holdings, Inc. (a)  | 2768  | 21784  |
|  Paymentus Holdings, Inc. (a)(b)  | 617  | 4942  |
|  Perficient, Inc. (a)  | 1134  | 79187  |
|  Rackspace Technology, Inc. (a)(b)  | 1995  | 5885  |
|  Repay Holdings Corp. (a)  | 2523  | 20310  |
|  Sabre Corp. (a)(b)  | 10886  | 67275  |
|  Shift4 Payments, Inc. (a)  | 1678  | 93851  |
|  Squarespace, Inc. Class A (a)  | 1379  | 30572  |
|  TaskUs, Inc. (a)  | 910  | 15379  |
|  The Western Union Co. (b)  | 12683  | 174645  |
|  Toast, Inc. (a)  | 9901  | 178515  |
|  Ttec Holdings, Inc.  | 615  | 27140  |
|  Tucows, Inc. (a)(b)  | 325  | 11024  |
|  Unisys Corp. (a)  | 2227  | 11380  |
|  Verra Mobility Corp. (a)  | 4673  | 64628  |
|  WEX, Inc. (a)  | 1449  | 237129  |
|  |  | 3217779  |
| Semiconductors & Semiconductor Equipment - 1.9%  |  |  |
|  ACM Research, Inc.  | 1470  | 11334  |
|  AEHR Test Systems (a)  | 855  | 17186  |
|  Allegro MicroSystems LLC (a)  | 2124  | 63762  |
|  Alpha & Omega Semiconductor Ltd. (a)  | 730  | 20856  |
|  Ambarella, Inc. (a)  | 1188  | 97689  |
|  Amkor Technology, Inc.  | 3267  | 78343  |
|  Atomera, Inc. (a)(b)  | 781  | 4858  |
|  Axcelis Technologies, Inc. (a)  | 1099  | 87217  |
|  AXT, Inc. (a)  | 1273  | 5576  |
|  CEVA, Inc. (a)  | 782  | 20004  |
|  Cirrus Logic, Inc. (a)  | 1829  | 136224  |
|  Cohu, Inc. (a)  | 1585  | 50799  |
|  Diodes, Inc. (a)  | 1509  | 114895  |
|  Everspin Technologies, Inc. (a)  | 468  | 2602  |
|  First Solar, Inc. (a)  | 3255  | 487566  |
|  FormFactor, Inc. (a)  | 2532  | 56286  |
|  Ichor Holdings Ltd. (a)  | 961  | 25774  |
|  Impinj, Inc. (a)  | 687  | 75007  |
|  indie Semiconductor, Inc. (a)(b)  | 2101  | 12249  |
|  Kopin Corp. (a)  | 2464  | 3055  |
|  Kulicke & Soffa Industries, Inc. (b)  | 1905  | 84315  |
|  Lattice Semiconductor Corp. (a)  | 4511  | 292674  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 1669  | 105114  |
|  MaxLinear, Inc. Class A (a)  | 2375  | 80631  |
|  Meta Materials, Inc. (a)(b)  | 10608  | 12624  |
|  MKS Instruments, Inc.  | 1873  | 158699  |
|  Navitas Semiconductor Corp. (a)(b)  | 2717  | 9537  |
|  NVE Corp.  | 164  | 10619  |
|  Onto Innovation, Inc. (a)  | 1626  | 110714  |
|  PDF Solutions, Inc. (a)  | 977  | 27864  |
|  Photronics, Inc. (a)  | 2047  | 34451  |
|  Pixelworks, Inc. (a)  | 1998  | 3536  |
|  Power Integrations, Inc.  | 1874  | 134403  |
|  Rambus, Inc. (a)  | 3599  | 128916  |
|  Rockley Photonics Holdings Ltd. (a)(b)  | 2747  | 385  |
|  Semtech Corp. (a)  | 2116  | 60708  |
|  Silicon Laboratories, Inc. (a)  | 1121  | 152086  |
|  SiTime Corp. (a)  | 524  | 53249  |
|  SkyWater Technology, Inc. (a)(b)  | 268  | 1905  |
|  SMART Global Holdings, Inc. (a)  | 1688  | 25117  |
|  Synaptics, Inc. (a)  | 1302  | 123898  |
|  Ultra Clean Holdings, Inc. (a)  | 1487  | 49294  |
|  Universal Display Corp.  | 1428  | 154281  |
|  Veeco Instruments, Inc. (a)  | 1692  | 31437  |
|  |  | 3217739  |
| Software - 4.7%  |  |  |
|  8x8, Inc. (a)  | 3836  | 16572  |
|  A10 Networks, Inc.  | 2190  | 36420  |
|  ACI Worldwide, Inc. (a)  | 3747  | 86181  |
|  Adeia, Inc.  | 3483  | 33019  |
|  Agilysys, Inc. (a)  | 652  | 51599  |
|  Alarm.com Holdings, Inc. (a)  | 1631  | 80702  |
|  Altair Engineering, Inc. Class A (a)  | 1731  | 78709  |
|  Alteryx, Inc. Class A (a)  | 1984  | 100529  |
|  American Software, Inc. Class A  | 1195  | 17543  |
|  Amplitude, Inc. (a)(b)  | 1695  | 20476  |
|  AppFolio, Inc. (a)  | 610  | 64282  |
|  Appian Corp. Class A (a)(b)  | 1331  | 43337  |
|  Asana, Inc. (a)(b)  | 2481  | 34163  |
|  Aspen Technology, Inc. (a)  | 950  | 195130  |
|  Avaya Holdings Corp. (a)(b)  | 3116  | 611  |
|  AvePoint, Inc. (a)  | 2916  | 11985  |
|  Benefitfocus, Inc. (a)  | 1046  | 10941  |
|  Bentley Systems, Inc. Class B  | 6457  | 238651  |
|  Black Knight, Inc. (a)  | 5120  | 316160  |
|  Blackbaud, Inc. (a)  | 1462  | 86053  |
|  BlackLine, Inc. (a)  | 1771  | 119135  |
|  Box, Inc. Class A (a)  | 4704  | 146436  |
|  C3.ai, Inc. (a)(b)  | 2698  | 30191  |
|  Cerence, Inc. (a)(b)  | 1315  | 24367  |
|  Ceridian HCM Holding, Inc. (a)  | 5029  | 322610  |
|  Clear Secure, Inc. (b)  | 2350  | 64461  |
|  Clearwater Analytics Holdings, Inc. (a)(b)  | 1689  | 31669  |
|  CommVault Systems, Inc. (a)  | 1487  | 93443  |
|  Confluent, Inc. (a)  | 4640  | 103194  |
|  Consensus Cloud Solutions, Inc. (a)  | 575  | 30912  |
|  CoreCard Corp. (a)  | 199  | 5765  |
|  Couchbase, Inc. (a)  | 803  | 10648  |
|  Coupa Software, Inc. (a)  | 2475  | 195946  |
|  CS Disco, Inc. (a)(b)  | 563  | 3558  |
|  Digimarc Corp. (a)(b)  | 409  | 7562  |
|  Digital Turbine, Inc. (a)  | 2972  | 45293  |
|  Dolby Laboratories, Inc. Class A  | 2019  | 142420  |
|  Domo, Inc. Class B (a)  | 1043  | 14852  |
|  Dropbox, Inc. Class A (a)  | 9045  | 202427  |
|  Duck Creek Technologies, Inc. (a)  | 2530  | 30487  |
|  Dynatrace, Inc. (a)  | 6616  | 253393  |
|  E2open Parent Holdings, Inc. (a)  | 5552  | 32590  |
|  Ebix, Inc. (b)  | 773  | 15429  |
|  eGain Communications Corp. (a)  | 675  | 6095  |
|  Elastic NV (a)  | 2523  | 129935  |
|  Embark Technology, Inc. (a)(b)  | 522  | 1717  |
|  Enfusion, Inc. Class A (a)  | 412  | 3984  |
|  Envestnet, Inc. (a)  | 1801  | 111122  |
|  Everbridge, Inc. (a)  | 1328  | 39282  |
|  Five9, Inc. (a)  | 2315  | 157096  |
|  ForgeRock, Inc. (a)  | 947  | 21563  |
|  Freshworks, Inc. (a)(b)  | 4775  | 70240  |
|  GitLab, Inc. (a)(b)  | 1762  | 80065  |
|  Guidewire Software, Inc. (a)  | 2752  | 172165  |
|  Intapp, Inc. (a)  | 495  | 12345  |
|  InterDigital, Inc.  | 973  | 48144  |
|  IronNet, Inc. Class A (a)(b)  | 1700  | 391  |
|  Jamf Holding Corp. (a)  | 1466  | 31226  |
|  KnowBe4, Inc. (a)  | 2621  | 64948  |
|  Latch, Inc. (a)  | 2748  | 1951  |
|  Life360, Inc. unit (a)(d)  | 6254  | 20556  |
|  LivePerson, Inc. (a)  | 2333  | 23657  |
|  Liveramp Holdings, Inc. (a)  | 2208  | 51756  |
|  Manhattan Associates, Inc. (a)  | 2061  | 250205  |
|  Marathon Digital Holdings, Inc. (a)(b)  | 3580  | 12244  |
|  Matterport, Inc. (a)(b)  | 7201  | 20163  |
|  MeridianLink, Inc. (a)(b)  | 661  | 9076  |
|  MicroStrategy, Inc. Class A (a)(b)  | 304  | 43037  |
|  Mitek Systems, Inc. (a)  | 1528  | 14806  |
|  Model N, Inc. (a)  | 1106  | 44859  |
|  Momentive Global, Inc. (a)  | 4157  | 29099  |
|  N-able, Inc. (a)  | 2251  | 23140  |
|  nCino, Inc. (a)(b)  | 2499  | 66074  |
|  NCR Corp. (a)  | 4460  | 104409  |
|  New Relic, Inc. (a)  | 1877  | 105957  |
|  Nutanix, Inc. Class A (a)  | 7349  | 191441  |
|  Olo, Inc. (a)(b)  | 3361  | 21006  |
|  ON24, Inc. (a)  | 1408  | 12151  |
|  Onespan, Inc. (a)  | 1132  | 12667  |
|  Pagerduty, Inc. (a)  | 2615  | 69454  |
|  Paycor HCM, Inc. (a)(b)  | 1549  | 37904  |
|  Paylocity Holding Corp. (a)  | 1345  | 261280  |
|  Pegasystems, Inc.  | 1325  | 45368  |
|  PowerSchool Holdings, Inc. (a)  | 1048  | 24188  |
|  Progress Software Corp.  | 1418  | 71538  |
|  PROS Holdings, Inc. (a)  | 1361  | 33018  |
|  PTC, Inc. (a)  | 3472  | 416779  |
|  Q2 Holdings, Inc. (a)  | 1905  | 51187  |
|  Qualtrics International, Inc. (a)  | 3557  | 36922  |
|  Qualys, Inc. (a)  | 1146  | 128616  |
|  Rapid7, Inc. (a)  | 1940  | 65921  |
|  Rekor Systems, Inc. (a)(b)  | 1086  | 1303  |
|  Rimini Street, Inc. (a)  | 1650  | 6287  |
|  RingCentral, Inc. (a)  | 2524  | 89350  |
|  Riot Blockchain, Inc. (a)(b)  | 4454  | 15099  |
|  SecureWorks Corp. (a)  | 404  | 2582  |
|  Semrush Holdings, Inc. (a)(b)  | 1160  | 9442  |
|  SentinelOne, Inc. (a)  | 6562  | 95740  |
|  ShotSpotter, Inc. (a)  | 280  | 9472  |
|  Smartsheet, Inc. (a)  | 4252  | 167359  |
|  Smith Micro Software, Inc. (a)(b)  | 1487  | 3123  |
|  SolarWinds, Inc. (a)  | 1478  | 13834  |
|  Sprinklr, Inc. (a)  | 1880  | 15360  |
|  Sprout Social, Inc. (a)  | 1549  | 87457  |
|  SPS Commerce, Inc. (a)  | 1185  | 152190  |
|  Sumo Logic, Inc. (a)  | 3455  | 27986  |
|  Telos Corp. (a)  | 1812  | 9223  |
|  Tenable Holdings, Inc. (a)  | 3664  | 139782  |
|  Teradata Corp. (a)  | 3388  | 114040  |
|  UiPath, Inc. Class A (a)  | 11400  | 144894  |
|  Upland Software, Inc. (a)  | 894  | 6374  |
|  Varonis Systems, Inc. (a)  | 3599  | 86160  |
|  Verint Systems, Inc. (a)  | 2142  | 77712  |
|  Veritone, Inc. (a)(b)  | 1090  | 5777  |
|  Vertex, Inc. Class A (a)  | 1151  | 16701  |
|  Vobile Group Ltd. (a)  | 36000  | 15402  |
|  Workiva, Inc. (a)  | 1497  | 125703  |
|  Xperi, Inc. (a)  | 1360  | 11710  |
|  Yext, Inc. (a)  | 3478  | 22711  |
|  Zuora, Inc. (a)  | 4065  | 25853  |
|  |  | 8199224  |
| Technology Hardware, Storage & Peripherals - 0.2%  |  |  |
|  Avid Technology, Inc. (a)  | 1114  | 29621  |
|  Corsair Gaming, Inc. (a)(b)  | 1260  | 17098  |
|  Diebold Nixdorf, Inc. (a)  | 2644  | 3754  |
|  Eastman Kodak Co. (a)(b)  | 2530  | 7717  |
|  Immersion Corp.  | 1007  | 7079  |
|  IonQ, Inc. (a)(b)  | 4941  | 17046  |
|  Pure Storage, Inc. Class A (a)  | 9136  | 244479  |
|  Quantum Corp. (a)  | 3444  | 3754  |
|  Turtle Beach Corp. (a)  | 500  | 3585  |
|  Xerox Holdings Corp.  | 3647  | 53246  |
|  |  | 387379  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 20003842  |
| MATERIALS - 5.4%  |  |  |
| Chemicals - 2.0%  |  |  |
|  AdvanSix, Inc.  | 934  | 35511  |
|  American Vanguard Corp.  | 966  | 20972  |
|  Amyris, Inc. (a)(b)  | 7489  | 11458  |
|  Ashland, Inc.  | 1630  | 175274  |
|  Aspen Aerogels, Inc. (a)(b)  | 930  | 10965  |
|  Avient Corp.  | 2806  | 94731  |
|  Axalta Coating Systems Ltd. (a)  | 7238  | 184352  |
|  Balchem Corp.  | 1057  | 129070  |
|  Cabot Corp.  | 1845  | 123320  |
|  Chase Corp.  | 253  | 21824  |
|  Danimer Scientific, Inc. (a)(b)  | 2878  | 5152  |
|  Ecovyst, Inc. (a)  | 2268  | 20094  |
|  Element Solutions, Inc.  | 7478  | 136025  |
|  FutureFuel Corp.  | 886  | 7203  |
|  Ginkgo Bioworks Holdings, Inc. Class A (a)(b)  | 25268  | 42703  |
|  H.B. Fuller Co. (b)  | 1742  | 124762  |
|  Hawkins, Inc.  | 629  | 24279  |
|  Huntsman Corp.  | 6221  | 170953  |
|  Ingevity Corp. (a)  | 1172  | 82556  |
|  Innospec, Inc.  | 810  | 83317  |
|  Intrepid Potash, Inc. (a)  | 314  | 9065  |
|  Koppers Holdings, Inc.  | 679  | 19148  |
|  Kronos Worldwide, Inc. (b)  | 717  | 6740  |
|  Livent Corp. (a)(b)  | 5885  | 116935  |
|  Loop Industries, Inc. (a)(b)  | 909  | 2173  |
|  LSB Industries, Inc. (a)  | 1256  | 16705  |
|  Mativ, Inc.  | 1790  | 37411  |
|  Minerals Technologies, Inc.  | 1066  | 64728  |
|  NewMarket Corp.  | 226  | 70311  |
|  Olin Corp.  | 4434  | 234736  |
|  Origin Materials, Inc. Class A (a)(b)  | 3934  | 18136  |
|  Orion Engineered Carbons SA  | 1869  | 33287  |
|  Perimeter Solutions SA (a)  | 5008  | 45773  |
|  PureCycle Technologies, Inc. (a)(b)  | 4342  | 29352  |
|  Quaker Houghton (b)  | 448  | 74771  |
|  Rayonier Advanced Materials, Inc. (a)  | 2055  | 19728  |
|  RPM International, Inc.  | 4238  | 412993  |
|  Sensient Technologies Corp.  | 1376  | 100338  |
|  Stepan Co.  | 694  | 73883  |
|  The Chemours Co. LLC  | 5095  | 156009  |
|  The Scotts Miracle-Gro Co. Class A  | 1316  | 63944  |
|  Tredegar Corp.  | 871  | 8902  |
|  Trinseo PLC  | 1124  | 25526  |
|  Tronox Holdings PLC  | 3760  | 51550  |
|  Valvoline, Inc.  | 5815  | 189860  |
|  Westlake Corp.  | 1134  | 116280  |
|  |  | 3502805  |
| Construction Materials - 0.2%  |  |  |
|  Eagle Materials, Inc.  | 1239  | 164601  |
|  Summit Materials, Inc.  | 3935  | 111715  |
|  |  | 276316  |
| Containers & Packaging - 1.2%  |  |  |
|  Aptargroup, Inc.  | 2147  | 236127  |
|  Ardagh Metal Packaging SA  | 4799  | 23083  |
|  Berry Global Group, Inc.  | 4107  | 248186  |
|  Crown Holdings, Inc.  | 3978  | 327031  |
|  Graphic Packaging Holding Co.  | 10098  | 224681  |
|  Greif, Inc. Class A  | 862  | 57806  |
|  Myers Industries, Inc.  | 1209  | 26876  |
|  O-I Glass, Inc. (a)  | 5117  | 84789  |
|  Pactiv Evergreen, Inc.  | 1350  | 15336  |
|  Ranpak Holdings Corp. (A Shares) (a)  | 1200  | 6924  |
|  Sealed Air Corp.  | 4777  | 238277  |
|  Silgan Holdings, Inc.  | 2744  | 142249  |
|  Sonoco Products Co.  | 3196  | 194029  |
|  TriMas Corp.  | 1402  | 38891  |
|  WestRock Co.  | 8350  | 293586  |
|  |  | 2157871  |
| Metals & Mining - 1.8%  |  |  |
|  Alcoa Corp.  | 5908  | 268637  |
|  Alpha Metallurgical Resources  | 517  | 75684  |
|  Arconic Corp. (a)  | 3369  | 71288  |
|  ATI, Inc. (a)  | 4250  | 126905  |
|  Carpenter Technology Corp.  | 1569  | 57959  |
|  Century Aluminum Co. (a)(b)  | 1655  | 13538  |
|  Cleveland-Cliffs, Inc. (a)  | 16997  | 273822  |
|  Coeur d'Alene Mines Corp. (a)  | 9410  | 31618  |
|  Commercial Metals Co.  | 3959  | 191220  |
|  Compass Minerals International, Inc.  | 1110  | 45510  |
|  Coronado Global Resources, Inc. unit (d)  | 28043  | 37916  |
|  Gatos Silver, Inc. (a)  | 1699  | 6949  |
|  Gold Resource Corp.  | 2795  | 4276  |
|  Haynes International, Inc.  | 426  | 19464  |
|  Hecla Mining Co.  | 18390  | 102248  |
|  Kaiser Aluminum Corp.  | 525  | 39879  |
|  Materion Corp.  | 683  | 59769  |
|  McEwen Mining, Inc. (a)(b)  | 1487  | 8714  |
|  MP Materials Corp. (a)(b)  | 3029  | 73544  |
|  Olympic Steel, Inc.  | 333  | 11182  |
|  Piedmont Lithium, Inc. (a)(b)  | 537  | 23639  |
|  Reliance Steel & Aluminum Co.  | 1980  | 400831  |
|  Royal Gold, Inc.  | 2153  | 242686  |
|  Ryerson Holding Corp.  | 681  | 20607  |
|  Schnitzer Steel Industries, Inc. Class A  | 868  | 26604  |
|  Steel Dynamics, Inc.  | 5698  | 556695  |
|  SunCoke Energy, Inc.  | 2649  | 22861  |
|  TimkenSteel Corp. (a)  | 1382  | 25111  |
|  United States Steel Corp.  | 7789  | 195114  |
|  Warrior Metropolitan Coal, Inc.  | 1677  | 58091  |
|  Worthington Industries, Inc. (b)  | 992  | 49312  |
|  |  | 3141673  |
| Paper & Forest Products - 0.2%  |  |  |
|  Clearwater Paper Corp. (a)  | 569  | 21514  |
|  Glatfelter Corp.  | 1347  | 3745  |
|  Louisiana-Pacific Corp.  | 2429  | 143797  |
|  Mercer International, Inc. (SBI)  | 1358  | 15807  |
|  Resolute Forest Products, Inc. (a)  | 1458  | 31478  |
|  Sylvamo Corp.  | 1085  | 52720  |
|  |  | 269061  |
|  TOTAL MATERIALS  |  | 9347726  |
| REAL ESTATE - 7.5%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 6.9%  |  |  |
|  Acadia Realty Trust (SBI)  | 3163  | 45389  |
|  Agree Realty Corp. (b)  | 2640  | 187255  |
|  Alexander & Baldwin, Inc.  | 2466  | 46188  |
|  Alexanders, Inc.  | 71  | 15624  |
|  American Assets Trust, Inc.  | 1751  | 46402  |
|  American Homes 4 Rent Class A  | 9989  | 301068  |
|  Americold Realty Trust  | 8865  | 250968  |
|  Apartment Income (REIT) Corp.  | 5100  | 174981  |
|  Apartment Investment & Management Co. Class A  | 4927  | 35080  |
|  Apple Hospitality (REIT), Inc.  | 7031  | 110949  |
|  Armada Hoffler Properties, Inc.  | 2339  | 26899  |
|  Ashford Hospitality Trust, Inc. (a)  | 1214  | 5427  |
|  Braemar Hotels & Resorts, Inc.  | 2025  | 8323  |
|  Brandywine Realty Trust (SBI)  | 5736  | 35276  |
|  Brixmor Property Group, Inc.  | 9895  | 224320  |
|  Broadstone Net Lease, Inc.  | 5693  | 92284  |
|  Camden Property Trust (SBI)  | 3515  | 393258  |
|  CareTrust (REIT), Inc.  | 3249  | 60366  |
|  CBL & Associates Properties, Inc. (b)  | 805  | 18579  |
|  Centerspace (b)  | 514  | 30156  |
|  Chatham Lodging Trust  | 1660  | 20368  |
|  City Office REIT, Inc.  | 1410  | 11816  |
|  Community Healthcare Trust, Inc.  | 818  | 29284  |
|  Corporate Office Properties Trust (SBI)  | 3718  | 96445  |
|  Cousins Properties, Inc. (b)  | 5027  | 127133  |
|  CTO Realty Growth, Inc.  | 540  | 9871  |
|  CubeSmart  | 7400  | 297850  |
|  DiamondRock Hospitality Co.  | 6899  | 56503  |
|  Diversified Healthcare Trust (SBI)  | 8305  | 5372  |
|  Douglas Emmett, Inc.  | 5810  | 91101  |
|  Easterly Government Properties, Inc.  | 3089  | 44080  |
|  EastGroup Properties, Inc.  | 1438  | 212910  |
|  Elme Communities (SBI)  | 2877  | 51211  |
|  Empire State Realty Trust, Inc.  | 4420  | 29791  |
|  EPR Properties  | 2468  | 93093  |
|  Equity Commonwealth  | 3686  | 92039  |
|  Equity Lifestyle Properties, Inc.  | 5749  | 371385  |
|  Essential Properties Realty Trust, Inc.  | 4714  | 110638  |
|  Farmland Partners, Inc.  | 1589  | 19799  |
|  Federal Realty Investment Trust (SBI)  | 2411  | 243607  |
|  First Industrial Realty Trust, Inc.  | 4379  | 211331  |
|  Four Corners Property Trust, Inc.  | 2729  | 70763  |
|  Franklin Street Properties Corp.  | 3198  | 8731  |
|  Gaming & Leisure Properties  | 8420  | 438598  |
|  Getty Realty Corp.  | 1406  | 47593  |
|  Gladstone Commercial Corp.  | 1346  | 24901  |
|  Gladstone Land Corp.  | 1028  | 18864  |
|  Global Medical REIT, Inc.  | 2149  | 20373  |
|  Global Net Lease, Inc.  | 3447  | 43329  |
|  Healthcare Trust of America, Inc.  | 12529  | 241434  |
|  Hersha Hospitality Trust  | 1063  | 9057  |
|  Highwoods Properties, Inc. (SBI)  | 3488  | 97594  |
|  Hudson Pacific Properties, Inc.  | 4278  | 41625  |
|  Independence Realty Trust, Inc.  | 7295  | 122994  |
|  Indus Realty Trust, Inc. (b)  | 177  | 11238  |
|  Industrial Logistics Properties Trust  | 2114  | 6913  |
|  InvenTrust Properties Corp.  | 2203  | 52145  |
|  Iron Mountain, Inc.  | 9553  | 476217  |
|  iStar Financial, Inc.  | 2762  | 21074  |
|  JBG SMITH Properties  | 3313  | 62881  |
|  Kilroy Realty Corp.  | 3475  | 134378  |
|  Kimco Realty Corp.  | 20396  | 431987  |
|  Kite Realty Group Trust  | 7240  | 152402  |
|  Lamar Advertising Co. Class A  | 2872  | 271117  |
|  Life Storage, Inc.  | 2781  | 273929  |
|  LTC Properties, Inc. (b)  | 1354  | 48108  |
|  LXP Industrial Trust (REIT)  | 9338  | 93567  |
|  Medical Properties Trust, Inc.  | 19729  | 219781  |
|  National Health Investors, Inc. (b)  | 1471  | 76816  |
|  National Retail Properties, Inc.  | 5844  | 267421  |
|  National Storage Affiliates Trust  | 2823  | 101967  |
|  Necessity Retail (REIT), Inc./The  | 4437  | 26311  |
|  NETSTREIT Corp. (b)  | 1736  | 31821  |
|  NexPoint Residential Trust, Inc.  | 750  | 32640  |
|  Office Properties Income Trust  | 1563  | 20866  |
|  Omega Healthcare Investors, Inc.  | 7705  | 215355  |
|  One Liberty Properties, Inc.  | 591  | 13132  |
|  Orion Office (REIT), Inc. (b)  | 2007  | 17140  |
|  Outfront Media, Inc.  | 4812  | 79783  |
|  Paramount Group, Inc.  | 5515  | 32759  |
|  Park Hotels & Resorts, Inc.  | 7409  | 87352  |
|  Pebblebrook Hotel Trust (b)  | 4308  | 57684  |
|  Phillips Edison & Co., Inc.  | 3870  | 123221  |
|  Physicians Realty Trust (b)  | 7442  | 107686  |
|  Piedmont Office Realty Trust, Inc. Class A  | 4097  | 37569  |
|  Plymouth Industrial REIT, Inc.  | 1225  | 23496  |
|  Postal Realty Trust, Inc.  | 675  | 9808  |
|  Potlatch Corp.  | 2671  | 117497  |
|  Rayonier, Inc.  | 4835  | 159362  |
|  Regency Centers Corp.  | 5087  | 317938  |
|  Retail Opportunity Investments Corp.  | 4227  | 63532  |
|  Rexford Industrial Realty, Inc.  | 5649  | 308661  |
|  RLJ Lodging Trust  | 5368  | 56847  |
|  RPT Realty  | 2915  | 29267  |
|  Ryman Hospitality Properties, Inc.  | 1813  | 148267  |
|  Sabra Health Care REIT, Inc.  | 7589  | 94331  |
|  Safehold, Inc.  | 815  | 23325  |
|  Saul Centers, Inc.  | 460  | 18713  |
|  Service Properties Trust  | 5476  | 39920  |
|  SITE Centers Corp.  | 6112  | 83490  |
|  SL Green Realty Corp. (b)  | 2119  | 71453  |
|  Spirit Realty Capital, Inc.  | 4504  | 179845  |
|  Stag Industrial, Inc.  | 5949  | 192212  |
|  Store Capital Corp.  | 8742  | 280269  |
|  Summit Hotel Properties, Inc.  | 3614  | 26093  |
|  Sunstone Hotel Investors, Inc.  | 7023  | 67842  |
|  Tanger Factory Outlet Centers, Inc.  | 3420  | 61355  |
|  Terreno Realty Corp.  | 2211  | 125740  |
|  The Macerich Co.  | 7050  | 79383  |
|  UMH Properties, Inc.  | 1739  | 27998  |
|  Uniti Group, Inc.  | 7743  | 42819  |
|  Universal Health Realty Income Trust (SBI)  | 432  | 20619  |
|  Urban Edge Properties  | 3887  | 54768  |
|  Urstadt Biddle Properties, Inc. Class A  | 1097  | 20788  |
|  Veris Residential, Inc. (a)  | 2670  | 42533  |
|  Vornado Realty Trust  | 5350  | 111334  |
|  Whitestone REIT Class B  | 1530  | 14749  |
|  Xenia Hotels & Resorts, Inc. (b)  | 3749  | 49412  |
|  |  | 12069201  |
| Real Estate Management & Development - 0.6%  |  |  |
|  Anywhere Real Estate, Inc. (a)  | 3696  | 23617  |
|  Cushman & Wakefield PLC (a)  | 5326  | 66362  |
|  Digitalbridge Group, Inc.  | 4845  | 53004  |
|  Doma Holdings, Inc. Class A (a)  | 5234  | 2370  |
|  Douglas Elliman, Inc. (b)  | 2268  | 9231  |
|  eXp World Holdings, Inc. (b)  | 2424  | 26858  |
|  Forestar Group, Inc. (a)  | 578  | 8907  |
|  Howard Hughes Corp. (a)  | 1177  | 89946  |
|  Jones Lang LaSalle, Inc. (a)  | 1577  | 251326  |
|  Kennedy-Wilson Holdings, Inc.  | 3831  | 60262  |
|  Marcus & Millichap, Inc.  | 822  | 28318  |
|  Newmark Group, Inc.  | 4254  | 33904  |
|  Offerpad Solutions, Inc. (a)(b)  | 2123  | 978  |
|  Opendoor Technologies, Inc. (a)(b)  | 16507  | 19148  |
|  RE/MAX Holdings, Inc.  | 574  | 10699  |
|  Redfin Corp. (a)(b)  | 3598  | 15256  |
|  Seritage Growth Properties (a)(b)  | 1234  | 14598  |
|  The RMR Group, Inc.  | 477  | 13475  |
|  The St. Joe Co.  | 1134  | 43829  |
|  WeWork, Inc. (a)(b)  | 7946  | 11363  |
|  Zillow Group, Inc.:  |  |  |
|  Class A (a)  | 2183  | 68131  |
|  Class C (a)(b)  | 5184  | 166977  |
|  |  | 1018559  |
|  TOTAL REAL ESTATE  |  | 13087760  |
| UTILITIES - 3.0%  |  |  |
| Electric Utilities - 1.0%  |  |  |
|  Allete, Inc.  | 1865  | 120311  |
|  Avangrid, Inc.  | 2277  | 97865  |
|  Hawaiian Electric Industries, Inc.  | 3599  | 150618  |
|  IDACORP, Inc.  | 1658  | 178815  |
|  MGE Energy, Inc.  | 1179  | 83002  |
|  NRG Energy, Inc.  | 7727  | 245873  |
|  OGE Energy Corp.  | 6563  | 259567  |
|  Otter Tail Corp.  | 1359  | 79787  |
|  Pinnacle West Capital Corp.  | 3707  | 281880  |
|  PNM Resources, Inc.  | 2820  | 137588  |
|  Portland General Electric Co.  | 2928  | 143472  |
|  |  | 1778778  |
| Gas Utilities - 0.7%  |  |  |
|  Chesapeake Utilities Corp.  | 578  | 68308  |
|  National Fuel Gas Co.  | 3001  | 189963  |
|  New Jersey Resources Corp.  | 3153  | 156452  |
|  Northwest Natural Holding Co.  | 1146  | 54538  |
|  ONE Gas, Inc.  | 1774  | 134327  |
|  South Jersey Industries, Inc.  | 4012  | 142546  |
|  Southwest Gas Corp.  | 2024  | 125245  |
|  Spire, Inc. (b)  | 1712  | 117888  |
|  UGI Corp.  | 6883  | 255153  |
|  |  | 1244420  |
| Independent Power and Renewable Electricity Producers - 0.4%  |  |  |
|  Clearway Energy, Inc.:  |  |  |
|  Class A  | 1032  | 30877  |
|  Class C  | 2789  | 88885  |
|  Ormat Technologies, Inc. (b)  | 1467  | 126866  |
|  Sunnova Energy International, Inc. (a)(b)  | 3268  | 58857  |
|  Vistra Corp.  | 12839  | 297865  |
|  |  | 603350  |
| Multi-Utilities - 0.5%  |  |  |
|  Avista Corp.  | 2414  | 107037  |
|  Black Hills Corp.  | 2129  | 149754  |
|  NiSource, Inc.  | 13350  | 366057  |
|  NorthWestern Energy Corp.  | 1841  | 109245  |
|  Unitil Corp.  | 539  | 27683  |
|  |  | 759776  |
| Water Utilities - 0.4%  |  |  |
|  American States Water Co.  | 1219  | 112818  |
|  California Water Service Group  | 1796  | 108909  |
|  Essential Utilities, Inc.  | 7843  | 374346  |
|  Middlesex Water Co.  | 575  | 45235  |
|  SJW Group  | 877  | 71204  |
|  York Water Co.  | 489  | 21995  |
|  |  | 734507  |
|  TOTAL UTILITIES  |  | 5120831  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $173,495,570)  |  | <br> **167258975**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.2%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.2%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.2%**  |
|  | Principal <br> Amount (e) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f) <br>(Cost $299,747) <br>| 300000  | **299256**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 11.3%**  | &nbsp;&nbsp; **Money Market Funds - 11.3%**  | &nbsp;&nbsp; **Money Market Funds - 11.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (g)  | 5447515  | 5448605  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (g)(h)  | 14263296  | 14264723  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $19,713,328)  |  | **19713328**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.9%** <br> (Cost $193,508,645) <br>| <br>**187271559**  |
| **NET OTHER ASSETS (LIABILITIES) - (7.9)%**  | **(13722597)**  |
| **NET ASSETS - 100.0%**  | **173548962**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| CME E-mini Russell 2000 Index Contracts (United States)  | 36  | Mar 2023  | 3187620  | (65805)  | (65805)  |
| CME E-mini S&P MidCap 400 Index Contracts (United States)  | 12  | Mar 2023  | 2931120  | (62299)  | (62299)  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(128104)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  | The notional amount of futures purchased as a percentage of Net Assets is 3.5%  |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $192,437 or 0.1% of net assets.

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

(f) 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 $299,256.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 3371665  | 56530535  | 54453595  | 72467  | -  | -  | 5448605  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 6532852  | 54886777  | 47154906  | 161257  | -  | -  | 14264723  | 0.0%  |
| Total  | 9904517  | 111417312  | 101608501  | 233724  | -  | -  | 19713328  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 4491492  | 4491159  | -  | 333  |
| Consumer Discretionary  | 21350105  | 21227173  | 122883  | 49  |
| Consumer Staples  | 6799769  | 6799768  | 1  | -  |
| Energy  | 8188826  | 8188826  | -  | -  |
| Financials  | 28187708  | 28163838  | 23870  | -  |
| Health Care  | 20952940  | 20937872  | 11082  | 3986  |
| Industrials  | 29727976  | 29727976  | -  | -  |
| Information Technology  | 20003842  | 19967884  | 35958  | -  |
| Materials  | 9347726  | 9309810  | 37916  | -  |
| Real Estate  | 13087760  | 13087760  | -  | -  |
| Utilities  | 5120831  | 5120831  | -  | -  |
|  U.S. Government and Government Agency Obligations  | 299256  | -  | 299256  | -  |
|  Money Market Funds  | 19713328  | 19713328  | -  | -  |
| **Total Investments in Securities:**  | 187271559  | 186736225  | 530966  | 4368  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (128104)  | (128104)  | -  | -  |
| Total Liabilities  | (128104)  | (128104)  | -  | -  |
| **Total Derivative Instruments:**  | (128104)  | (128104)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (128104)  |
| **Total Equity Risk**  | 0  | (128104)  |
| **Total Value of Derivatives**  | 0  | (128104)  |

---

(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).

**VIP Extended Market Index Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,753,025) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $173,795,317)  | $167558231  |  |
|  Fidelity Central Funds (cost $19,713,328)  | 19713328  |  |
|  Total Investment in Securities (cost $193,508,645)  |  | $187271559  |
|  Segregated cash with brokers for derivative instruments  |  | 86202  |
|  Foreign currency held at value (cost $38,943)  |  | 39427  |
| Receivable for investments sold  |  | 6842  |
|  Receivable for fund shares sold  |  | 197168  |
|  Dividends receivable  |  | 233455  |
|  Distributions receivable from Fidelity Central Funds  |  | 32645  |
| Other receivables  |  | 254  |
| **Total assets**  |  | 187867552  |
| **Liabilities**  |  |  |
|  Payable to custodian bank  | 933  |  |
|  Payable for fund shares redeemed  | 2143  |  |
|  Accrued management fee  | 10228  |  |
|  Distribution and service plan fees payable  | 3558  |  |
|  Payable for daily variation margin on futures contracts  | 28193  |  |
|  Other affiliated payables  | 8767  |  |
|  Other payables and accrued expenses  | 21  |  |
|  Collateral on securities loaned  | 14264747  |  |
| **Total Liabilities**  |  | 14318590  |
| **Net Assets**  |  | $173548962  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $181969765  |
|  Total accumulated earnings (loss)  |  | (8420803)  |
|  **Net Assets**  |  | $173548962  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($140,653,355 ÷ 12,539,081 shares)  |  | $11.22  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($26,672,083 ÷ 2,381,784 shares)  |  | $11.20  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($6,223,524 ÷ 555,841 shares)  |  | $11.20  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $2586158  |
| Interest  |  | 3073  |
| Income from Fidelity Central Funds (including $161,257 from security lending)  |  | 233724  |
| **Total Income**  |  | 2822955  |
|  **Expenses**  |  |  |
| Management fee  | $120493  |  |
| Transfer agent fees  | 103280  |  |
| Distribution and service plan fees  | 39385  |  |
| Independent trustees' fees and expenses  | 595  |  |
| Total expenses before reductions  | 263753  |  |
| Expense reductions  | (175)  |  |
| Total expenses after reductions  |  | 263578  |
| **Net Investment income (loss)**  |  | 2559377  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 2806873  |  |
| Foreign currency transactions  | (214)  |  |
| Futures contracts  | (641133)  |  |
| Total net realized gain (loss)  |  | 2165526  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (40412731)  |  |
| Assets and liabilities in foreign currencies  | 487  |  |
| Futures contracts  | (267596)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (40679840)  |
| **Net gain (loss)**  |  | (38514314)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(35954937)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2559377  | $2122591  |
| &nbsp;&nbsp; Net realized gain (loss)  | 2165526 <br>| 11456818 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (40679840)  | 14623524 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (35954937) <br>| 28202933 <br>|
| Distributions to shareholders  | (5929181) <br>| (12016253) <br>|
| Share transactions - net increase (decrease)  | 24063783 <br>| 57075640 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (17820335) <br>| 73262320 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 191369297  | 118106977 <br>|
| &nbsp;&nbsp; End of period  | $173548962  | $191369297  |

---

**Financial Highlights** 

 **VIP Extended Market Index Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.19  | $12.52  | $10.87  | $8.82  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .18  | .18  | .13  | .15  | .11  |
| Net realized and unrealized gain (loss)  | (2.75)  | 2.44  | 1.66  | 2.13  | (1.21)  |
| Total from investment operations  | (2.57)  | 2.62  | 1.79  | 2.28  | (1.10)  |
| Distributions from net investment income  | (.17)  | (.18)  | (.14)  | (.12)  | (.08)  |
| Distributions from net realized gain  | (.24)  | (.77)  | -  | (.11)  | -  |
| Total distributions  | (.40) <sup>D</sup>  | (.95)  | (.14)  | (.23)  | (.08)  |
| Net asset value, end of period  | $11.22  | $14.19  | $12.52  | $10.87  | $8.82  |
| **Total Return** <sup>E,F,G</sup>  | (18.13)%  | 21.24%  | 16.46%  | 25.88%  | (10.99)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .13%  | .13%  | .13%  | .13%  | .13% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .13%  | .13%  | .13%  | .13%  | .13% <sup>J</sup>  |
| Expenses net of all reductions  | .13%  | .13%  | .13%  | .13%  | .13% <sup>J</sup>  |
| Net investment income (loss)  | 1.51%  | 1.20%  | 1.34%  | 1.47%  | 1.57% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $140653  | $160811  | $95143  | $73052  | $30342  |
| Portfolio turnover rate <sup>K</sup>  | 18%  | 27%  | 46%  | 17%  | 11% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Extended Market Index Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $14.17  | $12.50  | $10.86  | $10.44  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .17  | .16  | .13  | .12  |
| Net realized and unrealized gain (loss)  | (2.75)  | 2.45  | 1.65  | .53  |
| Total from investment operations  | (2.58)  | 2.61  | 1.78  | .65  |
| Distributions from net investment income  | (.16)  | (.17)  | (.14)  | (.12)  |
| Distributions from net realized gain  | (.24)  | (.77)  | -  | (.11)  |
| Total distributions  | (.39) <sup>D</sup>  | (.94)  | (.14)  | (.23)  |
| Net asset value, end of period  | $11.20  | $14.17  | $12.50  | $10.86  |
| **Total Return** <sup>E,F,G</sup>  | (18.22)%  | 21.16%  | 16.37%  | 6.24%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |
| Expenses before reductions  | .23%  | .23%  | .23%  | .23% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .23%  | .23%  | .23%  | .23% <sup>J</sup>  |
| Expenses net of all reductions  | .23%  | .23%  | .23%  | .23% <sup>J</sup>  |
| Net investment income (loss)  | 1.41%  | 1.10%  | 1.24%  | 1.58% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $26672  | $23331  | $18141  | $2133  |
| Portfolio turnover rate <sup>K</sup>  | 18%  | 27%  | 46%  | 17% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Extended Market Index Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.16  | $12.50  | $10.87  | $8.83  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .15  | .14  | .11  | .12  | .10  |
| Net realized and unrealized gain (loss)  | (2.73)  | 2.44  | 1.65  | 2.12  | (1.21)  |
| Total from investment operations  | (2.58)  | 2.58  | 1.76  | 2.24  | (1.11)  |
| Distributions from net investment income  | (.14)  | (.15)  | (.13)  | (.10)  | (.06)  |
| Distributions from net realized gain  | (.24)  | (.77)  | -  | (.11)  | -  |
| Total distributions  | (.38)  | (.92)  | (.13)  | (.20) <sup>D</sup>  | (.06)  |
| Net asset value, end of period  | $11.20  | $14.16  | $12.50  | $10.87  | $8.83  |
| **Total Return** <sup>E,F,G</sup>  | (18.30)%  | 20.93%  | 16.19%  | 25.44%  | (11.09)%  |
| **Ratios to Average Net Assets** <sup>C,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .38%  | .38%  | .38%  | .38%  | .38% <sup>J</sup>  |
| Expenses net of fee waivers, if any  | .38%  | .38%  | .38%  | .38%  | .38% <sup>J</sup>  |
| Expenses net of all reductions  | .38%  | .38%  | .38%  | .38%  | .38% <sup>J</sup>  |
| Net investment income (loss)  | 1.26%  | .95%  | 1.09%  | 1.22%  | 1.32% <sup>J</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $6224  | $7228  | $4824  | $1134  | $883  |
| Portfolio turnover rate <sup>K</sup>  | 18%  | 27%  | 46%  | 17%  | 11% <sup>J</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

<sup>E</sup> *Total returns for periods of less than one year are not annualized.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Annualized.*

<sup>K</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**VIP International Index Portfolio** 

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | |
|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Life of** <br> **Fund** <sup>A</sup>  |
| Initial Class  | &nbsp;&nbsp; -16.02%  | &nbsp;&nbsp; 0.86%  |
| Service Class  | &nbsp;&nbsp; -16.13%  | &nbsp;&nbsp; 0.76%  |
| Service Class 2  | &nbsp;&nbsp; -16.21%  | &nbsp;&nbsp; 0.61%  |

---

<sup>A</sup> From April 17, 2018

*The initial offering of Service Class shares took place on April 11, 2019. Returns prior to April 11, 2019 are those of Initial Class.*

---

| |
|:---|
| **$10,000 Over Life of Fund**  |
| Let's say hypothetically that $10,000 was invested in VIP International Index Portfolio - Initial Class , a class of the fund, on April 17, 2018, when the fund started. <br>The chart shows how the value of your investment would have changed, and also shows how the Fidelity Global ex U.S. Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.  |
| ![](img88148_9.jpg)  |

---

**International Index Portfolio**

**Management's Discussion of Fund Performance** 

**Market Recap:** 

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index, as a multitude of risk factors challenged the global economy and financial markets. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. Early on, non-U.S. stocks retreated to begin 2022 and returned -26.40% through September. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. Market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. The index reversed course in the fourth quarter, gaining 14.31% amid optimism on inflation and policy easing. For the full 12 months, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). By sector, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In sharp contrast, energy gained 9% amid elevated prices for oil and natural gas. The financials (-7%) sector also outperformed, as did utilities (-10%) and consumer staples (-12%).

**Comments from the Geode Capital Management, LLC, passive equity index team:**

For the fiscal year ending December 31, 2022, the fund's share classes returned approximately -16%, roughly in line with the -16.00% result of the benchmark Fidelity Global ex U.S. Index Net Return. By region, Europe ex U.K. returned -18% and detracted most, followed by emerging markets (-18%). By sector, stocks in the information technology sector returned about -34% and detracted most, followed by consumer discretionary, which returned -21%. Industrials returned about -18% and communication services returned approximately -23%, especially in the media & entertainment industry (-33%). Health care (-13%), especially in the health care equipment & services industry (-32%), and financials (-6%) hampered results. Other notable detractors included the consumer staples (-11%), and materials (-10%) sectors. Real estate (-23%) and utilities (-10%) also hurt. Energy gained roughly 13% and contributed most. Turning to individual stocks, the biggest individual detractor was Taiwan Semiconductor (-33%), from the semiconductors & semiconductor equipment segment, followed by Samsung Electronics (-32%), which is in the technology hardware & equipment industry. Within software & services, Shopify returned -75% and hurt. Other detractors were ASML Holding (-32%), a stock in the semiconductors & semiconductor equipment category, and Tencent Holdings (-25%), from the media & entertainment group. In contrast, the biggest individual contributor was Shell (+32%), from the energy sector. Novo-Nordisk (+21%) and AstraZeneca (+18%), from the pharmaceuticals, biotechnology & life sciences industry, helped. Other contributors from the energy sector were TotalEnergies (+31%) and BP (+34%).

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**VIP International Index Portfolio** 

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Nestle SA (Reg. S) (Switzerland, Food Products)  | 1.3  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)  | 1.2  |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services)  | 1.1  |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals)  | 1.0  |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)  | 0.9  |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment)  | 0.9  |
| Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)  | 0.9  |
| Novartis AG (Switzerland, Pharmaceuticals)  | 0.9  |
| Shell PLC (London) (United Kingdom, Oil, Gas & Consumable Fuels)  | 0.9  |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)  | 0.9  |
|  | 10.0  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 22.4  |
| Industrials  | 11.6  |
| Consumer Discretionary  | 10.8  |
| Information Technology  | 10.3  |
| Health Care  | 9.5  |
| Consumer Staples  | 8.2  |
| Materials  | 8.2  |
| Energy  | 5.9  |
| Communication Services  | 5.6  |
| Utilities  | 2.8  |
| Real Estate  | 1.6  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88148_10.jpg)  |
| *Foreign investments - 96.6%*  |
| *Futures - 2.9%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88148_11.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**VIP International Index Portfolio**

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 96.1%**  | &nbsp;&nbsp; **Common Stocks - 96.1%**  | &nbsp;&nbsp; **Common Stocks - 96.1%**  |
|  | Shares  | Value ($) <br>|
| Australia - 5.1%  |  |  |
|  AGL Energy Ltd.  | 9442  | 51686  |
|  ALS Ltd.  | 7264  | 60225  |
|  Altium Ltd.  | 1932  | 45894  |
|  Alumina Ltd.  | 35368  | 36514  |
|  AMP Ltd. (a)  | 51548  | 45844  |
|  Ampol Ltd.  | 3726  | 71623  |
|  Ansell Ltd.  | 1978  | 37993  |
|  ANZ Group Holdings Ltd.  | 45958  | 735891  |
|  APA Group unit  | 18230  | 133250  |
|  ARB Corp. Ltd.  | 1227  | 21295  |
|  Aristocrat Leisure Ltd.  | 10288  | 211993  |
|  ASX Ltd.  | 2998  | 138077  |
|  Atlas Arteria Ltd. unit  | 18354  | 82657  |
|  Aurizon Holdings Ltd.  | 28842  | 73069  |
|  Bank of Queensland Ltd.  | 9818  | 45911  |
|  Beach Energy Ltd.  | 23108  | 25092  |
|  Bendigo & Adelaide Bank Ltd.  | 8932  | 59276  |
|  BHP Group Ltd.  | 77873  | 2412268  |
|  BlueScope Steel Ltd.  | 7246  | 82584  |
|  Brambles Ltd.  | 21350  | 175083  |
|  Breville Group Ltd.  | 1558  | 19346  |
|  carsales.com Ltd.  | 5353  | 75330  |
|  Challenger Ltd.  | 9014  | 46348  |
|  Charter Hall Group unit  | 7100  | 57594  |
|  Cleanaway Waste Management Ltd.  | 33026  | 58847  |
|  Cochlear Ltd.  | 1016  | 140317  |
|  Coles Group Ltd.  | 20530  | 232720  |
|  Commonwealth Bank of Australia  | 26219  | 1821037  |
|  Computershare Ltd.  | 8832  | 155585  |
|  CSL Ltd.  | 7415  | 1445881  |
|  CSR Ltd.  | 7692  | 24597  |
|  Dexus unit  | 16937  | 88920  |
|  Dominos Pizza Enterprises Ltd.  | 955  | 43007  |
|  Downer EDI Ltd.  | 9835  | 24716  |
|  Endeavour Group Ltd.  | 18885  | 82186  |
|  Evolution Mining Ltd.  | 27892  | 57026  |
|  Fortescue Metals Group Ltd.  | 26068  | 364356  |
|  Goodman Group unit  | 26234  | 308521  |
|  Harvey Norman Holdings Ltd.  | 10345  | 28987  |
|  IDP Education Ltd.  | 3187  | 58734  |
|  IGO Ltd.  | 10201  | 93312  |
|  Iluka Resources Ltd.  | 6317  | 40634  |
|  Incitec Pivot Ltd.  | 30237  | 76972  |
|  Insurance Australia Group Ltd.  | 38211  | 122836  |
|  JB Hi-Fi Ltd.  | 1645  | 46885  |
|  Lendlease Group unit  | 10549  | 55995  |
|  Lynas Rare Earths Ltd. (a)  | 14149  | 74587  |
|  Macquarie Group Ltd.  | 5596  | 631724  |
|  Magellan Financial Group Ltd.  | 2356  | 14254  |
|  Magellan Financial Group Ltd. warrants 4/16/27 (a)  | 252  | 38  |
|  Medibank Private Ltd.  | 43184  | 86154  |
|  Metcash Ltd.  | 14512  | 39244  |
|  Mineral Resources Ltd.  | 2576  | 135128  |
|  Mirvac Group unit  | 61782  | 89381  |
|  National Australia Bank Ltd.  | 48766  | 990126  |
|  Newcrest Mining Ltd.  | 13770  | 193087  |
|  NEXTDC Ltd. (a)  | 7258  | 44786  |
|  Nine Entertainment Co. Holdings Ltd.  | 22704  | 28325  |
|  Northern Star Resources Ltd.  | 18087  | 135351  |
|  Orica Ltd.  | 6765  | 69168  |
|  Origin Energy Ltd.  | 26646  | 139463  |
|  OZ Minerals Ltd.  | 5051  | 95207  |
|  Pilbara Minerals Ltd. (a)  | 40190  | 101771  |
|  Qantas Airways Ltd. (a)  | 14649  | 59295  |
|  QBE Insurance Group Ltd.  | 22864  | 207415  |
|  Qube Holdings Ltd.  | 26166  | 49912  |
|  Ramsay Health Care Ltd.  | 2866  | 125849  |
|  REA Group Ltd.  | 809  | 60842  |
|  Reece Ltd.  | 3324  | 31773  |
|  Reliance Worldwide Corp. Ltd.  | 12928  | 25848  |
|  Rio Tinto Ltd.  | 5709  | 450586  |
|  Santos Ltd.  | 51728  | 254408  |
|  Scentre Group unit  | 80635  | 156961  |
|  SEEK Ltd.  | 5338  | 75889  |
|  Seven Group Holdings Ltd.  | 2491  | 35430  |
|  Sierra Rutile Holdings Ltd. (a)  | 6736  | 1027  |
|  Sonic Healthcare Ltd.  | 7416  | 150923  |
|  South32 Ltd.  | 71451  | 195892  |
|  Steadfast Group Ltd.  | 15307  | 56850  |
|  Stockland Corp. Ltd. unit  | 37268  | 91786  |
|  Suncorp Group Ltd.  | 19493  | 158845  |
|  Tabcorp Holdings Ltd.  | 34917  | 25425  |
|  Telstra Group Ltd.  | 62211  | 168246  |
|  The GPT Group unit  | 29998  | 85555  |
|  The Lottery Corp. Ltd. (a)  | 34622  | 105531  |
|  The Star Entertainment Group Ltd. (a)  | 12297  | 14754  |
|  Transurban Group unit  | 47313  | 416253  |
|  Treasury Wine Estates Ltd.  | 10891  | 100616  |
|  Vicinity Centres unit  | 60843  | 82156  |
|  Washington H. Soul Pattinson & Co. Ltd.  | 3703  | 69473  |
|  Wesfarmers Ltd.  | 17450  | 544218  |
|  Westpac Banking Corp.  | 53808  | 851862  |
|  Whitehaven Coal Ltd.  | 14813  | 94373  |
|  WiseTech Global Ltd.  | 2700  | 92860  |
|  Woodside Energy Group Ltd.  | 29221  | 707680  |
|  Woolworths Group Ltd.  | 18660  | 426109  |
|  WorleyParsons Ltd.  | 5587  | 56990  |
|  TOTAL AUSTRALIA  |  | 19016340  |
| Austria - 0.2%  |  |  |
|  Andritz AG  | 1081  | 61966  |
|  AT&S Austria Technologie & Systemtechnik AG (b)  | 355  | 12160  |
|  BAWAG Group AG (c)  | 1339  | 71380  |
|  CA Immobilien Anlagen AG  | 664  | 20151  |
|  Erste Group Bank AG  | 5513  | 176390  |
|  Immofinanz AG (d)  | 1102  | 0  |
|  Immofinanz AG (a)(b)  | 485  | 6033  |
|  Lenzing AG (b)  | 185  | 10852  |
|  Mayr-Melnhof Karton AG  | 128  | 20717  |
|  Oesterreichische Post AG (b)  | 489  | 15389  |
|  OMV AG  | 2241  | 115386  |
|  Raiffeisen International Bank-Holding AG (a)  | 2095  | 34424  |
|  Verbund AG  | 514  | 43274  |
|  Voestalpine AG  | 1698  | 45041  |
|  Wienerberger AG  | 1754  | 42358  |
|  TOTAL AUSTRIA  |  | 675521  |
| Bailiwick of Jersey - 0.6%  |  |  |
|  Experian PLC  | 14917  | 505214  |
|  Ferguson PLC  | 3579  | 451721  |
|  Glencore PLC  | 186229  | 1241895  |
|  WPP PLC  | 18891  | 186643  |
|  TOTAL BAILIWICK OF JERSEY  |  | 2385473  |
| Belgium - 0.6%  |  |  |
|  Ackermans & Van Haaren SA  | 335  | 57448  |
|  Aedifica SA  | 601  | 48765  |
|  Ageas  | 2772  | 122905  |
|  Anheuser-Busch InBev SA NV  | 15222  | 916836  |
|  Cofinimmo SA  | 450  | 40319  |
|  Colruyt NV  | 805  | 18354  |
|  D'ieteren Group  | 358  | 68673  |
|  ELIA GROUP SA/NV  | 550  | 78186  |
|  Galapagos NV (a)  | 744  | 33020  |
|  Groupe Bruxelles Lambert SA  | 1528  | 121987  |
|  KBC Group NV  | 5205  | 335126  |
|  Melexis NV  | 317  | 27486  |
|  Proximus  | 2461  | 23699  |
|  Sofina SA  | 240  | 52820  |
|  Solvay SA Class A  | 1143  | 115574  |
|  UCB SA  | 1965  | 154729  |
|  Umicore SA  | 3217  | 118321  |
|  Warehouses de Pauw  | 2131  | 60906  |
|  TOTAL BELGIUM  |  | 2395154  |
| Bermuda - 0.2%  |  |  |
|  Alibaba Health Information Technology Ltd. (a)  | 64000  | 53872  |
|  AutoStore Holdings Ltd. (a)(b)(c)  | 14729  | 26949  |
|  China Gas Holdings Ltd.  | 46600  | 67536  |
|  China Resource Gas Group Ltd.  | 14000  | 52228  |
|  CK Infrastructure Holdings Ltd.  | 9000  | 46962  |
|  Credicorp Ltd. (United States)  | 1057  | 143393  |
|  Golar LNG Ltd. (a)  | 1614  | 36783  |
|  Hiscox Ltd.  | 5344  | 70389  |
|  Hongkong Land Holdings Ltd.  | 16215  | 74602  |
|  Jardine Matheson Holdings Ltd.  | 3703  | 188375  |
|  Kunlun Energy Co. Ltd.  | 62000  | 44079  |
|  Nine Dragons Paper (Holdings) Ltd.  | 25000  | 22728  |
|  Orient Overseas International Ltd.  | 2000  | 36047  |
|  TOTAL BERMUDA  |  | 863943  |
| Brazil - 1.1%  |  |  |
|  3R Petroleum Oleo e Gas SA (a)  | 2600  | 18590  |
|  Ambev SA  | 68600  | 188659  |
|  Americanas SA  | 9698  | 17725  |
|  Armac Locacao Logistica e Servicos SA  | 1500  | 3338  |
|  Atacadao SA  | 8100  | 22675  |
|  B3 SA - Brasil Bolsa Balcao  | 94600  | 236690  |
|  Banco Bradesco SA  | 25194  | 64276  |
|  Banco BTG Pactual SA unit  | 18400  | 83431  |
|  Banco do Brasil SA  | 22400  | 147346  |
|  BB Seguridade Participacoes SA  | 10200  | 65125  |
|  BR Malls Participacoes SA  | 11000  | 17292  |
|  BRF SA (a)  | 10200  | 15996  |
|  CCR SA  | 16100  | 32994  |
|  Centrais Eletricas Brasileiras SA (Electrobras)  | 19886  | 158644  |
|  Cogna Educacao (a)  | 22500  | 9035  |
|  Companhia Brasileira de Aluminio  | 3000  | 6563  |
|  Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)  | 5100  | 55214  |
|  Companhia Paranaense de Energia-COPEL unit  | 3800  | 27702  |
|  Companhia Siderurgica Nacional SA (CSN)  | 9300  | 25629  |
|  Cosan SA  | 17500  | 56745  |
|  Cyrela Brazil Realty SA  | 4400  | 10892  |
|  Embraer SA (a)  | 10700  | 29001  |
|  Energisa SA unit  | 4100  | 34331  |
|  Eneva SA (a)  | 18800  | 42480  |
|  ENGIE Brasil Energia SA  | 3850  | 27622  |
|  Equatorial Energia SA  | 13700  | 70112  |
|  Hapvida Participacoes e Investimentos SA (c)  | 68800  | 66197  |
|  Hypera SA  | 6000  | 51366  |
|  JBS SA  | 9800  | 40817  |
|  Klabin SA unit  | 13300  | 50306  |
|  Localiza Rent a Car SA  | 11477  | 115645  |
|  Localiza Rent a Car SA rights (a)  | 50  | 102  |
|  Locaweb Servicos de Internet SA (a)(c)  | 5800  | 7712  |
|  Lojas Renner SA  | 14897  | 57785  |
|  Magazine Luiza SA  | 44120  | 22897  |
|  Marfrig Global Foods SA  | 4700  | 7745  |
|  Multiplan Empreendimentos Imobiliarios SA  | 3900  | 16177  |
|  Natura & Co. Holding SA  | 13193  | 29011  |
|  Petro Rio SA (a)  | 10000  | 70477  |
|  Petroleo Brasileiro SA - Petrobras (ON)  | 57900  | 307499  |
|  Raia Drogasil SA  | 16400  | 73679  |
|  Rede D'Oregon Sao Luiz SA (c)  | 13499  | 75629  |
|  Rumo SA  | 16600  | 58511  |
|  Sendas Distribuidora SA  | 11700  | 43146  |
|  Suzano Papel e Celulose SA  | 12279  | 112191  |
|  Telefonica Brasil SA  | 6200  | 45034  |
|  TIM SA  | 11500  | 27009  |
|  Totvs SA  | 6700  | 35050  |
|  Transmissora Alianca de Energia Eletrica SA unit  | 3400  | 22326  |
|  Ultrapar Participacoes SA  | 11400  | 27227  |
|  Vale SA  | 59601  | 1003331  |
|  Via S/A (a)  | 23051  | 10478  |
|  Vibra Energia SA  | 17500  | 51541  |
|  Weg SA  | 22800  | 166301  |
|  YDUQS Participacoes SA  | 3900  | 7512  |
|  TOTAL BRAZIL  |  | 4070808  |
| British Virgin Islands - 0.0%  |  |  |
|  Nomad Foods Ltd. (a)  | 2453  | 42290  |
|  VK Co. Ltd. GDR (Reg. S) (a)(d)  | 1767  | 594  |
|  TOTAL BRITISH VIRGIN ISLANDS  |  | 42884  |
| Canada - 7.6%  |  |  |
|  Agnico Eagle Mines Ltd. (Canada)  | 7029  | 365259  |
|  Air Canada (a)  | 5091  | 72906  |
|  Alamos Gold, Inc.  | 6178  | 62464  |
|  Algonquin Power & Utilities Corp.  | 10137  | 66033  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 12107  | 532028  |
|  AltaGas Ltd.  | 4405  | 76063  |
|  ARC Resources Ltd.  | 10284  | 138614  |
|  B2Gold Corp.  | 15902  | 56491  |
|  Ballard Power Systems, Inc. (a)  | 3950  | 18904  |
|  Bank of Montreal  | 10379  | 940242  |
|  Bank of Nova Scotia  | 18352  | 899167  |
|  Barrick Gold Corp. (Canada)  | 27266  | 467388  |
|  Bausch Health Cos., Inc. (Canada) (a)  | 4457  | 27980  |
|  BCE, Inc.  | 4639  | 203821  |
|  BlackBerry Ltd. (a)  | 8120  | 26447  |
|  Boralex, Inc. Class A  | 1345  | 39754  |
|  Boyd Group Services, Inc.  | 320  | 49432  |
|  Brookfield Asset Management Ltd. Class A (a)  | 5515  | 157915  |
|  Brookfield Corp. (Canada) Class A  | 22010  | 692161  |
|  Brookfield Renewable Corp.  | 1910  | 52574  |
|  BRP, Inc.  | 544  | 41475  |
|  CAE, Inc. (a)  | 4939  | 95534  |
|  Cameco Corp.  | 6162  | 139669  |
|  Canadian Apartment Properties (REIT) unit  | 1291  | 40694  |
|  Canadian Imperial Bank of Commerce  | 13923  | 563193  |
|  Canadian National Railway Co.  | 9483  | 1126474  |
|  Canadian Natural Resources Ltd.  | 17294  | 960366  |
|  Canadian Pacific Railway Ltd.  | 14316  | 1067356  |
|  Canadian Tire Ltd. Class A (non-vtg.)  | 872  | 91129  |
|  Canadian Utilities Ltd. Class A (non-vtg.)  | 1786  | 48343  |
|  Capital Power Corp.  | 1757  | 60120  |
|  Cargojet, Inc.  | 254  | 21826  |
|  CCL Industries, Inc. Class B  | 2254  | 96286  |
|  Cenovus Energy, Inc. (Canada)  | 21430  | 415780  |
|  CGI, Inc. Class A (sub. vtg.) (a)  | 3270  | 281862  |
|  Colliers International Group, Inc.  | 540  | 49605  |
|  Constellation Software, Inc.  | 303  | 473065  |
|  Descartes Systems Group, Inc. (Canada) (a)  | 1320  | 92020  |
|  Dollarama, Inc.  | 4447  | 260087  |
|  Element Fleet Management Corp.  | 6230  | 84892  |
|  Emera, Inc.  | 4120  | 157467  |
|  Empire Co. Ltd. Class A (non-vtg.)  | 2469  | 65026  |
|  Enbridge, Inc.  | 31145  | 1217277  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 353  | 209107  |
|  Finning International, Inc.  | 2331  | 57948  |
|  First Majestic Silver Corp.  | 3652  | 30424  |
|  First Quantum Minerals Ltd.  | 8636  | 180438  |
|  FirstService Corp.  | 586  | 71761  |
|  Fortis, Inc.  | 7373  | 295029  |
|  Franco-Nevada Corp.  | 2948  | 401856  |
|  George Weston Ltd.  | 1028  | 127543  |
|  GFL Environmental, Inc.  | 2705  | 78992  |
|  Gildan Activewear, Inc.  | 2846  | 77939  |
|  Great-West Lifeco, Inc.  | 4208  | 97275  |
|  Hydro One Ltd. (c)  | 4893  | 131070  |
|  iA Financial Corp., Inc.  | 1651  | 96658  |
|  Imperial Oil Ltd.  | 3023  | 147243  |
|  Intact Financial Corp.  | 2703  | 389100  |
|  Ivanhoe Mines Ltd. (a)  | 8595  | 67922  |
|  Keyera Corp.  | 3336  | 72904  |
|  Kinaxis, Inc. (a)  | 422  | 47346  |
|  Kinross Gold Corp.  | 19881  | 81051  |
|  Lightspeed Commerce, Inc. (Canada) (a)  | 2037  | 29111  |
|  Loblaw Companies Ltd.  | 2364  | 209024  |
|  Lundin Mining Corp.  | 10456  | 64172  |
|  Magna International, Inc. Class A (sub. vtg.)  | 4146  | 232899  |
|  Manulife Financial Corp.  | 29365  | 523755  |
|  MEG Energy Corp. (a)  | 4160  | 57914  |
|  Methanex Corp.  | 1040  | 39373  |
|  Metro, Inc.  | 3664  | 202873  |
|  National Bank of Canada  | 5183  | 349221  |
|  Northland Power, Inc.  | 3674  | 100750  |
|  Nutrien Ltd.  | 8299  | 605876  |
|  Nuvei Corp. (a)(c)  | 938  | 23838  |
|  Onex Corp. (sub. vtg.)  | 1074  | 51788  |
|  Open Text Corp.  | 4176  | 123738  |
|  Pan American Silver Corp.  | 3245  | 53023  |
|  Parkland Corp.  | 2438  | 53496  |
|  Pembina Pipeline Corp.  | 8579  | 291204  |
|  Power Corp. of Canada (sub. vtg.)  | 8744  | 205684  |
|  Premium Brands Holdings Corp.  | 551  | 33483  |
|  Quebecor, Inc. Class B (sub. vtg.)  | 2381  | 53107  |
|  Restaurant Brands International, Inc.  | 4719  | 305202  |
|  Ritchie Bros. Auctioneers, Inc.  | 1730  | 99929  |
|  Rogers Communications, Inc. Class B (non-vtg.)  | 5405  | 252965  |
|  Royal Bank of Canada  | 21432  | 2014988  |
|  Saputo, Inc.  | 3776  | 93480  |
|  Shaw Communications, Inc. Class B  | 6944  | 200063  |
|  Shopify, Inc. Class A (a)  | 18268  | 634253  |
|  SNC-Lavalin Group, Inc.  | 2664  | 46945  |
|  SSR Mining, Inc.  | 3291  | 51504  |
|  Stantec, Inc.  | 1743  | 83520  |
|  Sun Life Financial, Inc.  | 9030  | 419155  |
|  Suncor Energy, Inc.  | 21268  | 674639  |
|  TC Energy Corp.  | 15582  | 621209  |
|  Teck Resources Ltd. Class B (sub. vtg.)  | 7158  | 270513  |
|  TELUS Corp.  | 7240  | 139720  |
|  TFI International, Inc. (Canada)  | 1236  | 123792  |
|  The Toronto-Dominion Bank  | 27781  | 1798789  |
|  Thomson Reuters Corp.  | 2449  | 279374  |
|  Tilray Brands, Inc. Class 2 (a)  | 8443  | 22712  |
|  TMX Group Ltd.  | 839  | 83974  |
|  Toromont Industries Ltd.  | 1281  | 92442  |
|  Tourmaline Oil Corp.  | 4865  | 245478  |
|  Tricon Residential, Inc.  | 4005  | 30881  |
|  Waste Connections, Inc. (Canada)  | 3960  | 524919  |
|  West Fraser Timber Co. Ltd.  | 925  | 66793  |
|  Wheaton Precious Metals Corp.  | 6961  | 271962  |
|  Whitecap Resources, Inc.  | 9322  | 73943  |
|  WSP Global, Inc.  | 1826  | 211851  |
|  Yamana Gold, Inc.  | 14457  | 80293  |
|  TOTAL CANADA  |  | 28176412  |
| Cayman Islands - 5.0%  |  |  |
|  AAC Technology Holdings, Inc. (a)  | 10500  | 23837  |
|  Airtac International Group  | 2092  | 63170  |
|  Alchip Technologies Ltd.  | 1000  | 25404  |
|  Alibaba Group Holding Ltd. sponsored ADR (a)  | 30454  | 2682693  |
|  Anta Sports Products Ltd.  | 16800  | 218514  |
|  ASMPT Ltd.  | 4800  | 34091  |
|  Autohome, Inc. ADR Class A  | 850  | 26010  |
|  Baidu, Inc. sponsored ADR (a)  | 4372  | 500069  |
|  BeiGene Ltd. ADR (a)(b)  | 1006  | 221260  |
|  Bilibili, Inc. ADR (a)(b)  | 3432  | 81304  |
|  BizLink Holding, Inc.  | 2000  | 15359  |
|  Chailease Holding Co. Ltd.  | 23407  | 164931  |
|  China Conch Environment Protection Holdings Ltd. (a)  | 23000  | 9262  |
|  China Conch Venture Holdings Ltd.  | 24000  | 52064  |
|  China Feihe Ltd. (c)  | 49000  | 41486  |
|  China Hongqiao Group Ltd.  | 31000  | 29238  |
|  China Literature Ltd. (a)(c)  | 6200  | 23916  |
|  China Medical System Holdings Ltd.  | 19000  | 29731  |
|  China Meidong Auto Holding Ltd.  | 8000  | 16337  |
|  China Mengniu Dairy Co. Ltd.  | 47000  | 211928  |
|  China Resources Land Ltd.  | 44000  | 200172  |
|  China Resources Mixc Lifestyle Services Ltd. (c)  | 9045  | 45818  |
|  China State Construction International Holdings Ltd.  | 26000  | 29111  |
|  ChinaSoft International Ltd.  | 42000  | 36360  |
|  Chow Tai Fook Jewellery Group Ltd.  | 33000  | 67061  |
|  CIFI Holdings Group Co. Ltd.  | 66004  | 9165  |
|  CK Asset Holdings Ltd.  | 30134  | 184817  |
|  CK Hutchison Holdings Ltd.  | 41000  | 245625  |
|  Country Garden Holdings Co. Ltd.  | 121129  | 40802  |
|  Country Garden Services Holdings Co. Ltd.  | 30000  | 73594  |
|  Daqo New Energy Corp. ADR (a)  | 869  | 33552  |
|  ENN Energy Holdings Ltd.  | 11700  | 163426  |
|  ESR Group Ltd. (c)  | 36800  | 76932  |
|  Futu Holdings Ltd. ADR (a)(b)  | 1017  | 41341  |
|  GDS Holdings Ltd. ADR (a)(b)  | 1716  | 35384  |
|  Geely Automobile Holdings Ltd.  | 76000  | 109784  |
|  General Interface Solution Holding Ltd.  | 3000  | 8572  |
|  Genscript Biotech Corp. (a)  | 16000  | 50507  |
|  H World Group Ltd. ADR  | 2245  | 95233  |
|  Hansoh Pharmaceutical Group Co. Ltd. (c)  | 16000  | 30226  |
|  Hengan International Group Co. Ltd.  | 10000  | 53019  |
|  Himax Technologies, Inc. sponsored ADR (b)  | 1882  | 11687  |
|  HUTCHMED China Ltd. sponsored ADR (a)(b)  | 1415  | 20914  |
|  Innovent Biologics, Inc. (a)(c)  | 17000  | 72354  |
|  Inter & Co., Inc. unit  | 3161  | 6616  |
|  iQIYI, Inc. ADR (a)(b)  | 4940  | 26182  |
|  JD Health International, Inc. (a)(c)  | 16150  | 145835  |
|  JD.com, Inc. sponsored ADR  | 18143  | 1018367  |
|  JOYY, Inc. ADR  | 677  | 21386  |
|  KE Holdings, Inc. ADR (a)  | 10472  | 146189  |
|  Kingboard Chemical Holdings Ltd.  | 9500  | 30126  |
|  Kingdee International Software Group Co. Ltd. (a)  | 42000  | 89128  |
|  Kingsoft Corp. Ltd.  | 14800  | 49048  |
|  Kuaishou Technology Class B (a)(c)  | 29900  | 268779  |
|  Li Ning Co. Ltd.  | 36000  | 309564  |
|  Longfor Properties Co. Ltd. (c)  | 25500  | 78468  |
|  Lufax Holding Ltd. ADR  | 10771  | 20896  |
|  Meituan Class B (a)(c)  | 62800  | 1391386  |
|  Microport Scientific Corp. (a)  | 12100  | 31570  |
|  Minth Group Ltd.  | 12000  | 32390  |
|  NetEase, Inc. ADR  | 5647  | 410142  |
|  New Oriental Education & Technology Group, Inc. sponsored ADR (a)  | 2267  | 78937  |
|  NIO, Inc. sponsored ADR (a)(b)  | 21897  | 213496  |
|  PagSeguro Digital Ltd. (a)  | 3048  | 26640  |
|  Parade Technologies Ltd.  | 1000  | 25061  |
|  Pinduoduo, Inc. ADR (a)  | 8367  | 682329  |
|  Ping An Healthcare and Technology Co. Ltd. (a)(b)(c)  | 8000  | 21594  |
|  Polaris Group (a)  | 5341  | 15331  |
|  Pop Mart International Group Ltd. (c)  | 10800  | 27184  |
|  RLX Technology, Inc. ADR (a)  | 10574  | 24320  |
|  Sands China Ltd. (a)  | 37600  | 123337  |
|  Sea Ltd. ADR (a)  | 5547  | 288610  |
|  Shenzhou International Group Holdings Ltd.  | 12300  | 137168  |
|  Silicon Motion Tech Corp. sponsored ADR  | 517  | 33600  |
|  Sino Biopharmaceutical Ltd.  | 150250  | 87494  |
|  SITC International Holdings Co. Ltd.  | 20000  | 44329  |
|  Smoore International Holdings Ltd. (c)  | 26000  | 39882  |
|  StoneCo Ltd. Class A (a)  | 3700  | 34928  |
|  Sunac China Holdings Ltd. (a)(d)  | 43000  | 8263  |
|  Sunny Optical Technology Group Co. Ltd.  | 11100  | 130912  |
|  TAL Education Group ADR (a)  | 7547  | 53206  |
|  Tencent Holdings Ltd.  | 93300  | 3955954  |
|  Tencent Music Entertainment Group ADR (a)(b)  | 9295  | 76963  |
|  Tingyi (Cayman Islands) Holding Corp.  | 28000  | 49393  |
|  Tongcheng Travel Holdings Ltd. (a)  | 16400  | 39172  |
|  Topsports International Holdings Ltd. (c)  | 43000  | 33879  |
|  Trip.com Group Ltd. ADR (a)  | 8158  | 280635  |
|  Vipshop Holdings Ltd. ADR (a)  | 5844  | 79712  |
|  Want Want China Holdings Ltd.  | 74000  | 49310  |
|  Weibo Corp. sponsored ADR (a)  | 1089  | 20822  |
|  Weimob, Inc. (a)(c)  | 30000  | 25321  |
|  WH Group Ltd. (c)  | 117500  | 68531  |
|  Wharf Real Estate Investment Co. Ltd.  | 24000  | 139779  |
|  Wisdom Marine Lines Co. Ltd.  | 7000  | 13943  |
|  Wuxi Biologics (Cayman), Inc. (a)(c)  | 55000  | 416565  |
|  Xiaomi Corp. Class B (a)(c)  | 222600  | 308994  |
|  Xinyi Glass Holdings Ltd.  | 40000  | 73903  |
|  Xinyi Solar Holdings Ltd.  | 69236  | 76184  |
|  XP, Inc. Class A (a)  | 3975  | 60977  |
|  XPeng, Inc. ADR (a)(b)  | 8181  | 81319  |
|  XTEP International Holdings Ltd.  | 18239  | 20186  |
|  Yadea Group Holdings Ltd. (c)  | 18000  | 29970  |
|  Zai Lab Ltd. ADR (a)  | 1172  | 35980  |
|  Zhen Ding Technology Holding Ltd.  | 10000  | 34021  |
|  Zhongsheng Group Holdings Ltd. Class H  | 9000  | 46099  |
|  ZTO Express, Inc. sponsored ADR  | 6228  | 167346  |
|  TOTAL CAYMAN ISLANDS  |  | 18563711  |
| Chile - 0.1%  |  |  |
|  Banco de Chile  | 668997  | 69404  |
|  Banco de Credito e Inversiones  | 870  | 25015  |
|  Banco Santander Chile  | 969594  | 38807  |
|  CAP SA  | 883  | 7235  |
|  Cencosud SA  | 19181  | 31544  |
|  Compania Cervecerias Unidas SA  | 1806  | 12061  |
|  Compania Sud Americana de Vapores SA  | 225704  | 17827  |
|  Empresas CMPC SA  | 16283  | 27180  |
|  Empresas COPEC SA  | 5368  | 40052  |
|  Enel Americas SA  | 299199  | 40034  |
|  Enel Chile SA  | 360580  | 16574  |
|  Falabella SA  | 11590  | 22545  |
|  Parque Arauco SA  | 10418  | 13288  |
|  Quinenco SA  | 3928  | 13290  |
|  TOTAL CHILE  |  | 374856  |
| China - 1.7%  |  |  |
|  Agricultural Bank of China Ltd. (H Shares)  | 472000  | 161470  |
|  Aluminum Corp. of China Ltd. (H Shares)  | 60000  | 25390  |
|  Anhui Conch Cement Co. Ltd. (H Shares)  | 18500  | 64463  |
|  Bank of China Ltd. (H Shares)  | 1191000  | 431058  |
|  Bank of Communications Co. Ltd. (H Shares)  | 326000  | 187091  |
|  BYD Co. Ltd. (H Shares)  | 13293  | 326130  |
|  CGN Power Co. Ltd. (H Shares) (c)  | 173000  | 41086  |
|  China CITIC Bank Corp. Ltd. (H Shares)  | 139000  | 61511  |
|  China Construction Bank Corp. (H Shares)  | 1515000  | 947465  |
|  China International Capital Corp. Ltd. (H Shares) (c)  | 22000  | 41769  |
|  China Life Insurance Co. Ltd. (H Shares)  | 115000  | 196275  |
|  China Longyuan Power Grid Corp. Ltd. (H Shares)  | 50000  | 60779  |
|  China Merchants Bank Co. Ltd. (H Shares)  | 51000  | 282227  |
|  China Minsheng Banking Corp. Ltd. (H Shares)  | 96800  | 33450  |
|  China National Building Materials Co. Ltd. (H Shares)  | 70000  | 57195  |
|  China Pacific Insurance (Group) Co. Ltd. (H Shares)  | 35000  | 77396  |
|  China Petroleum & Chemical Corp. (H Shares)  | 392000  | 188870  |
|  China Railway Group Ltd. (H Shares)  | 63000  | 33080  |
|  China Shenhua Energy Co. Ltd. (H Shares)  | 52000  | 149795  |
|  China Tower Corp. Ltd. (H Shares) (c)  | 702000  | 75329  |
|  China Vanke Co. Ltd. (H Shares)  | 29700  | 59749  |
|  CITIC Securities Co. Ltd. (H Shares)  | 20675  | 41639  |
|  COSCO SHIPPING Holdings Co. Ltd. (H Shares)  | 50000  | 50827  |
|  Fuyao Glass Industries Group Co. Ltd. (H Shares) (c)  | 8800  | 36744  |
|  Great Wall Motor Co. Ltd. (H Shares)  | 46000  | 59258  |
|  Guangzhou Automobile Group Co. Ltd. (H Shares)  | 40800  | 27324  |
|  Haier Smart Home Co. Ltd.  | 36000  | 122187  |
|  Haitong Securities Co. Ltd. (H Shares)  | 38800  | 23797  |
|  Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (c)  | 2000  | 23000  |
|  Huatai Securities Co. Ltd. (H Shares) (c)  | 24200  | 27600  |
|  Industrial & Commercial Bank of China Ltd. (H Shares)  | 1091000  | 559563  |
|  New China Life Insurance Co. Ltd. (H Shares)  | 13700  | 33355  |
|  Nongfu Spring Co. Ltd. (H Shares) (c)  | 27200  | 153184  |
|  People's Insurance Co. of China Group Ltd. (H Shares)  | 121000  | 40029  |
|  PetroChina Co. Ltd. (H Shares)  | 326000  | 148915  |
|  PICC Property & Casualty Co. Ltd. (H Shares)  | 108000  | 102114  |
|  Ping An Insurance Group Co. of China Ltd. (H Shares)  | 95000  | 624126  |
|  Postal Savings Bank of China Co. Ltd. (H Shares) (c)  | 116000  | 71783  |
|  Shandong Weigao Medical Polymer Co. Ltd. (H Shares)  | 38400  | 62744  |
|  Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares)  | 7000  | 22312  |
|  Sinopharm Group Co. Ltd. (H Shares)  | 20400  | 51635  |
|  Tsingtao Brewery Co. Ltd. (H Shares)  | 8000  | 78777  |
|  Weichai Power Co. Ltd. (H Shares)  | 30000  | 39666  |
|  WuXi AppTec Co. Ltd. (H Shares) (c)  | 5852  | 61402  |
|  Yankuang Energy Group Co. Ltd. (H Shares)  | 22000  | 66916  |
|  ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(c)  | 9500  | 25873  |
|  Zhuzhou CRRC Times Electric Co. Ltd. (H Shares)  | 8400  | 41489  |
|  Zijin Mining Group Co. Ltd. (H Shares)  | 88000  | 118271  |
|  TOTAL CHINA  |  | 6216108  |
| Colombia - 0.0%  |  |  |
|  Bancolombia SA  | 4128  | 36188  |
|  Grupo Argos SA  | 5443  | 10655  |
|  Grupo de Inversiones Suramerica SA  | 1352  | 11713  |
|  Grupo Nutresa SA  | 1484  | 13622  |
|  Interconexion Electrica SA ESP  | 6413  | 27779  |
|  TOTAL COLOMBIA  |  | 99957  |
| Czech Republic - 0.0%  |  |  |
|  CEZ A/S  | 2532  | 86271  |
|  Komercni Banka A/S  | 1174  | 34027  |
|  MONETA Money Bank A/S (c)  | 5616  | 18887  |
|  TOTAL CZECH REPUBLIC  |  | 139185  |
| Denmark - 1.8%  |  |  |
|  A.P. Moller - Maersk A/S:  |  |  |
|  Series A  | 45  | 99564  |
|  Series B  | 86  | 192520  |
|  Ascendis Pharma A/S sponsored ADR (a)  | 761  | 92941  |
|  Carlsberg A/S Series B  | 1511  | 200430  |
|  Chr. Hansen Holding A/S  | 1595  | 114732  |
|  Coloplast A/S Series B  | 1829  | 214272  |
|  Danske Bank A/S  | 10479  | 207112  |
|  Demant A/S (a)  | 1445  | 40052  |
|  DSV A/S  | 2957  | 466740  |
|  Genmab A/S (a)  | 1013  | 428291  |
|  GN Store Nord A/S  | 2071  | 47625  |
|  Novo Nordisk A/S Series B  | 25201  | 3422688  |
|  Novozymes A/S Series B  | 3226  | 163418  |
|  ORSTED A/S (c)  | 2913  | 263352  |
|  Pandora A/S  | 1477  | 103778  |
|  Royal Unibrew A/S  | 678  | 48341  |
|  SimCorp A/S  | 618  | 42542  |
|  Tryg A/S  | 5564  | 132436  |
|  Vestas Wind Systems A/S  | 15541  | 453341  |
|  TOTAL DENMARK  |  | 6734175  |
| Egypt - 0.0%  |  |  |
|  Commercial International Bank SAE  | 37980  | 63640  |
|  E-Finance for Digital & Financial Investments  | 5407  | 4152  |
|  EFG-Hermes Holding SAE  | 11936  | 8621  |
|  TOTAL EGYPT  |  | 76413  |
| Finland - 0.9%  |  |  |
|  Elisa Corp. (A Shares)  | 2342  | 123996  |
|  Fortum Corp.  | 6768  | 112584  |
|  Huhtamaki Oyj  | 1443  | 49429  |
|  Kesko Oyj  | 4255  | 93919  |
|  Kojamo OYJ  | 2624  | 38762  |
|  Kone OYJ (B Shares)  | 6212  | 321177  |
|  Metso Outotec Oyj  | 10914  | 112296  |
|  Neste OYJ  | 6635  | 305547  |
|  Nokia Corp.  | 83199  | 386518  |
|  Nokian Tyres PLC  | 1823  | 18695  |
|  Nordea Bank ABP  | 50855  | 544281  |
|  Orion Oyj (B Shares)  | 1656  | 90831  |
|  Sampo Oyj (A Shares)  | 7621  | 398269  |
|  Stora Enso Oyj (R Shares)  | 9526  | 134092  |
|  TietoEVRY Oyj  | 1595  | 45279  |
|  UPM-Kymmene Corp.  | 8227  | 307614  |
|  Valmet Corp.  | 2541  | 68436  |
|  Wartsila Corp.  | 7312  | 61584  |
|  TOTAL FINLAND  |  | 3213309  |
| France - 6.2%  |  |  |
|  Air Liquide SA  | 8051  | 1142722  |
|  Alstom SA  | 4756  | 116363  |
|  Arkema SA  | 1003  | 90059  |
|  AXA SA  | 30535  | 850569  |
|  BNP Paribas SA  | 17470  | 994728  |
|  Bouygues SA  | 3284  | 98493  |
|  Bureau Veritas SA  | 4532  | 119390  |
|  Capgemini SA  | 2419  | 404399  |
|  Carrefour SA (b)  | 9048  | 151336  |
|  Compagnie de St. Gobain  | 8019  | 392296  |
|  Compagnie Generale des Etablissements Michelin SCA Series B  | 10998  | 306375  |
|  Credit Agricole SA  | 20951  | 220391  |
|  Danone SA  | 9768  | 514830  |
|  Dassault Systemes SA  | 10670  | 383690  |
|  Edenred SA  | 3841  | 209198  |
|  Eiffage SA  | 1220  | 120043  |
|  Engie SA  | 28443  | 406908  |
|  EssilorLuxottica SA  | 4676  | 846918  |
|  Euroapi SASU (a)  | 890  | 13195  |
|  Gecina SA  | 820  | 83520  |
|  Hermes International SCA  | 536  | 829085  |
|  Kering SA  | 1114  | 566946  |
|  L'Oreal SA  | 3880  | 1389419  |
|  Legrand SA  | 4117  | 330108  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 4023  | 2927510  |
|  Orange SA  | 29087  | 288605  |
|  Pernod Ricard SA  | 3132  | 616049  |
|  Publicis Groupe SA  | 3659  | 233745  |
|  Renault SA (a)  | 3206  | 107332  |
|  Safran SA  | 5392  | 675370  |
|  Sanofi SA  | 17750  | 1711572  |
|  Sartorius Stedim Biotech  | 371  | 120134  |
|  Schneider Electric SA  | 8785  | 1233718  |
|  Societe Generale Series A  | 12197  | 305945  |
|  Sodexo SA  | 1301  | 124615  |
|  Teleperformance  | 911  | 217173  |
|  Thales SA  | 1645  | 210074  |
|  TotalEnergies SE (b)  | 37885  | 2378492  |
|  Veolia Environnement SA  | 10171  | 261338  |
|  VINCI SA  | 8263  | 823714  |
|  Vivendi SA  | 12683  | 121160  |
|  Worldline SA (a)(c)  | 3860  | 151167  |
|  TOTAL FRANCE  |  | 23088694  |
| Germany - 4.6%  |  |  |
|  adidas AG  | 2753  | 373104  |
|  Allianz SE  | 6276  | 1340289  |
|  BASF AG  | 14153  | 696874  |
|  Bayer AG  | 15127  | 778588  |
|  Bayerische Motoren Werke AG (BMW)  | 4901  | 433910  |
|  Bechtle AG  | 1244  | 44024  |
|  Beiersdorf AG  | 1509  | 172436  |
|  BioNTech SE ADR  | 1423  | 213763  |
|  Brenntag SE  | 2391  | 152486  |
|  Carl Zeiss Meditec AG  | 553  | 69792  |
|  Commerzbank AG (a)  | 16257  | 153767  |
|  Continental AG  | 1682  | 100272  |
|  Covestro AG (c)  | 3002  | 117453  |
|  Daimler Truck Holding AG (a)  | 7969  | 246913  |
|  Delivery Hero AG (a)(c)  | 2834  | 135847  |
|  Deutsche Bank AG  | 31856  | 361054  |
|  Deutsche Borse AG  | 2922  | 503140  |
|  Deutsche Post AG  | 15280  | 571880  |
|  Deutsche Telekom AG  | 53669  | 1067830  |
|  E.ON SE  | 34570  | 343695  |
|  Evonik Industries AG  | 3070  | 58939  |
|  Evotec OAI AG (a)  | 2354  | 38453  |
|  Fresenius Medical Care AG & Co. KGaA  | 3104  | 101385  |
|  Fresenius SE & Co. KGaA  | 6297  | 175887  |
|  GEA Group AG  | 2540  | 103864  |
|  Hannover Reuck SE  | 926  | 183874  |
|  HeidelbergCement AG  | 2255  | 127780  |
|  HelloFresh AG (a)  | 2708  | 59512  |
|  Henkel AG & Co. KGaA  | 1564  | 100510  |
|  Infineon Technologies AG  | 20050  | 609358  |
|  K+S AG  | 2879  | 56629  |
|  KION Group AG  | 1100  | 31330  |
|  Knorr-Bremse AG  | 995  | 54130  |
|  Lanxess AG  | 1310  | 52866  |
|  LEG Immobilien AG  | 1115  | 72640  |
|  Mercedes-Benz Group AG (Germany)  | 12017  | 785851  |
|  Merck KGaA  | 1993  | 384530  |
|  MTU Aero Engines AG  | 826  | 178784  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 2155  | 701273  |
|  Nemetschek SE  | 824  | 42065  |
|  Puma AG  | 1599  | 97051  |
|  Rational AG  | 78  | 46340  |
|  Rheinmetall AG  | 673  | 134033  |
|  RWE AG  | 10403  | 463142  |
|  SAP SE  | 16808  | 1735270  |
|  Scout24 AG (c)  | 1208  | 60685  |
|  Siemens AG  | 11514  | 1587220  |
|  Siemens Energy AG  | 6203  | 116698  |
|  Siemens Healthineers AG (c)  | 4341  | 216536  |
|  Symrise AG  | 2054  | 223075  |
|  TAG Immobilien AG  | 2689  | 17400  |
|  Thyssenkrupp AG  | 6910  | 42132  |
|  United Internet AG  | 1451  | 29340  |
|  Vonovia SE  | 12299  | 289721  |
|  Zalando SE (a)(c)  | 3450  | 121457  |
|  TOTAL GERMANY  |  | 16976877  |
| Greece - 0.1%  |  |  |
|  Alpha Bank SA (a)  | 29131  | 31183  |
|  Eurobank Ergasias Services and Holdings SA (a)  | 37464  | 42309  |
|  Hellenic Telecommunications Organization SA  | 2979  | 46526  |
|  Jumbo SA  | 1719  | 29405  |
|  Motor Oil (HELLAS) Corinth Refineries SA  | 942  | 22003  |
|  Mytilineos SA  | 1618  | 35159  |
|  National Bank of Greece SA (a)  | 8064  | 32345  |
|  OPAP SA  | 2806  | 39739  |
|  Piraeus Financial Holdings SA (a)  | 8893  | 13689  |
|  Public Power Corp. of Greece (a)  | 3037  | 21310  |
|  Terna Energy SA  | 834  | 18194  |
|  TOTAL GREECE  |  | 331862  |
| Hong Kong - 1.7%  |  |  |
|  AIA Group Ltd.  | 183600  | 2027567  |
|  Bank of East Asia Ltd.  | 15244  | 18428  |
|  BOC Hong Kong (Holdings) Ltd.  | 55000  | 186714  |
|  China Everbright International Ltd.  | 55000  | 24490  |
|  China Evergrande New Energy Vehicle Group Ltd. (a)(d)  | 50000  | 15374  |
|  China Merchants Holdings International Co. Ltd.  | 21084  | 30782  |
|  China Overseas Land and Investment Ltd.  | 57500  | 150470  |
|  China Power International Development Ltd.  | 78000  | 32845  |
|  China Resources Beer Holdings Co. Ltd.  | 24000  | 166934  |
|  China Resources Power Holdings Co. Ltd.  | 28000  | 57055  |
|  China Taiping Insurance Group Ltd.  | 22600  | 28041  |
|  CITIC Pacific Ltd.  | 100000  | 105143  |
|  CLP Holdings Ltd.  | 25500  | 185782  |
|  CSPC Pharmaceutical Group Ltd.  | 130400  | 135756  |
|  Fosun International Ltd.  | 34000  | 27597  |
|  Galaxy Entertainment Group Ltd.  | 31000  | 203814  |
|  Ganfeng Lithium Group Co. Ltd. (H Shares) (c)  | 6280  | 46556  |
|  Guangdong Investment Ltd.  | 42000  | 42884  |
|  Hang Lung Properties Ltd.  | 28000  | 54544  |
|  Hang Seng Bank Ltd.  | 11100  | 184110  |
|  Henderson Land Development Co. Ltd.  | 19610  | 68266  |
|  Hong Kong & China Gas Co. Ltd.  | 162403  | 154024  |
|  Hong Kong Exchanges and Clearing Ltd.  | 18343  | 788203  |
|  Hua Hong Semiconductor Ltd. (a)(c)  | 9000  | 31187  |
|  Lenovo Group Ltd.  | 112000  | 91224  |
|  Link (REIT)  | 33587  | 245768  |
|  MTR Corp. Ltd.  | 23348  | 123484  |
|  New World Development Co. Ltd.  | 21250  | 59610  |
|  Power Assets Holdings Ltd.  | 20500  | 112042  |
|  Sino Land Ltd.  | 51773  | 64576  |
|  Sun Hung Kai Properties Ltd.  | 23000  | 314166  |
|  Techtronic Industries Co. Ltd.  | 28000  | 310992  |
|  Vitasoy International Holdings Ltd.  | 14000  | 28777  |
|  Wharf Holdings Ltd.  | 19000  | 55734  |
|  TOTAL HONG KONG  |  | 6172939  |
| Hungary - 0.1%  |  |  |
|  MOL Hungarian Oil and Gas PLC Series A (For. Reg.)  | 7543  | 52619  |
|  OTP Bank PLC  | 3457  | 93701  |
|  Richter Gedeon PLC  | 2023  | 45016  |
|  TOTAL HUNGARY  |  | 191336  |
| India - 3.2%  |  |  |
|  Adani Enterprises Ltd.  | 4206  | 195827  |
|  Adani Ports & Special Economic Zone Ltd.  | 11175  | 110289  |
|  Apollo Hospitals Enterprise Ltd.  | 1512  | 81691  |
|  Asian Paints Ltd.  | 6946  | 258180  |
|  Avenue Supermarts Ltd. (a)(c)  | 2313  | 113552  |
|  Axis Bank Ltd.  | 34984  | 393628  |
|  Bajaj Finance Ltd.  | 4109  | 325437  |
|  Bajaj Finserv Ltd.  | 5930  | 110663  |
|  Bharat Petroleum Corp. Ltd.  | 14987  | 59733  |
|  Bharti Airtel Ltd.  | 37693  | 366505  |
|  Cipla Ltd./India  | 8409  | 109233  |
|  Coal India Ltd.  | 32817  | 89261  |
|  Divi's Laboratories Ltd.  | 1915  | 78863  |
|  Grasim Industries Ltd.  | 5815  | 120687  |
|  HCL Technologies Ltd.  | 16314  | 204556  |
|  HDFC Standard Life Insurance Co. Ltd. (c)  | 14490  | 98962  |
|  Hindalco Industries Ltd.  | 22691  | 129700  |
|  Hindustan Unilever Ltd.  | 13735  | 424247  |
|  Housing Development Finance Corp. Ltd.  | 27931  | 887798  |
|  ICICI Bank Ltd.  | 79220  | 851923  |
|  Indian Oil Corp. Ltd.  | 56685  | 52349  |
|  Info Edge India Ltd.  | 1122  | 53265  |
|  Infosys Ltd.  | 56346  | 1027081  |
|  ITC Ltd.  | 45616  | 182558  |
|  JSW Steel Ltd. (a)  | 14618  | 135490  |
|  Kotak Mahindra Bank Ltd.  | 16803  | 369623  |
|  Larsen & Toubro Ltd.  | 10608  | 266578  |
|  Mahindra & Mahindra Ltd.  | 14733  | 221763  |
|  Maruti Suzuki India Ltd.  | 2044  | 206746  |
|  NTPC Ltd.  | 73210  | 147206  |
|  Oil & Natural Gas Corp. Ltd.  | 60642  | 107928  |
|  Power Grid Corp. of India Ltd.  | 52785  | 136067  |
|  Reliance Industries Ltd.  | 53081  | 1629334  |
|  SRF Ltd.  | 2223  | 61366  |
|  State Bank of India  | 27417  | 202713  |
|  Sun Pharmaceutical Industries Ltd.  | 16687  | 201761  |
|  Tata Consultancy Services Ltd.  | 15741  | 618940  |
|  Tata Consumer Products Ltd.  | 8992  | 83206  |
|  Tata Motors Ltd. (a)  | 27263  | 127643  |
|  Tata Power Co. Ltd./The  | 26006  | 65151  |
|  Tata Steel Ltd.  | 124409  | 169416  |
|  Tech Mahindra Ltd.  | 9809  | 120274  |
|  Titan Co. Ltd.  | 6424  | 201526  |
|  Ultratech Cement Ltd.  | 1781  | 149422  |
|  Vedanta Ltd.  | 16668  | 62026  |
|  Wipro Ltd.  | 22983  | 109008  |
|  TOTAL INDIA  |  | 11719175  |
| Indonesia - 0.6%  |  |  |
|  PT Adaro Energy Indonesia Tbk  | 214500  | 53134  |
|  PT Aneka Tambang Tbk  | 136500  | 17371  |
|  PT Astra International Tbk  | 314300  | 115018  |
|  PT Bank Central Asia Tbk  | 856000  | 469378  |
|  PT Bank Jago Tbk (a)  | 54200  | 12936  |
|  PT Bank Mandiri (Persero) Tbk  | 345900  | 220579  |
|  PT Bank Negara Indonesia (Persero) Tbk  | 111600  | 66119  |
|  PT Bank Rakyat Indonesia (Persero) Tbk  | 1100351  | 348867  |
|  PT Barito Pacific Tbk  | 429400  | 20820  |
|  PT Bukalapak.com Tbk (a)  | 837300  | 14056  |
|  PT Bukit Asam Tbk  | 62400  | 14799  |
|  PT Bumi Serpong Damai Tbk (a)  | 114500  | 6760  |
|  PT Charoen Pokphand Indonesia Tbk  | 110200  | 40002  |
|  PT Ciputra Development Tbk  | 131600  | 7948  |
|  PT Elang Mahkota Teknologi Tbk  | 598300  | 39540  |
|  PT Gudang Garam Tbk  | 7000  | 8096  |
|  PT Indah Kiat Pulp & Paper Tbk  | 40300  | 22581  |
|  PT Indocement Tunggal Prakarsa Tbk  | 25900  | 16468  |
|  PT Indofood CBP Sukses Makmur Tbk  | 32300  | 20741  |
|  PT Indofood Sukses Makmur Tbk  | 66700  | 28833  |
|  PT Kalbe Farma Tbk  | 288100  | 38676  |
|  PT Merdeka Copper Gold Tbk (a)  | 204688  | 54077  |
|  PT Mitra Keluarga Karyasehat Tbk  | 86600  | 17727  |
|  PT Pabrik Kertas Tjiwi Kimia Tbk  | 16700  | 7560  |
|  PT Perusahaan Gas Negara Tbk Series B  | 166000  | 18758  |
|  PT Sarana Menara Nusantara Tbk  | 343500  | 24283  |
|  PT Semen Indonesia (Persero) Tbk  | 60691  | 25630  |
|  PT Sumber Alfaria Trijaya Tbk  | 289400  | 49322  |
|  PT Surya Citra Media Tbk  | 388500  | 5143  |
|  PT Telkom Indonesia Persero Tbk  | 738500  | 177840  |
|  PT Tower Bersama Infrastructure Tbk  | 60640  | 8958  |
|  PT United Tractors Tbk  | 22800  | 38219  |
|  PT Vale Indonesia Tbk (a)  | 31000  | 14102  |
|  PT XL Axiata Tbk  | 69000  | 9484  |
|  TOTAL INDONESIA  |  | 2033825  |
| Ireland - 0.5%  |  |  |
|  Bank of Ireland Group PLC  | 15569  | 148326  |
|  CRH PLC  | 11827  | 470362  |
|  DCC PLC (United Kingdom)  | 1525  | 75221  |
|  Flutter Entertainment PLC (a)  | 295  | 40265  |
|  Flutter Entertainment PLC (Ireland) (a)  | 2058  | 281542  |
|  ICON PLC (a)  | 1257  | 244172  |
|  James Hardie Industries PLC CDI  | 6890  | 124008  |
|  Kerry Group PLC Class A  | 2402  | 216600  |
|  Kingspan Group PLC (Ireland)  | 2390  | 129403  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 1608  | 120214  |
|  Smurfit Kappa Group PLC  | 4026  | 148941  |
|  TOTAL IRELAND  |  | 1999054  |
| Isle of Man - 0.0%  |  |  |
|  Entain PLC  | 9108  | 145046  |
| Israel - 0.6%  |  |  |
|  Airport City Ltd. (a)  | 950  | 15205  |
|  Alony Hetz Properties & Investments Ltd.  | 2229  | 22702  |
|  Amot Investments Ltd.  | 3297  | 19369  |
|  Ashtrom Group Ltd.  | 559  | 10447  |
|  Azrieli Group  | 541  | 35953  |
|  Bank Hapoalim BM (Reg.)  | 19148  | 172790  |
|  Bank Leumi le-Israel BM  | 24007  | 200178  |
|  Bezeq The Israel Telecommunication Corp. Ltd.  | 30629  | 52848  |
|  Big Shopping Centers Ltd.  | 184  | 18844  |
|  Check Point Software Technologies Ltd. (a)  | 1568  | 197819  |
|  Clal Insurance Enterprises Holdings Ltd. (a)  | 940  | 15826  |
|  CyberArk Software Ltd. (a)  | 614  | 79605  |
|  Danel Adir Yeoshua Ltd.  | 74  | 5789  |
|  Delek Group Ltd. (a)  | 138  | 15193  |
|  Elbit Systems Ltd. (Israel)  | 372  | 60577  |
|  Electra Israel Ltd.  | 32  | 17297  |
|  Energix-Renewable Energies Ltd.  | 4039  | 12731  |
|  Enlight Renewable Energy Ltd. (a)  | 13950  | 28574  |
|  First International Bank of Israel  | 815  | 32228  |
|  Formula Systems (1985) Ltd.  | 143  | 10370  |
|  Fox Wizel Ltd.  | 123  | 11267  |
|  Global-e Online Ltd. (a)(b)  | 1410  | 29102  |
|  Harel Insurance Investments and Financial Services Ltd.  | 1701  | 15006  |
|  Icl Group Ltd.  | 11261  | 81532  |
|  InMode Ltd. (a)  | 1100  | 39270  |
|  Isracard Ltd.  | 2755  | 8010  |
|  Israel Corp. Ltd. (Class A)  | 65  | 22930  |
|  Israel Discount Bank Ltd. (Class A)  | 19580  | 102938  |
|  Kornit Digital Ltd. (a)  | 707  | 16240  |
|  Melisron Ltd.  | 357  | 25553  |
|  Mivne Real Estate KD Ltd.  | 8846  | 28186  |
|  Mizrahi Tefahot Bank Ltd.  | 2375  | 76957  |
|  Nano Dimension Ltd. ADR (a)(b)  | 3672  | 8446  |
|  NICE Ltd. (a)  | 982  | 189969  |
|  Nova Ltd. (a)  | 451  | 36644  |
|  OPC Energy Ltd. (a)  | 1356  | 15122  |
|  Partner Communications Co. Ltd. (a)  | 2208  | 16011  |
|  Paz Oil Co. Ltd. (a)  | 140  | 17441  |
|  Plus500 Ltd.  | 1646  | 35898  |
|  Radware Ltd. (a)  | 590  | 11653  |
|  Reit 1 Ltd.  | 2629  | 13029  |
|  Shapir Engineering and Industry Ltd.  | 2093  | 16541  |
|  Shikun & Binui Ltd. (a)  | 3674  | 10295  |
|  Shufersal Ltd.  | 4139  | 23891  |
|  Stratasys Ltd. (a)  | 896  | 10627  |
|  Strauss Group Ltd.  | 733  | 19454  |
|  Teva Pharmaceutical Industries Ltd. sponsored ADR (a)  | 17190  | 156773  |
|  The Phoenix Holdings Ltd.  | 2473  | 26383  |
|  Tower Semiconductor Ltd. (a)  | 1686  | 73578  |
|  Wix.com Ltd. (a)  | 863  | 66304  |
|  ZIM Integrated Shipping Services Ltd. (b)  | 1199  | 20611  |
|  TOTAL ISRAEL  |  | 2250006  |
| Italy - 1.2%  |  |  |
|  A2A SpA  | 25304  | 33723  |
|  Amplifon SpA  | 1415  | 42139  |
|  Assicurazioni Generali SpA  | 18504  | 329103  |
|  Azimut Holding SpA  | 1746  | 39118  |
|  Banco BPM SpA  | 23797  | 84929  |
|  Buzzi Unicem SpA  | 1382  | 26629  |
|  DiaSorin SpA  | 395  | 55137  |
|  Enel SpA  | 118851  | 639198  |
|  Eni SpA  | 38816  | 551943  |
|  FinecoBank SpA  | 9405  | 156249  |
|  Hera SpA  | 12310  | 33193  |
|  Infrastrutture Wireless Italiane SpA (c)  | 5359  | 54004  |
|  Interpump Group SpA  | 1255  | 56638  |
|  Intesa Sanpaolo SpA  | 272078  | 602765  |
|  Italgas SpA  | 7711  | 42840  |
|  Leonardo SpA  | 6392  | 55149  |
|  Mediobanca SpA  | 10114  | 97266  |
|  Moncler SpA  | 3208  | 169983  |
|  Nexi SpA (a)(c)  | 13238  | 104381  |
|  Pirelli & C. SpA (c)  | 6103  | 26158  |
|  Poste Italiane SpA (c)  | 7218  | 70512  |
|  Prada SpA  | 7800  | 43788  |
|  Prysmian SpA  | 4131  | 153268  |
|  Recordati SpA  | 1513  | 62759  |
|  Reply SpA  | 342  | 39172  |
|  Snam SpA  | 31447  | 152481  |
|  Telecom Italia SpA (a)  | 149469  | 34640  |
|  Telecom Italia SpA (Risparmio Shares) (a)  | 93781  | 20911  |
|  Terna - Rete Elettrica Nazionale  | 21696  | 160249  |
|  UniCredit SpA  | 31132  | 441749  |
|  TOTAL ITALY  |  | 4380074  |
| Japan - 15.9%  |  |  |
|  Activia Properties, Inc.  | 11  | 34484  |
|  Adeka Corp.  | 1500  | 24481  |
|  Advance Residence Investment Corp.  | 21  | 54157  |
|  Advantest Corp.  | 2900  | 185741  |
|  Aeon (REIT) Investment Corp.  | 26  | 30514  |
|  AEON Co. Ltd.  | 13400  | 282948  |
|  AGC, Inc.  | 3500  | 116150  |
|  Aica Kogyo Co. Ltd.  | 1000  | 23653  |
|  Ain Holdings, Inc.  | 500  | 22898  |
|  Air Water, Inc.  | 3400  | 39476  |
|  Aisin Seiki Co. Ltd.  | 2800  | 74242  |
|  Ajinomoto Co., Inc.  | 8200  | 250619  |
|  Alfresa Holdings Corp.  | 3100  | 39405  |
|  Alps Alpine Co. Ltd.  | 3200  | 28924  |
|  Amada Co. Ltd.  | 5500  | 42830  |
|  Ana Holdings, Inc. (a)  | 2500  | 52945  |
|  Anritsu Corp.  | 2200  | 21423  |
|  Aozora Bank Ltd.  | 1800  | 35378  |
|  As One Corp.  | 500  | 21844  |
|  Asahi Group Holdings  | 7800  | 242795  |
|  ASAHI INTECC Co. Ltd.  | 3600  | 58724  |
|  Asahi Kasei Corp.  | 21500  | 153050  |
|  Asics Corp.  | 2900  | 63745  |
|  Astellas Pharma, Inc.  | 28300  | 430319  |
|  Azbil Corp.  | 1900  | 47704  |
|  Bandai Namco Holdings, Inc.  | 3400  | 213110  |
|  Bank of Kyoto Ltd.  | 1200  | 53233  |
|  BayCurrent Consulting, Inc.  | 2100  | 65373  |
|  Benefit One, Inc.  | 1100  | 16059  |
|  Bic Camera, Inc.  | 2400  | 23380  |
|  Biprogy, Inc.  | 1200  | 30405  |
|  Bridgestone Corp.  | 9400  | 332827  |
|  Brother Industries Ltd.  | 3900  | 58943  |
|  Calbee, Inc.  | 1700  | 38624  |
|  Canon, Inc.  | 15900  | 344141  |
|  Capcom Co. Ltd.  | 2500  | 79801  |
|  Casio Computer Co. Ltd.  | 3300  | 33479  |
|  Central Japan Railway Co.  | 3200  | 392895  |
|  Chiba Bank Ltd.  | 11100  | 80987  |
|  Chubu Electric Power Co., Inc.  | 11800  | 122018  |
|  Chugai Pharmaceutical Co. Ltd.  | 9800  | 249966  |
|  Chugoku Electric Power Co., Inc.  | 5000  | 25641  |
|  Coca-Cola West Co. Ltd.  | 2400  | 26055  |
|  COMSYS Holdings Corp.  | 1800  | 31583  |
|  Concordia Financial Group Ltd.  | 19100  | 79751  |
|  Cosmos Pharmaceutical Corp.  | 300  | 30481  |
|  CyberAgent, Inc.  | 6400  | 56978  |
|  Dai Nippon Printing Co. Ltd.  | 4100  | 82367  |
|  Dai-ichi Mutual Life Insurance Co.  | 15900  | 359076  |
|  Daicel Chemical Industries Ltd.  | 4100  | 29506  |
|  Daifuku Co. Ltd.  | 2000  | 93228  |
|  Daiichi Sankyo Kabushiki Kaisha  | 30000  | 965601  |
|  Daikin Industries Ltd.  | 4500  | 682711  |
|  Daio Paper Corp.  | 1800  | 13810  |
|  Daito Trust Construction Co. Ltd.  | 1100  | 112621  |
|  Daiwa House Industry Co. Ltd.  | 10300  | 237273  |
|  Daiwa House REIT Investment Corp.  | 32  | 71349  |
|  Daiwa Office Investment Corp.  | 5  | 24287  |
|  Daiwa Securities Group, Inc.  | 23300  | 102958  |
|  Daiwa Securities Living Invest  | 34  | 29748  |
|  Denka Co. Ltd.  | 1400  | 31994  |
|  DENSO Corp.  | 7700  | 377607  |
|  Dentsu Group, Inc.  | 3800  | 119209  |
|  Dic Corp.  | 1200  | 21064  |
|  Disco Corp.  | 481  | 137095  |
|  Dmg Mori Co. Ltd.  | 1900  | 25161  |
|  Dowa Holdings Co. Ltd.  | 900  | 28401  |
|  East Japan Railway Co.  | 5800  | 330356  |
|  Ebara Corp.  | 1200  | 42747  |
|  Eisai Co. Ltd.  | 4600  | 303380  |
|  Electric Power Development Co. Ltd.  | 2696  | 42817  |
|  ENEOS Holdings, Inc.  | 49900  | 169930  |
|  Exeo Group, Inc.  | 1700  | 28887  |
|  Ezaki Glico Co. Ltd.  | 900  | 24684  |
|  Fancl Corp.  | 1200  | 24432  |
|  FANUC Corp.  | 2900  | 433975  |
|  Fast Retailing Co. Ltd.  | 1000  | 608534  |
|  Food & Life Companies Ltd.  | 1700  | 33516  |
|  Freee KK (a)  | 700  | 15533  |
|  Frontier Real Estate Investment Corp.  | 8  | 31166  |
|  Fuji Corp.  | 1400  | 20398  |
|  Fuji Electric Co. Ltd.  | 2300  | 86800  |
|  FUJIFILM Holdings Corp.  | 6200  | 310009  |
|  Fujitsu Ltd.  | 2800  | 373289  |
|  Fukuoka Financial Group, Inc.  | 2900  | 65882  |
|  GLP J-REIT  | 68  | 78314  |
|  GMO Internet, Inc.  | 1000  | 18680  |
|  GMO Payment Gateway, Inc.  | 700  | 57889  |
|  GOLDWIN, Inc.  | 600  | 43417  |
|  GS Yuasa Corp.  | 1300  | 20773  |
|  Hakuhodo DY Holdings, Inc.  | 4600  | 46166  |
|  Hamamatsu Photonics K.K.  | 2300  | 109774  |
|  Hankyu Hanshin Holdings, Inc.  | 3800  | 112585  |
|  Harmonic Drive Systems, Inc.  | 800  | 22424  |
|  Haseko Corp.  | 3400  | 37976  |
|  Hikari Tsushin, Inc.  | 300  | 42226  |
|  Hino Motors Ltd. (a)  | 4500  | 17099  |
|  Hirose Electric Co. Ltd.  | 500  | 62711  |
|  Hisamitsu Pharmaceutical Co., Inc.  | 1200  | 35622  |
|  Hitachi Construction Machinery Co. Ltd.  | 1600  | 35658  |
|  Hitachi Ltd.  | 14900  | 749713  |
|  Honda Motor Co. Ltd.  | 26200  | 597596  |
|  Horiba Ltd.  | 600  | 26012  |
|  Hoshizaki Corp.  | 1800  | 63292  |
|  House Foods Group, Inc.  | 1200  | 25297  |
|  Hoya Corp.  | 5600  | 536360  |
|  Hulic Co. Ltd.  | 9500  | 74599  |
|  Ibiden Co. Ltd.  | 2200  | 79337  |
|  Idemitsu Kosan Co. Ltd.  | 3587  | 83977  |
|  IHI Corp.  | 2400  | 69524  |
|  Iida Group Holdings Co. Ltd.  | 2600  | 39476  |
|  Industrial & Infrastructure Fund Investment Corp.  | 31  | 35783  |
|  INPEX Corp.  | 16300  | 175150  |
|  Internet Initiative Japan, Inc.  | 2000  | 37051  |
|  Invincible Investment Corp.  | 95  | 36812  |
|  Isetan Mitsukoshi Holdings Ltd.  | 6000  | 65236  |
|  Isuzu Motors Ltd.  | 9700  | 112451  |
|  ITO EN Ltd.  | 1000  | 36394  |
|  Itochu Corp.  | 22600  | 709024  |
|  ITOCHU Techno-Solutions Corp.  | 1400  | 32474  |
|  Iwatani Corp.  | 800  | 35037  |
|  Iyogin Holdings, Inc.  | 5100  | 27617  |
| J. Front Retailing Co. Ltd.  | 4200  | 38116  |
|  Japan Airlines Co. Ltd. (a)  | 2200  | 44809  |
|  Japan Airport Terminal Co. Ltd. (a)  | 1400  | 69044  |
|  Japan Exchange Group, Inc.  | 8200  | 118185  |
|  Japan Hotel REIT Investment Corp.  | 70  | 41167  |
|  Japan Logistics Fund, Inc.  | 14  | 33401  |
|  Japan Post Holdings Co. Ltd.  | 37000  | 311316  |
|  Japan Post Insurance Co. Ltd.  | 3000  | 52761  |
|  Japan Prime Realty Investment Corp.  | 15  | 42193  |
|  Japan Real Estate Investment Corp.  | 21  | 92238  |
|  Japan Retail Fund Investment Corp.  | 110  | 87507  |
|  Japan Steel Works Ltd.  | 1100  | 21609  |
|  Japan Tobacco, Inc.  | 16900  | 340708  |
|  JEOL Ltd.  | 800  | 21512  |
|  JFE Holdings, Inc.  | 8800  | 102111  |
|  JGC Holdings Corp.  | 3900  | 49436  |
|  JSR Corp.  | 3400  | 66576  |
|  JTEKT Corp.  | 4000  | 27850  |
|  Justsystems Corp.  | 500  | 10689  |
|  K's Holdings Corp.  | 2700  | 23158  |
|  Kadokawa Corp.  | 1800  | 32883  |
|  Kagome Co. Ltd.  | 1300  | 30138  |
|  Kajima Corp.  | 7200  | 83789  |
|  Kakaku.com, Inc.  | 2000  | 32091  |
|  Kamigumi Co. Ltd.  | 1600  | 32573  |
|  Kaneka Corp.  | 1000  | 24867  |
|  Kansai Electric Power Co., Inc.  | 12800  | 124299  |
|  Kansai Paint Co. Ltd.  | 3900  | 47732  |
|  Kao Corp.  | 7300  | 289813  |
|  Kawasaki Heavy Industries Ltd.  | 2600  | 60350  |
|  Kawasaki Kisen Kaisha Ltd.  | 3600  | 76234  |
|  KDDI Corp.  | 24100  | 730878  |
|  Keihan Electric Railway Co., Ltd.  | 1600  | 41711  |
|  Keikyu Corp.  | 4200  | 44220  |
|  Keio Corp.  | 1900  | 69596  |
|  Keisei Electric Railway Co.  | 2600  | 73869  |
|  Kenedix Office Investment Corp.  | 14  | 34001  |
|  Kewpie Corp.  | 1800  | 32659  |
|  Keyence Corp.  | 3100  | 1203559  |
|  Kikkoman Corp.  | 3000  | 157910  |
|  Kinden Corp.  | 1900  | 20686  |
|  Kintetsu Group Holdings Co. Ltd.  | 2900  | 95747  |
|  Kirin Holdings Co. Ltd. (b)  | 12700  | 193566  |
|  Kobayashi Pharmaceutical Co. Ltd.  | 900  | 61688  |
|  Kobe Bussan Co. Ltd.  | 2200  | 63407  |
|  Koei Tecmo Holdings Co. Ltd.  | 1900  | 34364  |
|  Koito Manufacturing Co. Ltd.  | 4000  | 59633  |
|  Komatsu Ltd.  | 14900  | 322050  |
|  Konami Group Corp.  | 1600  | 72580  |
|  Konica Minolta, Inc.  | 7900  | 31476  |
|  Kose Corp.  | 600  | 65192  |
|  Kubota Corp.  | 17600  | 240441  |
|  Kuraray Co. Ltd.  | 5300  | 42419  |
|  Kurita Water Industries Ltd.  | 1700  | 70218  |
|  Kyocera Corp.  | 5300  | 263074  |
|  Kyowa Hakko Kirin Co., Ltd.  | 4000  | 91616  |
|  Kyushu Electric Power Co., Inc.  | 7200  | 40697  |
|  Kyushu Railway Co.  | 2400  | 53145  |
|  LaSalle Logiport REIT  | 27  | 32922  |
|  Lasertec Corp.  | 1200  | 195925  |
|  Lawson, Inc.  | 800  | 30584  |
|  Lion Corp.  | 4400  | 50611  |
|  LIXIL Group Corp.  | 4400  | 66335  |
|  M3, Inc.  | 6600  | 179278  |
|  Mabuchi Motor Co. Ltd.  | 900  | 25444  |
|  Makita Corp.  | 4400  | 102499  |
|  Marubeni Corp.  | 26400  | 302437  |
|  Marui Group Co. Ltd.  | 3199  | 52801  |
|  MatsukiyoCocokara & Co.  | 2200  | 110580  |
|  Mazda Motor Corp.  | 9100  | 68214  |
|  McDonald's Holdings Co. (Japan) Ltd.  | 1300  | 49408  |
|  Mebuki Financial Group, Inc.  | 16700  | 42440  |
|  Medipal Holdings Corp.  | 3200  | 42295  |
|  Meiji Holdings Co. Ltd.  | 2200  | 112768  |
|  Menicon Co. Ltd.  | 1000  | 21025  |
|  Mercari, Inc. (a)  | 1700  | 34576  |
|  Minebea Mitsumi, Inc.  | 6300  | 93341  |
|  Misumi Group, Inc.  | 4400  | 95631  |
|  Mitsubishi Chemical Holdings Corp.  | 22400  | 115965  |
|  Mitsubishi Corp.  | 22800  | 740197  |
|  Mitsubishi Electric Corp.  | 33000  | 326995  |
|  Mitsubishi Estate Co. Ltd.  | 20400  | 264253  |
|  Mitsubishi Gas Chemical Co., Inc.  | 3100  | 42614  |
|  Mitsubishi Heavy Industries Ltd.  | 5200  | 205486  |
|  Mitsubishi Logistics Corp.  | 1200  | 27524  |
|  Mitsubishi Materials Corp.  | 2100  | 33186  |
|  Mitsubishi UFJ Financial Group, Inc.  | 193900  | 1301731  |
|  Mitsubishi UFJ Lease & Finance Co. Ltd.  | 12500  | 61482  |
|  Mitsui & Co. Ltd.  | 25300  | 736881  |
|  Mitsui Chemicals, Inc.  | 2900  | 65136  |
|  Mitsui Fudosan Co. Ltd.  | 14700  | 268672  |
|  Mitsui Fudosan Logistics Park, Inc.  | 8  | 29244  |
|  Mitsui High-Tec, Inc.  | 400  | 18441  |
|  Mitsui Mining & Smelting Co. Ltd.  | 900  | 21064  |
|  Mitsui OSK Lines Ltd.  | 5600  | 139932  |
|  Miura Co. Ltd.  | 1700  | 38985  |
|  Mizuho Financial Group, Inc.  | 38930  | 548457  |
|  MonotaRO Co. Ltd.  | 3700  | 52118  |
|  Mori Hills REIT Investment Corp.  | 25  | 29884  |
|  Morinaga & Co. Ltd.  | 700  | 20886  |
|  Morinaga Milk Industry Co. Ltd.  | 700  | 26581  |
|  MS&AD Insurance Group Holdings, Inc.  | 7100  | 226986  |
|  Murata Manufacturing Co. Ltd.  | 9900  | 488220  |
|  Nabtesco Corp.  | 1800  | 45656  |
|  Nagoya Railroad Co. Ltd.  | 3000  | 49453  |
|  Nankai Electric Railway Co. Ltd.  | 1700  | 36705  |
|  NEC Corp.  | 4200  | 147291  |
|  Net One Systems Co. Ltd.  | 1300  | 33854  |
|  Nexon Co. Ltd.  | 7300  | 163890  |
|  NGK Insulators Ltd.  | 4000  | 50710  |
|  NGK Spark Plug Co. Ltd.  | 2600  | 47650  |
|  NH Foods Ltd.  | 1590  | 44391  |
|  Nichirei Corp.  | 2000  | 43702  |
|  Nidec Corp.  | 8200  | 421965  |
|  Nifco, Inc.  | 1400  | 32645  |
|  Nihon Kohden Corp.  | 1300  | 31559  |
|  Nihon M&A Center Holdings, Inc.  | 4500  | 55371  |
|  Nikon Corp.  | 5300  | 46866  |
|  Nintendo Co. Ltd.  | 18000  | 756838  |
|  Nippon Accommodations Fund, Inc.  | 8  | 36703  |
|  Nippon Building Fund, Inc.  | 26  | 116267  |
|  Nippon Electric Glass Co. Ltd.  | 1300  | 23072  |
|  Nippon Express Holdings, Inc.  | 1300  | 74242  |
|  Nippon Gas Co. Ltd.  | 1800  | 28169  |
|  Nippon Paint Holdings Co. Ltd.  | 16500  | 129593  |
|  Nippon Prologis REIT, Inc.  | 42  | 98472  |
|  Nippon Sanso Holdings Corp.  | 3300  | 47802  |
|  Nippon Shinyaku Co. Ltd.  | 1000  | 56750  |
|  Nippon Shokubai Co. Ltd.  | 500  | 19961  |
|  Nippon Steel & Sumitomo Metal Corp.  | 14600  | 253327  |
|  Nippon Telegraph & Telephone Corp.  | 18400  | 524741  |
|  Nippon Yusen KK  | 7900  | 186287  |
|  Nishi-Nippon Railroad Co. Ltd.  | 1200  | 22436  |
|  Nissan Chemical Corp.  | 2200  | 95936  |
|  Nissan Motor Co. Ltd.  | 36600  | 114537  |
|  Nisshin Seifun Group, Inc.  | 4000  | 50272  |
|  Nissin Food Holdings Co. Ltd.  | 1300  | 102953  |
|  Nitori Holdings Co. Ltd.  | 1300  | 169861  |
|  Nitto Denko Corp.  | 2300  | 132468  |
|  NOF Corp.  | 1300  | 51823  |
|  Nomura Holdings, Inc.  | 46500  | 172305  |
|  Nomura Real Estate Holdings, Inc.  | 1700  | 36351  |
|  Nomura Real Estate Master Fund, Inc.  | 74  | 91678  |
|  Nomura Research Institute Ltd.  | 6900  | 164040  |
|  NSK Ltd.  | 7500  | 39545  |
|  NTT Data Corp.  | 9900  | 144270  |
|  Obayashi Corp.  | 10900  | 82334  |
|  OBIC Co. Ltd.  | 1000  | 146809  |
|  Odakyu Electric Railway Co. Ltd.  | 5500  | 71227  |
|  Oji Holdings Corp.  | 15900  | 64220  |
|  Olympus Corp.  | 19800  | 349224  |
|  OMRON Corp.  | 3200  | 154649  |
|  Ono Pharmaceutical Co. Ltd.  | 7400  | 172965  |
|  Open House Group Co. Ltd.  | 1200  | 43692  |
|  Oracle Corp. Japan  | 500  | 32511  |
|  Oriental Land Co. Ltd.  | 3600  | 523887  |
|  ORIX Corp.  | 18400  | 294522  |
|  ORIX JREIT, Inc.  | 44  | 62421  |
|  Osaka Gas Co. Ltd.  | 6400  | 103124  |
|  Otsuka Corp.  | 1800  | 56737  |
|  Otsuka Holdings Co. Ltd.  | 8600  | 280470  |
|  Pan Pacific International Holdings Ltd.  | 8200  | 152308  |
|  Panasonic Holdings Corp.  | 35900  | 300448  |
|  Park24 Co. Ltd. (a)  | 2000  | 34211  |
|  Penta-Ocean Construction Co. Ltd.  | 4500  | 21019  |
|  PeptiDream, Inc. (a)  | 1600  | 25117  |
|  Persol Holdings Co. Ltd.  | 2900  | 61682  |
|  Pigeon Corp.  | 1900  | 31139  |
|  Rakuten Group, Inc.  | 13900  | 62648  |
|  Recruit Holdings Co. Ltd.  | 26100  | 816982  |
|  Relo Group, Inc.  | 1800  | 28935  |
|  Renesas Electronics Corp. (a)  | 21700  | 191790  |
|  Rengo Co. Ltd.  | 3900  | 26763  |
|  Resona Holdings, Inc.  | 37000  | 203219  |
|  Resonac Holdings Corp.  | 2800  | 42582  |
|  Ricoh Co. Ltd.  | 9600  | 73067  |
|  Rinnai Corp.  | 600  | 44650  |
|  ROHM Co. Ltd.  | 1300  | 93196  |
|  Rohto Pharmaceutical Co. Ltd.  | 3400  | 59722  |
|  Ryohin Keikaku Co. Ltd.  | 4400  | 52021  |
|  Sankyu, Inc.  | 900  | 32927  |
|  Santen Pharmaceutical Co. Ltd.  | 6100  | 49705  |
|  Sanwa Holdings Corp.  | 3600  | 33145  |
|  Sawai Group Holdings Co. Ltd.  | 700  | 21841  |
|  SBI Holdings, Inc. Japan  | 4100  | 78116  |
|  SBI Shinsei Bank Ltd.  | 900  | 14624  |
|  Screen Holdings Co. Ltd.  | 700  | 44637  |
|  SCSK Corp.  | 2300  | 34815  |
|  Secom Co. Ltd.  | 3300  | 188291  |
|  Sega Sammy Holdings, Inc.  | 2500  | 37749  |
|  Seibu Holdings, Inc.  | 4300  | 46881  |
|  Seiko Epson Corp.  | 4900  | 71290  |
|  Seino Holdings Co. Ltd.  | 2300  | 20388  |
|  Sekisui Chemical Co. Ltd.  | 6800  | 94780  |
|  Sekisui House (REIT), Inc.  | 67  | 37999  |
|  Sekisui House Ltd.  | 10600  | 187928  |
|  Seven & i Holdings Co. Ltd.  | 12300  | 527133  |
|  SG Holdings Co. Ltd.  | 7500  | 103993  |
|  Sharp Corp.  | 3600  | 25859  |
|  Shimadzu Corp.  | 4200  | 118902  |
|  Shimamura Co. Ltd.  | 400  | 39862  |
|  SHIMANO, Inc.  | 1300  | 205425  |
|  SHIMIZU Corp.  | 10100  | 53893  |
|  Shin-Etsu Chemical Co. Ltd.  | 6400  | 781518  |
|  Shinko Electric Industries Co. Ltd.  | 1000  | 25450  |
|  Shionogi & Co. Ltd.  | 4400  | 219530  |
|  Shiseido Co. Ltd.  | 6200  | 303885  |
|  Shizuoka Financial Group  | 8889  | 71232  |
|  SHO-BOND Holdings Co. Ltd.  | 700  | 29804  |
|  Shochiku Co. Ltd. (a)  | 200  | 17684  |
|  Skylark Holdings Co. Ltd.  | 3400  | 39449  |
|  SMC Corp.  | 980  | 409203  |
|  SMS Co., Ltd.  | 1100  | 27824  |
|  SoftBank Corp.  | 42500  | 480831  |
|  SoftBank Group Corp.  | 18300  | 773961  |
|  Sohgo Security Services Co., Ltd.  | 1300  | 35393  |
|  Sojitz Corp.  | 3180  | 60590  |
|  Sompo Holdings, Inc.  | 5400  | 238913  |
|  Sony Group Corp.  | 19400  | 1478699  |
|  Sotetsu Holdings, Inc.  | 1400  | 23605  |
|  Square Enix Holdings Co. Ltd.  | 1400  | 64996  |
|  Stanley Electric Co. Ltd.  | 2300  | 43502  |
|  Subaru Corp.  | 9500  | 143831  |
|  Sugi Holdings Co. Ltd.  | 600  | 26684  |
|  Sumco Corp.  | 5500  | 72867  |
|  Sumitomo Chemical Co. Ltd.  | 25900  | 92868  |
|  Sumitomo Corp.  | 19200  | 319163  |
|  Sumitomo Dainippon Pharma Co., Ltd.  | 2700  | 20465  |
|  Sumitomo Electric Industries Ltd.  | 12200  | 137841  |
|  Sumitomo Forestry Co. Ltd.  | 2900  | 51252  |
|  Sumitomo Heavy Industries Ltd.  | 1900  | 37932  |
|  Sumitomo Metal Mining Co. Ltd.  | 4200  | 147583  |
|  Sumitomo Mitsui Financial Group, Inc.  | 21100  | 848904  |
|  Sumitomo Mitsui Trust Holdings, Inc.  | 5800  | 202394  |
|  Sumitomo Realty & Development Co. Ltd.  | 7400  | 174403  |
|  Sundrug Co. Ltd.  | 1000  | 29717  |
|  Suntory Beverage & Food Ltd.  | 1900  | 64699  |
|  Suzuken Co. Ltd.  | 1200  | 32467  |
|  Suzuki Motor Corp.  | 7600  | 243408  |
|  Sysmex Corp.  | 2600  | 156964  |
|  T&D Holdings, Inc.  | 9200  | 131696  |
|  Taiheiyo Cement Corp.  | 1900  | 29549  |
|  Taisei Corp.  | 3100  | 99960  |
|  Taisho Pharmaceutical Holdings Co. Ltd.  | 900  | 39588  |
|  Taiyo Yuden Co. Ltd.  | 2000  | 57622  |
|  Takara Holdings, Inc.  | 3100  | 24533  |
|  Takeda Pharmaceutical Co. Ltd.  | 24338  | 760482  |
|  TDK Corp.  | 5984  | 194681  |
|  TechnoPro Holdings, Inc.  | 1700  | 45260  |
|  Teijin Ltd.  | 3100  | 30210  |
|  Terumo Corp.  | 11670  | 330851  |
|  THK Co. Ltd.  | 1900  | 35926  |
|  TIS, Inc.  | 3500  | 91986  |
|  Tobu Railway Co. Ltd.  | 3200  | 74640  |
|  Toda Corp.  | 4100  | 21987  |
|  Toho Co. Ltd.  | 1900  | 73237  |
|  Toho Gas Co. Ltd.  | 1500  | 28550  |
|  Tohoku Electric Power Co., Inc.  | 7630  | 39967  |
|  Tokai Carbon Co. Ltd.  | 3300  | 26632  |
|  Tokio Marine Holdings, Inc.  | 31400  | 670779  |
|  Tokyo Century Corp.  | 700  | 23595  |
|  Tokyo Electric Power Co., Inc. (a)  | 12100  | 43577  |
|  Tokyo Electron Ltd.  | 2400  | 705189  |
|  Tokyo Gas Co. Ltd.  | 6400  | 125311  |
|  Tokyo Ohka Kogyo Co. Ltd.  | 600  | 27120  |
|  Tokyo Seimitsu Co. Ltd.  | 700  | 22616  |
|  Tokyo Tatemono Co. Ltd.  | 3200  | 38740  |
|  Tokyu Corp.  | 9800  | 123421  |
|  Tokyu Fudosan Holdings Corp.  | 9300  | 44102  |
|  Toppan, Inc.  | 5400  | 79744  |
|  Toray Industries, Inc.  | 25300  | 140703  |
|  Toshiba Corp.  | 6700  | 232820  |
|  Tosoh Corp.  | 4900  | 58269  |
|  Toto Ltd.  | 2500  | 84799  |
|  Toyo Suisan Kaisha Ltd.  | 1600  | 61642  |
|  Toyo Tire Corp.  | 1900  | 21385  |
|  Toyota Industries Corp.  | 3200  | 173842  |
|  Toyota Motor Corp.  | 193100  | 2634376  |
|  Toyota Tsusho Corp.  | 3700  | 136102  |
|  Trend Micro, Inc.  | 2200  | 102888  |
|  Tsumura & Co.  | 1100  | 24124  |
|  Tsuruha Holdings, Inc.  | 600  | 46539  |
|  Ube Corp.  | 1500  | 21986  |
|  Ulvac, Inc.  | 700  | 29172  |
|  Unicharm Corp.  | 6800  | 260346  |
|  United Urban Investment Corp.  | 48  | 54840  |
|  USS Co. Ltd.  | 3300  | 52361  |
|  Welcia Holdings Co. Ltd.  | 1600  | 37296  |
|  West Japan Railway Co.  | 3800  | 164993  |
|  Yakult Honsha Co. Ltd.  | 2500  | 162744  |
|  Yamada Holdings Co. Ltd.  | 11000  | 39047  |
|  Yamaha Corp.  | 2700  | 100191  |
|  Yamaha Motor Co. Ltd.  | 5400  | 122047  |
|  Yamato Holdings Co. Ltd.  | 5200  | 82401  |
|  Yamazaki Baking Co. Ltd.  | 2500  | 29911  |
|  Yaskawa Electric Corp.  | 4100  | 130812  |
|  Yokogawa Electric Corp.  | 3700  | 58723  |
|  Yokohama Rubber Co. Ltd.  | 2100  | 32495  |
|  Z Holdings Corp.  | 41300  | 103147  |
|  Zenkoku Hosho Co. Ltd.  | 800  | 30650  |
|  Zensho Holdings Co. Ltd.  | 1400  | 35163  |
|  Zeon Corp.  | 2800  | 28176  |
|  ZOZO, Inc.  | 1700  | 41983  |
|  TOTAL JAPAN  |  | 58954613  |
| Korea (South) - 3.2%  |  |  |
|  AfreecaTV Co. Ltd.  | 111  | 6268  |
|  Alteogen, Inc.  | 543  | 16496  |
|  AMOREPACIFIC Corp.  | 462  | 50453  |
|  AMOREPACIFIC Group, Inc.  | 464  | 12861  |
|  BGF Retail Co. Ltd.  | 127  | 21232  |
|  BNK Financial Group, Inc.  | 4580  | 23644  |
|  Bukwang Pharmaceutical Co. Ltd.  | 770  | 5351  |
|  Celltrion Healthcare Co. Ltd.  | 1617  | 74487  |
|  Celltrion Pharm, Inc. (a)  | 247  | 13124  |
|  Celltrion, Inc.  | 1669  | 212752  |
|  CHA Biotech Co. Ltd. (a)  | 750  | 7744  |
|  Cheil Worldwide, Inc.  | 1073  | 19643  |
|  Chong Kun Dang Pharmaceutical Corp.  | 105  | 6847  |
|  Chunbo Co. Ltd.  | 64  | 11096  |
|  CJ CheilJedang Corp.  | 126  | 38077  |
|  CJ Corp.  | 239  | 15964  |
|  CJ ENM Co. Ltd.  | 176  | 14635  |
|  CJ Logistics Corp. (a)  | 130  | 9674  |
|  Com2uS Corp.  | 109  | 5160  |
|  Cosmax, Inc.  | 133  | 7827  |
|  Coway Co. Ltd.  | 850  | 37737  |
|  CS Wind Corp.  | 476  | 26010  |
|  Daeduck Electronics Co. Ltd.  | 475  | 7130  |
|  Daejoo Electronic Materials Co. Ltd.  | 188  | 10601  |
|  Daewoo Engineering & Construction Co. Ltd. (a)  | 3105  | 10308  |
|  Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)  | 580  | 8729  |
|  Daewoong Co. Ltd.  | 304  | 4913  |
|  DB HiTek Co. Ltd.  | 621  | 18323  |
|  Db Insurance Co. Ltd.  | 760  | 39416  |
|  DGB Financial Group Co. Ltd.  | 2617  | 14529  |
|  DL E&C Co. Ltd.  | 428  | 11473  |
|  DL Holdings Co. Ltd.  | 178  | 8369  |
|  Dongjin Semichem Co. Ltd.  | 501  | 11917  |
|  DongKook Pharmaceutical Co. Ltd.  | 387  | 5102  |
|  Dongkuk Steel Mill Co. Ltd.  | 891  | 7890  |
|  Dongsuh Co., Inc.  | 763  | 12241  |
|  Doosan Bobcat, Inc.  | 732  | 20115  |
|  Doosan Co. Ltd.  | 171  | 11286  |
|  Doosan Fuel Cell Co. Ltd. (a)  | 657  | 15315  |
|  Doosan Heavy Industries & Construction Co. Ltd. (a)  | 6186  | 75661  |
|  Douzone Bizon Co. Ltd.  | 342  | 10009  |
|  E-Mart, Inc.  | 285  | 22183  |
|  Ecopro BM Co. Ltd.  | 811  | 59323  |
|  Ecopro Co. Ltd.  | 293  | 23969  |
|  Ecopro HN Co. Ltd.  | 142  | 5115  |
|  EO Technics Co. Ltd.  | 128  | 6771  |
|  ESR Kendall Square Co. Ltd. (REIT)  | 2928  | 9279  |
|  F&F Co. Ltd.  | 258  | 29609  |
|  Fila Holdings Corp.  | 661  | 17456  |
|  Foosung Co. Ltd.  | 709  | 6025  |
|  GemVax & Kael Co. Ltd. (a)  | 583  | 5487  |
|  GeneOne Life Science, Inc. (a)  | 1005  | 5699  |
|  Genexine Co. Ltd. (a)  | 587  | 8718  |
|  Genexine Co. Ltd. rights 1/3/23 (a)  | 54  | 172  |
|  Green Cross Corp.  | 101  | 10388  |
|  Green Cross Holdings Corp.  | 531  | 7169  |
|  GS Engineering & Construction Corp.  | 1204  | 20225  |
|  GS Holdings Corp.  | 1401  | 48736  |
|  GS Retail Co. Ltd.  | 619  | 13839  |
|  Hana Financial Group, Inc.  | 4634  | 154762  |
|  HanAll BioPharma Co. Ltd. (a)  | 435  | 6150  |
|  Hanjin Kal Corp. (a)  | 292  | 8685  |
|  Hankook Tire Co. Ltd.  | 1118  | 27659  |
|  Hanmi Pharm Co. Ltd.  | 94  | 22248  |
|  Hanmi Science Co. Ltd.  | 443  | 11417  |
|  Hanmi Semiconductor Co. Ltd.  | 775  | 7079  |
|  Hanon Systems  | 2532  | 16269  |
|  Hansol Chemical Co. Ltd.  | 155  | 22836  |
|  Hanssem Co. Ltd.  | 151  | 5349  |
|  Hanwha Aerospace Co. Ltd.  | 526  | 30747  |
|  Hanwha Corp.  | 652  | 13282  |
|  Hanwha Life Insurance Co. Ltd. (a)  | 3589  | 7896  |
|  Hanwha Solutions Corp. (a)  | 1849  | 63146  |
|  Hanwha Systems Co. Ltd.  | 1055  | 8840  |
|  HD Hyundai Co. Ltd.  | 695  | 31518  |
|  HDC Hyundai Development Co.  | 599  | 4757  |
|  Helixmith Co., Ltd.  | 472  | 3955  |
|  Hite Jinro Co. Ltd.  | 504  | 10227  |
|  HL Mando Co. Ltd.  | 529  | 16932  |
|  HLB Life Science Co. Ltd. (a)  | 1244  | 10473  |
|  HLB, Inc. (a)  | 1797  | 40533  |
|  HMM Co. Ltd.  | 5763  | 89482  |
|  Hotel Shilla Co.  | 504  | 33264  |
|  HUGEL, Inc. (a)  | 83  | 8893  |
|  HYBE Co. Ltd. (a)  | 267  | 36792  |
|  Hyosung Advanced Materials Co.  | 35  | 9271  |
|  Hyosung Corp.  | 139  | 7408  |
|  Hyosung TNC Co. Ltd.  | 34  | 9451  |
|  Hyundai Bioscience Co. Ltd. (a)  | 533  | 11599  |
|  Hyundai Department Store Co. Ltd.  | 189  | 8856  |
|  Hyundai Doosan Infracore Co. Lt (a)  | 1729  | 10986  |
|  Hyundai Elevator Co. Ltd.  | 363  | 8159  |
|  Hyundai Engineering & Construction Co. Ltd.  | 1119  | 31017  |
|  Hyundai Fire & Marine Insurance Co. Ltd.  | 877  | 20513  |
|  Hyundai Glovis Co. Ltd.  | 339  | 44021  |
|  Hyundai Heavy Industries Co. Ltd. (a)  | 310  | 28560  |
|  Hyundai Mipo Dockyard Co. Ltd. (a)  | 370  | 24831  |
|  Hyundai Mobis  | 1034  | 164656  |
|  Hyundai Motor Co.  | 2162  | 259283  |
|  Hyundai Rotem Co. Ltd. (a)  | 1148  | 25894  |
|  Hyundai Steel Co.  | 1348  | 32761  |
|  Hyundai Wia Corp.  | 232  | 9112  |
|  Il Dong Pharmaceutical Co. Ltd. (a)  | 211  | 4784  |
|  Iljin Materials Co. Ltd.  | 347  | 14303  |
|  Industrial Bank of Korea  | 3922  | 30589  |
|  IS Dongseo Co. Ltd.  | 187  | 4188  |
|  JB Financial Group Co. Ltd.  | 1527  | 9569  |
|  Jusung Engineering Co. Ltd.  | 505  | 4251  |
|  JYP Entertainment Corp.  | 405  | 21809  |
|  Kakao Corp.  | 4871  | 205425  |
|  Kakao Games Corp. (a)  | 658  | 23334  |
|  Kangwon Land, Inc. (a)  | 1737  | 32006  |
|  KB Financial Group, Inc.  | 6060  | 233430  |
|  KCC Corp.  | 64  | 10395  |
|  KEPCO E&C  | 181  | 7849  |
|  Kia Corp.  | 4197  | 197667  |
|  Kiwoom Securities Co. Ltd.  | 221  | 14744  |
|  KMW Co. Ltd. (a)  | 395  | 8314  |
|  Koh Young Technology, Inc.  | 834  | 8445  |
|  Kolon Industries, Inc.  | 291  | 9511  |
|  Korea Aerospace Industries Ltd.  | 1127  | 45560  |
|  Korea Electric Power Corp. (a)  | 3866  | 67048  |
|  Korea Gas Corp.  | 415  | 11932  |
|  Korea Investment Holdings Co. Ltd.  | 652  | 27600  |
|  Korea Petro Chemical Industries Co. Ltd.  | 62  | 8445  |
|  Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)  | 688  | 38632  |
|  Korea Zinc Co. Ltd.  | 189  | 84661  |
|  Korean Air Lines Co. Ltd. (a)  | 2811  | 51237  |
|  KT&G Corp.  | 1661  | 120707  |
|  Kumho Petro Chemical Co. Ltd.  | 274  | 27420  |
|  L&F Co. Ltd. (a)  | 354  | 48780  |
|  Leeno Industrial, Inc.  | 145  | 17908  |
|  LegoChem Biosciences, Inc. (a)  | 378  | 12864  |
|  LG Chemical Ltd.  | 732  | 348822  |
|  LG Corp.  | 2162  | 134106  |
|  LG Display Co. Ltd.  | 3375  | 33372  |
|  LG Electronics, Inc.  | 1733  | 119057  |
|  LG H & H Co. Ltd.  | 138  | 79133  |
|  LG Innotek Co. Ltd.  | 213  | 42715  |
|  LG Uplus Corp.  | 3293  | 28900  |
|  Lotte Chemical Corp.  | 302  | 42814  |
|  Lotte Chemical Corp. rights 1/20/23 (a)  | 47  | 1325  |
|  Lotte Confectionery Co. Ltd.  | 630  | 15411  |
|  Lotte Fine Chemical Co. Ltd.  | 227  | 10222  |
|  Lotte Shopping Co. Ltd.  | 170  | 12287  |
|  LS Corp.  | 406  | 22475  |
|  LS Electric Co. Ltd.  | 229  | 10258  |
|  LX Holdings Corp. (a)  | 810  | 5442  |
|  LX International Corp.  | 381  | 10273  |
|  Lx Semicon Co. Ltd.  | 152  | 8656  |
|  Mcnex Co. Ltd.  | 185  | 4099  |
|  Meritz Financial Holdings Co.  | 366  | 12412  |
|  Meritz Fire & Marine Insurance Co. Ltd.  | 545  | 21513  |
|  Meritz Securities Co. Ltd.  | 3420  | 16949  |
|  Mezzion Pharma Co. Ltd.  | 312  | 3221  |
|  Mirae Asset Securities Co. Ltd.  | 3974  | 19190  |
|  NAVER Corp.  | 2316  | 326496  |
|  NCSOFT Corp.  | 249  | 88597  |
|  NEPES Corp. Ltd. (a)  | 294  | 3654  |
|  Netmarble Corp. (c)  | 361  | 17318  |
|  NH Investment & Securities Co. Ltd.  | 2150  | 14975  |
|  NHN Corp.  | 286  | 5656  |
|  NHN KCP Corp.  | 277  | 2948  |
|  NongShim Co. Ltd.  | 59  | 16729  |
|  Oci Co. Ltd.  | 289  | 18546  |
|  Orion Corp./Republic of Korea  | 384  | 39038  |
|  Oscotec, Inc. (a)  | 494  | 6788  |
|  Ottogi Corp.  | 28  | 10585  |
|  Pan Ocean Co., Ltd. (Korea)  | 3305  | 15041  |
|  Paradise Co. Ltd. (a)  | 883  | 12343  |
|  Pearl Abyss Corp. (a)  | 535  | 17825  |
|  People & Technology, Inc.  | 266  | 9158  |
|  Pharmicell Co. Ltd. (a)  | 716  | 6426  |
|  POSCO  | 1179  | 258911  |
|  POSCO Chemtech Co. Ltd.  | 473  | 67620  |
|  Posco International Corp.  | 650  | 11667  |
|  S-Oil Corp.  | 628  | 41598  |
|  S.M. Entertainment Co. Ltd.  | 319  | 19432  |
|  S1 Corp.  | 260  | 12245  |
|  Samsung Biologics Co. Ltd. (a)(c)  | 311  | 202789  |
|  Samsung C&T Corp.  | 1427  | 128636  |
|  Samsung Electro-Mechanics Co. Ltd.  | 864  | 89550  |
|  Samsung Electronics Co. Ltd.  | 78659  | 3454737  |
|  Samsung Engineering Co. Ltd. (a)  | 2113  | 37340  |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 501  | 79581  |
|  Samsung Heavy Industries Co. Ltd. (a)  | 11165  | 45313  |
|  Samsung Life Insurance Co. Ltd.  | 1496  | 84359  |
|  Samsung SDI Co. Ltd.  | 850  | 398977  |
|  Samsung SDS Co. Ltd.  | 651  | 63596  |
|  Samsung Securities Co. Ltd.  | 987  | 24654  |
|  SD Biosensor, Inc.  | 668  | 15996  |
|  Seegene, Inc.  | 628  | 13567  |
|  Seoul Semiconductor Co. Ltd.  | 592  | 4749  |
|  Shin Poong Pharmaceutical Co. (a)  | 542  | 9104  |
|  Shinhan Financial Group Co. Ltd.  | 8057  | 225246  |
|  Shinsegae Co. Ltd.  | 99  | 17298  |
|  SIMMTECH Co. Ltd.  | 290  | 6092  |
|  SK Biopharmaceuticals Co. Ltd. (a)  | 417  | 23879  |
|  SK Bioscience Co. Ltd. (a)  | 353  | 20606  |
|  SK Chemicals Co. Ltd.  | 161  | 9360  |
|  SK Hynix, Inc.  | 8306  | 494760  |
|  SK IE Technology Co. Ltd. (a)(c)  | 398  | 16753  |
|  SK Innovation Co., Ltd.  | 814  | 99560  |
|  SK, Inc.  | 584  | 87663  |
|  SKC Co. Ltd.  | 317  | 22281  |
|  SOLUM Co. Ltd. (a)  | 532  | 7352  |
|  Solus Advanced Materials Co. Lt  | 260  | 6195  |
|  Soulbrain Co. Ltd.  | 78  | 13499  |
|  ST Pharm Co. Ltd.  | 149  | 10366  |
|  Studio Dragon Corp. (a)  | 156  | 10655  |
|  Taihan Electric Wire Co. Ltd. (a)  | 10884  | 12923  |
|  Vaxcell-Bio Therapeutics Co. Ltd. (a)  | 147  | 3987  |
|  WeMade Entertainment Co. Ltd.  | 260  | 6515  |
|  WONIK IPS Co. Ltd.  | 465  | 9140  |
|  Woori Financial Group, Inc.  | 10411  | 95503  |
|  Wysiwyg Studios Co. Ltd. (a)  | 363  | 4973  |
|  YG Entertainment, Inc.  | 189  | 6582  |
|  Youngone Corp.  | 301  | 11224  |
|  Yuhan Corp.  | 807  | 36662  |
|  Zinus, Inc.  | 176  | 4892  |
|  TOTAL KOREA (SOUTH)  |  | 11986710  |
| Kuwait - 0.2%  |  |  |
|  Agility Public Warehousing Co. KSC  | 23928  | 56329  |
|  Boubyan Bank KSC  | 17342  | 45247  |
|  Gulf Bank  | 29741  | 30534  |
|  Kuwait Finance House KSCP  | 83726  | 225295  |
|  Mabanee Co. SAKC  | 9315  | 25827  |
|  Mobile Telecommunication Co.  | 31822  | 58577  |
|  National Bank of Kuwait  | 116736  | 411448  |
|  National Industries Group Holding SAK  | 30441  | 21598  |
|  Warba Bank KSCP (a)  | 15623  | 12004  |
|  TOTAL KUWAIT  |  | 886859  |
| Luxembourg - 0.3%  |  |  |
|  Allegro.eu SA (a)(c)  | 6226  | 35710  |
|  Aperam SA  | 659  | 20803  |
|  ArcelorMittal SA (Netherlands)  | 8796  | 231390  |
|  Aroundtown SA  | 14688  | 34323  |
|  B&M European Value Retail SA  | 12814  | 63716  |
|  Eurofins Scientific SA  | 1998  | 143425  |
|  Globant SA (a)  | 648  | 108968  |
|  InPost SA (a)  | 3189  | 26893  |
|  Millicom International Cellular SA (depository receipt) (a)  | 3579  | 45326  |
|  SES SA (France) (depositary receipt)  | 5865  | 38234  |
|  Spotify Technology SA (a)  | 2183  | 172348  |
|  Subsea 7 SA  | 3541  | 40861  |
|  Tenaris SA  | 7119  | 124851  |
|  Ternium SA sponsored ADR  | 772  | 23592  |
|  TOTAL LUXEMBOURG  |  | 1110440  |
| Malaysia - 0.5%  |  |  |
|  AMMB Holdings Bhd  | 33100  | 31120  |
|  Axiata Group Bhd  | 71799  | 50428  |
|  Bursa Malaysia Bhd  | 8800  | 13285  |
|  CIMB Group Holdings Bhd  | 110871  | 145903  |
|  Dialog Group Bhd  | 65500  | 36427  |
|  DiGi.com Bhd  | 49500  | 44924  |
|  Gamuda Bhd  | 34974  | 29800  |
|  Genting Bhd  | 32800  | 33354  |
|  Genting Malaysia Bhd  | 42600  | 26005  |
|  Hap Seng Consolidated Bhd  | 8900  | 12926  |
|  Hartalega Holdings Bhd  | 29700  | 11470  |
|  Hong Leong Bank Bhd  | 11700  | 54549  |
|  IHH Healthcare Bhd  | 47500  | 67030  |
|  Inari Amertron Bhd  | 37300  | 22103  |
|  IOI Corp. Bhd  | 47100  | 43345  |
|  Kuala Lumpur Kepong Bhd  | 9044  | 45966  |
|  Malayan Banking Bhd  | 109058  | 215388  |
|  Malaysia Airports Holdings Bhd (a)  | 15900  | 23699  |
|  Malaysian Pacific Industries Bhd  | 1300  | 8478  |
|  Maxis Bhd  | 34100  | 29737  |
|  MISC Bhd  | 20300  | 34560  |
|  MR DIY Group M Sdn Bhd (c)  | 45600  | 20702  |
|  My E.G.Services Bhd  | 76200  | 15052  |
|  Nestle (Malaysia) Bhd  | 900  | 28615  |
|  Petronas Chemicals Group Bhd  | 45100  | 88102  |
|  Petronas Dagangan Bhd  | 5200  | 27139  |
|  Petronas Gas Bhd  | 12200  | 47402  |
|  PPB Group Bhd  | 11000  | 43550  |
|  Press Metal Bhd  | 55900  | 61934  |
|  Public Bank Bhd  | 234700  | 230136  |
|  RHB Bank Bhd  | 56794  | 74620  |
|  Sime Darby Bhd  | 49200  | 25681  |
|  Sime Darby Plantation Bhd  | 52676  | 55664  |
|  Telekom Malaysia Bhd  | 26839  | 32887  |
|  Tenaga Nasional Bhd  | 44200  | 96625  |
|  Top Glove Corp. Bhd  | 83700  | 17205  |
|  V.S. Industry Bhd warrants 6/14/24 (a)  | 7320  | 165  |
|  Westports Holdings Bhd  | 13900  | 12001  |
|  TOTAL MALAYSIA  |  | 1857977  |
| Malta - 0.0%  |  |  |
|  Kindred Group PLC (depositary receipt)  | 3562  | 37071  |
| Marshall Islands - 0.0%  |  |  |
|  Danaos Corp.  | 174  | 9163  |
|  Star Bulk Carriers Corp. (b)  | 1075  | 20672  |
|  TOTAL MARSHALL ISLANDS  |  | 29835  |
| Mexico - 0.6%  |  |  |
|  Alfa SA de CV Series A  | 41000  | 26111  |
|  America Movil S.A.B. de CV Series L  | 297400  | 269829  |
|  Arca Continental S.A.B. de CV  | 7500  | 60904  |
|  Banco del Bajio SA (c)  | 11300  | 35692  |
|  CEMEX S.A.B. de CV unit (a)  | 237000  | 95839  |
|  Coca-Cola FEMSA S.A.B. de CV unit  | 7885  | 53348  |
|  Controladora Vuela Compania de Aviacion S.A.B. de CV (a)  | 12053  | 10088  |
|  Fibra Uno Administracion SA de CV  | 43200  | 50900  |
|  Fomento Economico Mexicano S.A.B. de CV unit  | 28400  | 220988  |
|  Gruma S.A.B. de CV Series B  | 2705  | 36194  |
|  Grupo Aeroportuario del Pacifico S.A.B. de CV Series B  | 5500  | 78789  |
|  Grupo Aeroportuario del Sureste S.A.B. de CV Series B  | 2990  | 69763  |
|  Grupo Aeroportuario Norte S.A.B. de CV  | 4200  | 32345  |
|  Grupo Bimbo S.A.B. de CV Series A  | 21500  | 90870  |
|  Grupo Elektra SA de CV  | 880  | 49666  |
|  Grupo Financiero Banorte S.A.B. de CV Series O  | 38300  | 274988  |
|  Grupo Financiero Inbursa S.A.B. de CV Series O (a)  | 31400  | 52917  |
|  Grupo Mexico SA de CV Series B  | 48100  | 168862  |
|  Grupo Televisa SA de CV  | 39000  | 35465  |
|  Industrias Penoles SA de CV (a)  | 2895  | 35605  |
|  Kimberly-Clark de Mexico SA de CV Series A  | 21100  | 35808  |
|  Orbia Advance Corp. S.A.B. de CV  | 14500  | 25672  |
|  Promotora y Operadora de Infraestructura S.A.B. de CV  | 3115  | 25506  |
|  Sitios Latinoamerica S.A.B. de CV (a)  | 17135  | 8222  |
|  Wal-Mart de Mexico SA de CV Series V  | 78100  | 274902  |
|  TOTAL MEXICO  |  | 2119273  |
| Multi-National - 0.0%  |  |  |
|  HKT Trust/HKT Ltd. unit  | 55000  | 67327  |
|  Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a)  | 1679  | 87402  |
|  TOTAL MULTI-NATIONAL  |  | 154729  |
| Netherlands - 3.2%  |  |  |
|  Adyen BV (a)(c)  | 477  | 662195  |
|  Airbus Group NV  | 9460  | 1124818  |
|  Akzo Nobel NV  | 2812  | 188692  |
|  ASM International NV (Netherlands)  | 712  | 179603  |
|  ASML Holding NV (Netherlands)  | 6253  | 3409461  |
|  CNH Industrial NV  | 15323  | 245464  |
|  Davide Campari Milano NV  | 8346  | 84730  |
|  Euronext NV (c)  | 1550  | 114750  |
|  EXOR NV  | 1785  | 130504  |
|  Ferrari NV (Italy)  | 1965  | 421108  |
|  Heineken Holding NV  | 1685  | 129957  |
|  Heineken NV (Bearer)  | 3616  | 340599  |
|  IMCD NV  | 881  | 125569  |
|  ING Groep NV (Certificaten Van Aandelen)  | 57953  | 705935  |
|  Koninklijke Ahold Delhaize NV  | 16054  | 461573  |
|  Koninklijke DSM NV  | 2695  | 329740  |
|  Koninklijke KPN NV  | 50258  | 155561  |
|  Koninklijke Philips Electronics NV  | 13732  | 206628  |
|  NEPI Rockcastle PLC  | 6793  | 40728  |
|  NN Group NV  | 4777  | 195133  |
|  Prosus NV  | 18506  | 1277718  |
|  QIAGEN NV (Germany) (a)  | 3565  | 179397  |
|  Randstad NV  | 1941  | 118348  |
|  RHI Magnesita NV  | 356  | 9572  |
|  Stellantis NV (Italy)  | 33239  | 471942  |
|  Universal Music Group NV  | 11746  | 284050  |
|  Wolters Kluwer NV  | 4035  | 422251  |
|  Yandex NV Series A (a)(d)  | 4894  | 16786  |
|  TOTAL NETHERLANDS  |  | 12032812  |
| New Zealand - 0.2%  |  |  |
|  Auckland International Airport Ltd. (a)  | 18248  | 90503  |
|  Chorus Ltd.  | 6670  | 34543  |
|  Contact Energy Ltd.  | 12437  | 60863  |
|  Fisher & Paykel Healthcare Corp.  | 9034  | 129259  |
|  Fletcher Building Ltd.  | 11643  | 34859  |
|  Infratil Ltd.  | 10867  | 59661  |
|  Mercury Nz Ltd.  | 10037  | 35458  |
|  Meridian Energy Ltd.  | 18624  | 61947  |
|  Ryman Healthcare Ltd.  | 6126  | 20729  |
|  Spark New Zealand Ltd.  | 29563  | 101217  |
|  Summerset Group Holdings Ltd.  | 3282  | 18434  |
|  The a2 Milk Co. Ltd. (a)  | 11460  | 53710  |
|  Xero Ltd. (a)  | 2171  | 103522  |
|  TOTAL NEW ZEALAND  |  | 804705  |
| Norway - 0.6%  |  |  |
|  Adevinta ASA Class B (a)  | 4201  | 28130  |
|  Aker ASA (A Shares)  | 343  | 25191  |
|  Aker BP ASA  | 4817  | 149523  |
|  Borregaard ASA  | 1451  | 22513  |
|  DNB Bank ASA  | 13975  | 276008  |
|  Entra ASA (c)  | 1916  | 20692  |
|  Equinor ASA  | 16147  | 580328  |
|  Gjensidige Forsikring ASA  | 2853  | 55972  |
|  Kongsberg Gruppen ASA  | 1403  | 59518  |
|  Leroy Seafood Group ASA  | 4433  | 24955  |
|  Mowi ASA  | 7061  | 120509  |
|  NEL ASA (a)  | 10414  | 14728  |
|  Nordic VLSI ASA (a)  | 2691  | 45020  |
|  Norsk Hydro ASA  | 21154  | 158070  |
|  Orkla ASA  | 11252  | 81209  |
|  Salmar ASA  | 862  | 33858  |
|  Scatec Solar AS (c)  | 1735  | 13920  |
|  Schibsted ASA:  |  |  |
|  (A Shares)  | 1052  | 19919  |
|  (B Shares)  | 1641  | 30000  |
|  Sparebank 1 Sr Bank ASA (primary capital certificate)  | 2734  | 33684  |
|  Sparebanken Midt-Norge  | 1835  | 23863  |
|  Storebrand ASA (A Shares)  | 7112  | 61996  |
|  Telenor ASA  | 10196  | 95261  |
|  TGS ASA  | 1795  | 24185  |
|  Tomra Systems ASA  | 3523  | 59551  |
|  Veidekke ASA  | 1524  | 15058  |
|  Yara International ASA  | 2548  | 111993  |
|  TOTAL NORWAY  |  | 2185654  |
| Pakistan - 0.0%  |  |  |
|  Lucky Cement Ltd. (a)  | 1740  | 3431  |
|  TRG Pakistan Ltd. (a)  | 5123  | 2452  |
|  TOTAL PAKISTAN  |  | 5883  |
| Peru - 0.0%  |  |  |
|  Compania de Minas Buenaventura SAA sponsored ADR  | 3511  | 26157  |
| Philippines - 0.2%  |  |  |
|  Aboitiz Equity Ventures, Inc.  | 34560  | 35920  |
|  ACEN Corp.  | 116280  | 16002  |
|  Ayala Corp.  | 3790  | 47480  |
|  Ayala Land, Inc.  | 89200  | 49558  |
|  Bank of the Philippine Islands (BPI)  | 27160  | 49863  |
|  BDO Unibank, Inc.  | 31668  | 60274  |
|  Converge ICT Solutions, Inc. (a)  | 39000  | 11154  |
|  Globe Telecom, Inc.  | 478  | 18767  |
|  International Container Terminal Services, Inc.  | 12440  | 44685  |
|  JG Summit Holdings, Inc.  | 45801  | 41451  |
|  Jollibee Food Corp.  | 7150  | 29562  |
|  Manila Electric Co.  | 4010  | 21564  |
|  Metro Pacific Investments Corp.  | 166000  | 10206  |
|  Metropolitan Bank & Trust Co.  | 29346  | 28521  |
|  Monde Nissin Corp. (c)  | 112000  | 22366  |
|  PLDT, Inc.  | 1325  | 31287  |
|  SM Investments Corp.  | 7480  | 121413  |
|  SM Prime Holdings, Inc.  | 179700  | 114748  |
|  Universal Robina Corp.  | 13430  | 32979  |
|  TOTAL PHILIPPINES  |  | 787800  |
| Poland - 0.2%  |  |  |
|  Asseco Poland SA  | 1072  | 17763  |
|  Bank Polska Kasa Opieki SA  | 2686  | 53029  |
|  CD Projekt RED SA  | 1036  | 30654  |
|  Cyfrowy Polsat SA  | 3788  | 15225  |
|  Dino Polska SA (a)(c)  | 725  | 62102  |
|  KGHM Polska Miedz SA (Bearer)  | 2089  | 60434  |
|  Kruk SA  | 252  | 17830  |
|  LPP SA  | 17  | 41323  |
|  Orange Polska SA  | 9270  | 14019  |
|  PGE Polska Grupa Energetyczna SA (a)  | 12426  | 19524  |
|  Polski Koncern Naftowy Orlen SA  | 5992  | 87856  |
|  Powszechna Kasa Oszczednosci Bank SA  | 13556  | 93718  |
|  Powszechny Zaklad Ubezpieczen SA  | 8729  | 70568  |
|  Santander Bank Polska SA  | 528  | 31261  |
|  TOTAL POLAND  |  | 615306  |
| Portugal - 0.1%  |  |  |
|  Banco Comercial Portugues SA (Reg.)  | 109794  | 17206  |
|  Energias de Portugal SA  | 44961  | 224086  |
|  Galp Energia SGPS SA Class B  | 7054  | 95163  |
|  Jeronimo Martins SGPS SA  | 4340  | 93751  |
|  REN - Redes Energeticas Nacionais SGPS SA  | 4982  | 13439  |
|  TOTAL PORTUGAL  |  | 443645  |
| Qatar - 0.3%  |  |  |
|  Barwa Real Estate Co. (a)  | 27294  | 21532  |
|  Industries Qatar QSC (a)  | 31513  | 110848  |
|  Masraf al Rayan  | 92393  | 80450  |
|  Mesaieed Petrochemical Holding Co. (a)  | 67042  | 39157  |
|  Ooredoo QSC  | 11343  | 28655  |
|  Qatar Aluminum Manufacturing Co. (a)  | 44568  | 18602  |
|  Qatar Electricity & Water Co. (a)  | 8224  | 39971  |
|  Qatar Fuel Co. (a)  | 7458  | 36760  |
|  Qatar Gas Transport Co. Ltd. (Nakilat) (a)  | 41161  | 41390  |
|  Qatar International Islamic Bank QSC (a)  | 11003  | 31422  |
|  Qatar Islamic Bank (a)  | 25707  | 131014  |
|  Qatar National Bank SAQ (a)  | 68648  | 339305  |
|  The Commercial Bank of Qatar (a)  | 48019  | 65928  |
|  TOTAL QATAR  |  | 985034  |
| Russia - 0.0%  |  |  |
|  Alrosa Co. Ltd. (a)(d)  | 37350  | 7840  |
|  Gazprom OAO (d)  | 183050  | 24167  |
|  LUKOIL PJSC (d)  | 5452  | 2129  |
|  Magnit OJSC (d)  | 1150  | 30  |
|  MMC Norilsk Nickel PJSC (d)  | 917  | 7694  |
|  Mobile TeleSystems OJSC sponsored ADR (a)(d)  | 6301  | 6276  |
|  Novatek PJSC (d)  | 14792  | 521  |
|  Polyus PJSC (a)(d)  | 494  | 1466  |
|  Sberbank of Russia (a)(d)  | 163450  | 1268  |
|  Severstal PAO (d)  | 2873  | 81  |
|  Surgutneftegas OJSC (d)  | 146500  | 2262  |
|  Tatneft PAO (d)  | 23930  | 3755  |
|  TOTAL RUSSIA  |  | 57489  |
| Saudi Arabia - 0.9%  |  |  |
|  Abdullah Al Othaim Markets Co.  | 631  | 17462  |
|  ACWA Power Co.  | 2074  | 83887  |
|  Advanced Polypropylene Co.  | 2017  | 22811  |
|  Al Rajhi Bank  | 30229  | 604902  |
|  Alinma Bank  | 15264  | 132209  |
|  Almarai Co. Ltd.  | 3763  | 53571  |
|  Arabian Internet and Communications Services Co. Ltd.  | 367  | 23711  |
|  Bank Al-Jazira  | 6241  | 31687  |
|  Bank Albilad  | 7639  | 90355  |
|  Banque Saudi Fransi  | 9246  | 99890  |
|  Bupa Arabia for Cooperative Insurance Co.  | 380  | 14541  |
|  Dar Al Arkan Real Estate Development Co. (a)  | 7749  | 23960  |
|  Dr Sulaiman Al Habib Medical Services Group Co.  | 1263  | 74140  |
|  Emaar The Economic City (a)  | 7964  | 17674  |
|  Etihad Etisalat Co.  | 5740  | 53077  |
|  Jarir Marketing Co.  | 903  | 36043  |
|  Mobile Telecommunications Co. Saudi Arabia (a)  | 6296  | 16854  |
|  Mouwasat Medical Services Co.  | 729  | 40543  |
|  National Industrialization Co. (a)  | 4567  | 15021  |
|  Qassim Cement Co.  | 629  | 10227  |
|  Riyad Bank  | 22765  | 192636  |
|  Sabic Agriculture-Nutrients Co.  | 3625  | 141026  |
|  Sahara International Petrochemical Co.  | 5338  | 48224  |
|  Saudi Airlines Catering Co. (a)  | 556  | 11096  |
|  Saudi Arabian Mining Co.  | 12522  | 215586  |
|  Saudi Basic Industries Corp.  | 13950  | 331860  |
|  Saudi Cement Co.  | 1123  | 15240  |
|  Saudi Electricity Co.  | 12413  | 76301  |
|  Saudi Ground Services Co. (a)  | 1522  | 8845  |
|  Saudi Industrial Investment Group  | 5745  | 33602  |
|  Saudi Kayan Petrochemical Co. (a)  | 11251  | 40896  |
|  Saudi Research & Marketing Group (a)  | 465  | 22520  |
|  Saudi Telecom Co.  | 27836  | 271101  |
|  The Co. for Cooperative Insurance (a)  | 896  | 19193  |
|  The Saudi British Bank  | 5833  | 60456  |
|  The Saudi National Bank  | 33864  | 455064  |
|  The Savola Group  | 4047  | 29561  |
|  United Electronics Co.  | 555  | 10205  |
|  Yamama Cement Co. (a)  | 1529  | 10985  |
|  Yanbu Cement Co.  | 1167  | 11086  |
|  Yanbu National Petrochemical Co.  | 4254  | 47091  |
|  TOTAL SAUDI ARABIA  |  | 3515139  |
| Singapore - 1.0%  |  |  |
|  CapitaLand Ascendas REIT  | 53306  | 109174  |
|  CapitaLand Investment Ltd.  | 38520  | 106457  |
|  CapitaMall Trust  | 78695  | 120027  |
|  CDL Hospitality Trusts unit  | 13865  | 12955  |
|  City Developments Ltd.  | 7800  | 47949  |
|  ComfortDelgro Corp. Ltd.  | 31700  | 29112  |
|  DBS Group Holdings Ltd.  | 28093  | 711079  |
|  Flex Ltd. (a)  | 7035  | 150971  |
|  Frasers Centrepoint Trust  | 15700  | 24627  |
|  Frasers Logistics & Industrial Trust  | 44600  | 38616  |
|  Genting Singapore Ltd.  | 85100  | 60732  |
|  Kenon Holdings Ltd.  | 317  | 10515  |
|  Keppel Corp. Ltd.  | 21700  | 117683  |
|  Keppel DC (REIT)  | 20900  | 27629  |
|  Mapletree Industrial (REIT)  | 30207  | 50056  |
|  Mapletree Logistics Trust (REIT)  | 48296  | 57429  |
|  Mapletree Pan Asia Commercial Trust  | 35646  | 44538  |
|  Oversea-Chinese Banking Corp. Ltd.  | 62185  | 565637  |
|  SATS Ltd. (a)  | 10600  | 22468  |
|  Singapore Airlines Ltd.  | 20850  | 86087  |
|  Singapore Exchange Ltd.  | 12900  | 86261  |
|  Singapore Technologies Engineering Ltd.  | 23200  | 58054  |
|  Singapore Telecommunications Ltd.  | 109700  | 210327  |
|  Suntec (REIT)  | 33100  | 34095  |
|  United Overseas Bank Ltd.  | 23700  | 542869  |
|  UOL Group Ltd.  | 7200  | 36200  |
|  Venture Corp. Ltd.  | 4100  | 52259  |
|  Wilmar International Ltd.  | 48500  | 151096  |
|  Yangzijiang Financial Holding Ltd. (a)  | 37500  | 9946  |
|  Yangzijiang Shipbuilding Holdings Ltd.  | 41700  | 42359  |
|  TOTAL SINGAPORE  |  | 3617207  |
| South Africa - 1.0%  |  |  |
|  Absa Group Ltd.  | 13167  | 149519  |
|  Anglo American Platinum Ltd.  | 840  | 70104  |
|  AngloGold Ashanti Ltd.  | 6500  | 126647  |
|  Aspen Pharmacare Holdings Ltd.  | 5886  | 47074  |
|  Bid Corp. Ltd.  | 5229  | 101427  |
|  Bidvest Group Ltd./The  | 5119  | 64253  |
|  Capitec Bank Holdings Ltd.  | 1489  | 162088  |
|  Clicks Group Ltd.  | 3684  | 58229  |
|  Discovery Ltd. (a)  | 7557  | 54662  |
|  Exxaro Resources Ltd.  | 3627  | 46500  |
|  FirstRand Ltd.  | 86713  | 315036  |
|  Foschini Group Ltd./The  | 5063  | 29808  |
|  Gold Fields Ltd.  | 13762  | 142916  |
|  Grindrod Ltd.  | 2527  | 1486  |
|  Growthpoint Properties Ltd.  | 51139  | 43411  |
|  Harmony Gold Mining Co. Ltd.  | 8026  | 28040  |
|  Impala Platinum Holdings Ltd.  | 13128  | 164978  |
|  Investec Ltd.  | 4580  | 28745  |
|  Kumba Iron Ore Ltd.  | 802  | 23164  |
|  Life Healthcare Group Holdings Ltd.  | 21710  | 21566  |
|  Momentum Metropolitan Holdings  | 19958  | 20075  |
|  Mr Price Group Ltd.  | 3914  | 36293  |
|  MTN Group Ltd.  | 13811  | 103151  |
|  MultiChoice Group Ltd.  | 6487  | 44402  |
|  Naspers Ltd. Class N  | 3352  | 560138  |
|  Nedbank Group Ltd.  | 7608  | 95167  |
|  Ninety One Ltd.  | 3330  | 7359  |
|  Northam Platinum Holdings Ltd. (a)  | 4260  | 46554  |
|  Old Mutual Ltd.  | 70484  | 43241  |
|  OUTsurance Group Ltd.  | 13189  | 24279  |
|  Remgro Ltd.  | 7928  | 61660  |
|  Sanlam Ltd.  | 28577  | 82107  |
|  Sappi Ltd.  | 8677  | 25066  |
|  Sasol Ltd.  | 8972  | 143181  |
|  Shoprite Holdings Ltd.  | 7641  | 101293  |
|  Sibanye-Stillwater Ltd.  | 43917  | 116434  |
|  Spar Group Ltd./The  | 2780  | 18573  |
|  Standard Bank Group Ltd.  | 20742  | 204654  |
|  Tiger Brands Ltd.  | 2500  | 30654  |
|  Vodacom Group Ltd.  | 11547  | 83224  |
|  Woolworths Holdings Ltd.  | 15385  | 59925  |
|  TOTAL SOUTH AFRICA  |  | 3587083  |
| Spain - 1.5%  |  |  |
|  Abertis Infraestructuras SA (a)  | 363  | 7134  |
|  Acciona SA  | 372  | 68452  |
|  ACS Actividades de Construccion y Servicios SA  | 3581  | 102617  |
|  Aena SME SA (a)(c)  | 1142  | 143159  |
|  Amadeus IT Holding SA Class A (a)  | 6947  | 360395  |
|  Banco Bilbao Vizcaya Argentaria SA  | 102491  | 617331  |
|  Banco de Sabadell SA  | 88361  | 83311  |
|  Banco Santander SA (Spain)  | 258458  | 772819  |
|  Bankinter SA  | 9749  | 65412  |
|  CaixaBank SA  | 66937  | 262446  |
|  Cellnex Telecom SA (c)  | 8811  | 292272  |
|  EDP Renovaveis SA  | 3329  | 73337  |
|  Enagas SA  | 3731  | 62005  |
|  Endesa SA  | 4985  | 94104  |
|  Ferrovial SA  | 7678  | 201117  |
|  Grifols SA (a)  | 4522  | 52133  |
|  Grifols SA ADR (a)  | 3828  | 32538  |
|  Iberdrola SA  | 89932  | 1049821  |
|  Industria de Diseno Textil SA  | 17261  | 458470  |
|  International Consolidated Airlines Group SA CDI (a)  | 37609  | 56006  |
|  Naturgy Energy Group SA  | 2886  | 75101  |
|  Red Electrica Corporacion SA  | 6732  | 117174  |
|  Repsol SA  | 23530  | 374528  |
|  Telefonica SA (b)  | 87117  | 315373  |
|  TOTAL SPAIN  |  | 5737055  |
| Sweden - 2.2%  |  |  |
|  AAK AB  | 2696  | 45950  |
|  AddTech AB (B Shares)  | 3972  | 56602  |
|  AFRY AB (B Shares)  | 1421  | 23273  |
|  Alfa Laval AB  | 4550  | 131291  |
|  Alleima AB (a)  | 3250  | 11966  |
|  ASSA ABLOY AB (B Shares)  | 15310  | 329307  |
|  Atlas Copco AB:  |  |  |
|  (A Shares)  | 39572  | 468865  |
|  (B Shares)  | 23735  | 252707  |
|  Avanza Bank Holding AB  | 1746  | 37414  |
|  Axfood AB  | 1608  | 44057  |
|  Beijer Ref AB (B Shares)  | 3777  | 53244  |
|  Billerud AB  | 3337  | 40646  |
|  Boliden AB  | 4226  | 158452  |
|  Bravida Holding AB (c)  | 3153  | 33661  |
|  Castellum AB  | 4322  | 52291  |
|  Dometic Group AB (c)  | 4920  | 31722  |
|  Electrolux AB (B Shares)  | 3386  | 45682  |
|  Elekta AB (B Shares)  | 5309  | 31951  |
|  Embracer Group AB (a)  | 12323  | 55847  |
|  Epiroc AB:  |  |  |
|  (A Shares)  | 9712  | 176847  |
|  (B Shares)  | 5978  | 96045  |
|  EQT AB  | 4340  | 91751  |
|  Ericsson (B Shares)  | 47304  | 277174  |
|  Essity AB (B Shares)  | 9309  | 243813  |
|  Evolution AB (c)  | 2954  | 287733  |
|  Fabege AB  | 4033  | 34282  |
|  Fastighets AB Balder (a)  | 9536  | 44341  |
|  Getinge AB (B Shares)  | 3416  | 70809  |
|  H&M Hennes & Mauritz AB (B Shares)  | 11169  | 120362  |
|  Hexagon AB (B Shares)  | 32774  | 343638  |
|  HEXPOL AB (B Shares)  | 4013  | 42726  |
|  Holmen AB (B Shares)  | 1391  | 55174  |
|  Husqvarna AB (B Shares)  | 6369  | 44629  |
|  Industrivarden AB:  |  |  |
|  (A Shares)  | 2815  | 68386  |
|  (C Shares)  | 2754  | 66773  |
|  Indutrade AB  | 4169  | 84340  |
|  Investment AB Latour (B Shares)  | 2058  | 38873  |
|  Investor AB:  |  |  |
|  (A Shares)  | 8775  | 163015  |
|  (B Shares)  | 27943  | 504936  |
|  JM AB (B Shares)  | 781  | 12881  |
|  Kinnevik AB (B Shares) (a)  | 3652  | 50117  |
|  L E Lundbergforetagen AB  | 976  | 41538  |
|  Lifco AB  | 3203  | 53456  |
|  MIPS AB  | 363  | 14955  |
|  Neobo Fastigheter AB (a)(b)(d)  | 1564  | 2930  |
|  Nibe Industrier AB (B Shares)  | 23660  | 220165  |
|  Nolato AB (B Shares)  | 2808  | 14706  |
|  Nordnet AB  | 2405  | 34791  |
|  Nyfosa AB  | 2189  | 16908  |
|  Orron Energy AB  | 2789  | 6003  |
|  Peab AB  | 2866  | 16232  |
|  Saab AB (B Shares)  | 1234  | 48568  |
|  Sagax AB  | 2833  | 64208  |
|  Samhallsbyggnadsbolaget I Norden AB (B Shares) (b)  | 15642  | 26053  |
|  Sandvik AB  | 16868  | 304832  |
|  Sectra AB (B Shares)  | 2079  | 29646  |
|  Securitas AB (B Shares)  | 7864  | 65536  |
|  Sinch AB (a)(c)  | 10043  | 36794  |
|  Skandinaviska Enskilda Banken AB (A Shares)  | 26273  | 302012  |
|  Skanska AB (B Shares)  | 6278  | 99270  |
|  SKF AB (B Shares)  | 5841  | 89086  |
|  SSAB AB (B Shares)  | 9821  | 51012  |
|  Storskogen Group AB  | 23866  | 17035  |
|  Svenska Cellulosa AB SCA (B Shares)  | 9311  | 117739  |
|  Svenska Handelsbanken AB (A Shares)  | 23721  | 238823  |
|  Sweco AB (B Shares)  | 3321  | 31778  |
|  Swedbank AB (A Shares)  | 14156  | 240780  |
|  Swedish Orphan Biovitrum AB (a)  | 3010  | 62220  |
|  Tele2 AB (B Shares)  | 8265  | 67404  |
|  Telia Co. AB  | 38177  | 97553  |
|  Thule Group AB (c)  | 1545  | 32233  |
|  Trelleborg AB (B Shares)  | 3812  | 87968  |
|  Viaplay Group AB (B Shares) (a)  | 1231  | 23364  |
|  Vitrolife AB  | 1124  | 20057  |
|  Volvo AB:  |  |  |
|  (A Shares)  | 2929  | 55605  |
|  (B Shares)  | 24476  | 442125  |
|  Volvo Car AB (a)  | 8130  | 36915  |
|  Wallenstam AB (B Shares)  | 6142  | 25840  |
|  Wihlborgs Fastigheter AB  | 3952  | 29730  |
|  TOTAL SWEDEN  |  | 7989443  |
| Switzerland - 6.0%  |  |  |
|  ABB Ltd. (Reg.)  | 26192  | 798267  |
|  Accelleron Industries Ltd. (a)  | 1254  | 25964  |
|  Adecco SA (Reg.)  | 2544  | 83805  |
|  Alcon, Inc. (Switzerland)  | 7686  | 525173  |
|  ams-OSRAM AG (a)  | 3897  | 28448  |
|  Baloise Holdings AG  | 688  | 106178  |
|  Compagnie Financiere Richemont SA Series A  | 8031  | 1041299  |
|  Credit Suisse Group AG  | 49987  | 149234  |
|  Geberit AG (Reg.)  | 554  | 260928  |
|  Givaudan SA  | 123  | 376855  |
|  Holcim AG  | 8703  | 450496  |
|  Julius Baer Group Ltd.  | 3303  | 192238  |
|  Kuehne & Nagel International AG  | 875  | 203645  |
|  Lindt & Spruengli AG  | 2  | 205483  |
|  Lindt & Spruengli AG (participation certificate)  | 15  | 152977  |
|  Logitech International SA (Reg.)  | 2668  | 164642  |
|  Lonza Group AG  | 1147  | 563034  |
|  Nestle SA (Reg. S)  | 42279  | 4883623  |
|  Novartis AG  | 36964  | 3345148  |
|  Partners Group Holding AG  | 350  | 309176  |
|  Roche Holding AG:  |  |  |
| (Bearer)  | 445  | 172485  |
|  (participation certificate)  | 10766  | 3383082  |
|  Schindler Holding AG (participation certificate)  | 614  | 115476  |
|  SGS SA (Reg.)  | 94  | 218569  |
|  Sig Group AG  | 5388  | 117707  |
|  Sika AG  | 2370  | 569756  |
|  Sonova Holding AG  | 818  | 194006  |
|  Straumann Holding AG  | 1796  | 205949  |
|  Swatch Group AG (Bearer)  | 437  | 124204  |
|  Swiss Life Holding AG  | 474  | 244420  |
|  Swiss Prime Site AG  | 1157  | 100290  |
|  Swiss Re Ltd.  | 4444  | 415520  |
|  Swisscom AG  | 390  | 213674  |
|  Temenos Group AG  | 1014  | 55643  |
|  UBS Group AG  | 54219  | 1008855  |
|  VAT Group AG (c)  | 418  | 114282  |
|  Zurich Insurance Group Ltd.  | 2308  | 1103403  |
|  TOTAL SWITZERLAND  |  | 22223934  |
| Taiwan - 3.6%  |  |  |
|  Accton Technology Corp.  | 8000  | 60759  |
|  Acer, Inc.  | 48000  | 36655  |
|  Advantech Co. Ltd.  | 7299  | 78165  |
|  AP Memory Technology Corp.  | 2000  | 10682  |
|  ASE Technology Holding Co. Ltd.  | 52000  | 158019  |
|  Asia Cement Corp.  | 39000  | 51955  |
|  ASUSTeK Computer, Inc.  | 11000  | 95903  |
|  AUO Corp.  | 109600  | 53251  |
|  Capital Securities Corp.  | 32000  | 11268  |
|  Catcher Technology Co. Ltd.  | 11000  | 60420  |
|  Cathay Financial Holding Co. Ltd.  | 142897  | 185571  |
|  Chang Hwa Commercial Bank  | 97525  | 54347  |
|  Cheng Loong Corp.  | 16000  | 14221  |
|  Cheng Shin Rubber Industry Co. Ltd.  | 32000  | 35225  |
|  Chicony Electronics Co. Ltd.  | 10010  | 28038  |
|  China Airlines Ltd.  | 43000  | 26484  |
|  China Development Financial Ho  | 261000  | 106826  |
|  China Petrochemical Development Corp.  | 55479  | 17786  |
|  China Steel Corp.  | 191000  | 185104  |
|  Chipbond Technology Corp.  | 10000  | 18646  |
|  Chroma ATE, Inc.  | 6000  | 35248  |
|  Chung Hung Steel Co. Ltd.  | 12000  | 10436  |
|  Chunghwa Telecom Co. Ltd.  | 58000  | 213333  |
|  Compal Electronics, Inc.  | 64000  | 47944  |
|  Compeq Manufacturing Co. Ltd.  | 16000  | 23086  |
|  CTBC Financial Holding Co. Ltd.  | 300000  | 215307  |
|  Delta Electronics, Inc.  | 30000  | 278140  |
|  E Ink Holdings, Inc.  | 14000  | 73325  |
|  E.SUN Financial Holdings Co. Ltd.  | 215874  | 168592  |
|  ECLAT Textile Co. Ltd.  | 3000  | 48166  |
|  Elan Microelectronics Corp.  | 5000  | 13941  |
|  Elite Material Co. Ltd.  | 5000  | 27691  |
|  Elite Semiconductor Memory Technology, Inc.  | 4000  | 8417  |
|  eMemory Technology, Inc.  | 1000  | 43191  |
|  ENNOSTAR, Inc.  | 10500  | 15233  |
|  Eternal Materials Co. Ltd.  | 14400  | 14594  |
|  EVA Airways Corp.  | 38562  | 35171  |
|  Evergreen Marine Corp. (Taiwan)  | 15670  | 82831  |
|  Far Eastern International Bank  | 55833  | 19947  |
|  Far Eastern New Century Corp.  | 59000  | 61151  |
|  Far EasTone Telecommunications Co. Ltd.  | 24000  | 51487  |
|  Faraday Technology Corp.  | 3000  | 13835  |
|  Feng Tay Enterprise Co. Ltd.  | 8840  | 59232  |
|  First Financial Holding Co. Ltd.  | 162143  | 139677  |
|  FLEXium Interconnect, Inc.  | 5000  | 15881  |
|  Formosa Chemicals & Fibre Corp.  | 62000  | 142020  |
|  Formosa Petrochemical Corp.  | 26000  | 67878  |
|  Formosa Plastics Corp.  | 67000  | 188969  |
|  Formosa Taffeta Co. Ltd.  | 14000  | 12176  |
|  Foxconn Technology Co. Ltd.  | 17000  | 28647  |
|  Fubon Financial Holding Co. Ltd.  | 121702  | 222629  |
|  Genius Electronic Optical Co. Ltd.  | 2000  | 21689  |
|  Giant Manufacturing Co. Ltd.  | 5181  | 33713  |
|  Gigabyte Technology Co. Ltd.  | 8000  | 27615  |
|  Global Unichip Corp.  | 1000  | 20681  |
|  GlobalWafers Co. Ltd.  | 3000  | 41576  |
|  Great Wall Enterprise Co. Ltd.  | 12945  | 19178  |
|  HannStar Display Corp.  | 35000  | 12675  |
|  Highwealth Construction Corp.  | 22353  | 29280  |
|  HIWIN Technologies Corp.  | 4479  | 26514  |
|  Hon Hai Precision Industry Co. Ltd. (Foxconn)  | 184600  | 598419  |
|  Hotai Motor Co. Ltd.  | 6000  | 114538  |
|  HTC Corp. (a)  | 11000  | 19855  |
|  Hua Nan Financial Holdings Co. Ltd.  | 156013  | 113853  |
|  IBF Financial Holdings Co. Ltd.  | 46037  | 16892  |
|  Innolux Corp.  | 143325  | 51524  |
|  International Games Systems Co. Ltd.  | 2000  | 28158  |
|  Inventec Corp.  | 49000  | 41825  |
|  ITEQ Corp.  | 4000  | 9407  |
|  King Yuan Electronics Co. Ltd.  | 18000  | 21142  |
|  Kings Town Bank Co. Ltd.  | 15000  | 16535  |
|  Kinsus Interconnect Technology Corp.  | 4000  | 13526  |
|  Largan Precision Co. Ltd.  | 1000  | 66109  |
|  Lien Hwa Industrial Corp.  | 14799  | 24092  |
|  Lite-On Technology Corp.  | 34000  | 70277  |
|  Lotes Co. Ltd.  | 1019  | 27270  |
|  Macronix International Co. Ltd.  | 30060  | 32919  |
|  Makalot Industrial Co. Ltd.  | 3203  | 24227  |
|  MediaTek, Inc.  | 25000  | 505547  |
|  Medigen Vaccine Biologics Corp.  | 3448  | 7778  |
|  Mega Financial Holding Co. Ltd.  | 167025  | 164565  |
|  Merida Industry Co. Ltd.  | 3000  | 16261  |
|  Micro-Star International Co. Ltd.  | 11000  | 42665  |
|  MiTAC Holdings Corp.  | 14000  | 13409  |
|  momo.com, Inc.  | 1560  | 32468  |
|  Nan Ya Plastics Corp.  | 87000  | 200670  |
|  Nan Ya Printed Circuit Board Corp.  | 3000  | 22048  |
|  Nanya Technology Corp.  | 18000  | 29896  |
|  Nien Made Enterprise Co. Ltd.  | 3000  | 28671  |
|  Novatek Microelectronics Corp.  | 9000  | 92018  |
|  Oneness Biotech Co. Ltd. (a)  | 4000  | 31883  |
|  Pegatron Corp.  | 32000  | 66035  |
|  Phison Electronics Corp.  | 2000  | 20427  |
|  Pou Chen Corp.  | 38000  | 42243  |
|  Powerchip Semiconductor Manufacturing Corp.  | 44999  | 46429  |
|  Powertech Technology, Inc.  | 11000  | 28250  |
|  Poya International Co. Ltd.  | 1040  | 16841  |
|  President Chain Store Corp.  | 9000  | 79587  |
|  Primax Electronics Ltd.  | 6000  | 10813  |
|  Qisda Corp.  | 26000  | 23755  |
|  Quanta Computer, Inc.  | 42000  | 98510  |
|  Radiant Opto-Electronics Corp.  | 7000  | 23845  |
|  Realtek Semiconductor Corp.  | 7000  | 63667  |
|  Ruentex Development Co. Ltd.  | 30190  | 42479  |
|  Ruentex Industries Ltd.  | 11561  | 24393  |
|  Shin Kong Financial Holding Co. Ltd.  | 232543  | 66297  |
|  Simplo Technology Co. Ltd.  | 3000  | 27776  |
|  SINBON Electronics Co. Ltd.  | 3000  | 26803  |
|  Sino-American Silicon Products, Inc.  | 9000  | 40730  |
|  Sinopac Financial Holdings Co.  | 173286  | 94273  |
|  Standard Foods Corp.  | 6000  | 7772  |
|  Synnex Technology International Corp.  | 20000  | 38433  |
|  Ta Chen Stainless Pipe Co. Ltd.  | 25596  | 35251  |
|  Taichung Commercial Bank Co. Ltd.  | 55121  | 22927  |
|  Taishin Financial Holdings Co. Ltd.  | 181077  | 88830  |
|  Taiwan Business Bank  | 92493  | 38883  |
|  Taiwan Cement Corp.  | 94162  | 102950  |
|  Taiwan Cooperative Financial Holding Co. Ltd.  | 153429  | 129655  |
|  Taiwan Fertilizer Co. Ltd.  | 11000  | 19134  |
|  Taiwan High Speed Rail Corp.  | 35000  | 32700  |
|  Taiwan Mobile Co. Ltd.  | 26000  | 80072  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 291000  | 4226947  |
|  Taiwan Surface Mounting Technology Co. Ltd.  | 4000  | 11523  |
|  Taiwan Union Technology Corp.  | 5000  | 8345  |
|  Tatung Co. Ltd. (a)  | 31000  | 34734  |
|  TECO Electric & Machinery Co. Ltd.  | 25000  | 22369  |
|  The Shanghai Commercial & Savings Bank Ltd.  | 75131  | 107637  |
|  Tong Hsing Electronics Industries Ltd.  | 1800  | 11129  |
|  Tripod Technology Corp.  | 7000  | 21362  |
|  Tung Ho Steel Enterprise Corp.  | 7370  | 12622  |
|  TXC Corp.  | 5000  | 13406  |
|  Uni-President Enterprises Corp.  | 72000  | 155868  |
|  Unimicron Technology Corp.  | 19000  | 73772  |
|  Union Bank of Taiwan  | 44097  | 22963  |
|  United Integrated Services Co.  | 3000  | 17787  |
|  United Microelectronics Corp.  | 176000  | 231278  |
|  United Renewable Energy Co. Ltd. (a)  | 23248  | 15597  |
|  Vanguard International Semiconductor Corp.  | 13000  | 32656  |
|  Voltronic Power Technology Corp.  | 1000  | 50179  |
|  Walsin Lihwa Corp.  | 38308  | 58788  |
|  Walsin Technology Corp.  | 5000  | 12790  |
|  Win Semiconductors Corp.  | 6000  | 26599  |
|  Winbond Electronics Corp.  | 44000  | 27946  |
|  Wistron Corp.  | 46058  | 43995  |
|  Wiwynn Corp.  | 2000  | 51738  |
|  WPG Holding Co. Ltd.  | 22920  | 35796  |
|  XinTec, Inc.  | 2000  | 6256  |
|  Yageo Corp.  | 5571  | 81207  |
|  Yang Ming Marine Transport Corp.  | 27000  | 57363  |
|  YFY, Inc.  | 19000  | 15091  |
|  Yuanta Financial Holding Co. Ltd.  | 190444  | 134231  |
|  Yulon Finance Corp.  | 3758  | 18965  |
|  TOTAL TAIWAN  |  | 13459567  |
| Thailand - 0.7%  |  |  |
|  Advanced Info Service PCL (For. Reg.)  | 4600  | 25947  |
|  Advanced Information Service PCL NVDR  | 12700  | 71636  |
|  Airports of Thailand PCL:  |  |  |
|  (For. Reg.) (a)  | 15700  | 34083  |
|  NVDR (a)  | 51200  | 111150  |
|  Asset World Corp. PCL NVDR  | 129000  | 23485  |
| B. Grimm Power PCL:  |  |  |
|  (For. Reg.)  | 2800  | 3226  |
|  NVDR  | 9800  | 11292  |
|  Bangkok Bank PCL NVDR  | 8300  | 35535  |
|  Bangkok Chain Hospital PCL unit  | 17800  | 10570  |
|  Bangkok Commercial Asset Management PCL:  |  |  |
|  (For. Reg.)  | 3000  | 1372  |
|  NVDR  | 19300  | 8829  |
|  Bangkok Dusit Medical Services PCL NVDR  | 58600  | 49150  |
|  Bangkok Expressway and Metro PCL:  |  |  |
|  (For. Reg.)  | 62100  | 17614  |
|  NVDR  | 51300  | 14551  |
|  Bank of Ayudhya PCL NVDR  | 26800  | 23852  |
|  Banpu PCL NVDR  | 39400  | 15621  |
|  BCPG PCL NVDR  | 17600  | 5197  |
|  Berli Jucker PCL:  |  |  |
|  unit  | 14500  | 14803  |
|  (For. Reg.)  | 2100  | 2144  |
|  BTS Group Holdings PCL NVDR  | 101300  | 24644  |
|  Bumrungrad Hospital PCL:  |  |  |
|  NVDR  | 5500  | 33747  |
|  (For. Reg.)  | 500  | 3068  |
|  Carabao Group PCL:  |  |  |
|  (For. Reg.)  | 2200  | 6164  |
|  NVDR  | 4500  | 12609  |
|  Central Pattana PCL:  |  |  |
|  (For. Reg.)  | 200  | 411  |
|  NVDR  | 20300  | 41679  |
|  Central Plaza Hotel PCL unit (a)  | 7800  | 11336  |
|  Central Retail Corp. PCL:  |  |  |
|  (For. Reg.)  | 9141  | 12239  |
|  NVDR  | 36500  | 48872  |
|  Charoen Pokphand Foods PCL (NVDR)  | 52300  | 37504  |
|  Chularat Hospital PCL unit  | 72600  | 7736  |
|  Com7 PCL NVDR  | 9900  | 9735  |
|  CP ALL PCL:  |  |  |
|  (For. Reg.)  | 12800  | 25290  |
|  NVDR  | 56100  | 110840  |
|  Delta Electronics PCL NVDR  | 7000  | 167985  |
|  Electricity Generating PCL:  |  |  |
|  (For. Reg.)  | 500  | 2496  |
|  NVDR  | 2900  | 14479  |
|  Energy Absolute PCL:  |  |  |
|  (For. Reg.)  | 8800  | 24667  |
|  NVDR  | 20000  | 56061  |
|  Global Power Synergy Public Co. Ltd.:  |  |  |
|  (For. Reg.)  | 1646  | 3480  |
|  NVDR  | 9400  | 19874  |
|  Gulf Energy Development PCL:  |  |  |
|  (For. Reg.)  | 22200  | 35496  |
|  NVDR  | 63500  | 101533  |
|  Gunkul Engineering PCL unit  | 77000  | 11681  |
|  Hana Microelectronics PCL NVDR  | 9100  | 13528  |
|  Home Product Center PCL:  |  |  |
|  (For. Reg.)  | 9000  | 4036  |
|  NVDR  | 48500  | 21748  |
|  Indorama Ventures PCL NVDR  | 28900  | 34032  |
|  Intouch Holdings PCL NVDR  | 17800  | 39824  |
|  IRPC PCL:  |  |  |
|  (For. Reg.)  | 50700  | 4429  |
|  NVDR  | 113500  | 9915  |
|  Jay Mart PCL unit  | 10000  | 11786  |
|  JMT Network Services PCL:  |  |  |
|  NVDR  | 10976  | 21902  |
|  warrants (a)  | 432  | 129  |
|  Kasikornbank PCL NVDR  | 17800  | 75897  |
|  KCE Electronics PCL NVDR  | 9500  | 12760  |
|  Kiatnakin Bank PCL:  |  |  |
|  unit  | 3700  | 7895  |
|  (For. Reg.)  | 1900  | 4054  |
|  Krung Thai Bank PCL:  |  |  |
|  (For. Reg.)  | 9800  | 5016  |
|  NVDR  | 41100  | 21037  |
|  Krungthai Card PCL:  |  |  |
|  (For. Reg.)  | 3600  | 6140  |
|  NVDR  | 11600  | 19786  |
|  Land & House PCL NVDR  | 51400  | 14735  |
|  Minor International PCL:  |  |  |
|  unit (a)  | 33438  | 31203  |
|  warrants 2/15/24 (a)  | 850  | 83  |
|  (For. Reg.) (a)  | 5510  | 5142  |
|  Muangthai Leasing PCL:  |  |  |
|  (For. Reg.)  | 900  | 989  |
|  NVDR  | 8600  | 9450  |
|  Ngern Tid Lor PCL NVDR  | 16046  | 13691  |
|  Osotspa PCL:  |  |  |
|  (For. Reg.)  | 4400  | 3596  |
|  NVDR  | 16700  | 13649  |
|  PTT Exploration and Production PCL:  |  |  |
|  (For. Reg.)  | 10800  | 55164  |
|  NVDR  | 11800  | 60271  |
|  PTT Global Chemical PCL NVDR  | 25500  | 34824  |
|  PTT Oil & Retail Business PCL NVDR  | 45700  | 31468  |
|  PTT PCL:  |  |  |
|  (For. Reg.)  | 25200  | 24253  |
|  NVDR  | 109200  | 105098  |
|  Ratch Group PCL unit  | 9800  | 12143  |
|  SCB X PCL:  |  |  |
|  (For. Reg.)  | 250  | 773  |
|  NVDR unit  | 12300  | 38056  |
|  SCG Packaging PCL NVDR  | 17700  | 29196  |
|  Siam Cement PCL:  |  |  |
|  (For. Reg.)  | 1700  | 16826  |
|  NVDR  | 2900  | 28703  |
|  Siam Global House PCL NVDR  | 31719  | 20557  |
|  Singer Thailand PCL NVDR  | 5600  | 4654  |
|  Sri Trang Agro-Industry PCL NVDR  | 13700  | 8368  |
|  Sri Trang Gloves Thailand PCL NVDR  | 23500  | 6802  |
|  Srisawad Corp. PCL:  |  |  |
|  warrants 8/29/25 (a)  | 200  | 19  |
|  (For. Reg.)  | 800  | 1123  |
|  NVDR  | 8900  | 12538  |
|  Star Petroleum Refining PCL NVDR  | 28600  | 8843  |
|  Thai Beverage PCL  | 134600  | 68821  |
|  Thai Oil PCL:  |  |  |
|  (For. Reg.)  | 3254  | 5290  |
|  NVDR  | 9222  | 14993  |
|  Thai Union Frozen Products PCL:  |  |  |
|  (For. Reg.)  | 7800  | 3816  |
|  NVDR  | 22900  | 11204  |
|  Thanachart Capital PCL:  |  |  |
|  (For. Reg.)  | 2400  | 2936  |
|  NVDR  | 7200  | 8863  |
|  Thonburi Healthcare Group PCL NVDR  | 4800  | 9514  |
|  TISCO Financial Group PCL:  |  |  |
|  (For. Reg.)  | 2000  | 5745  |
|  NVDR  | 3700  | 10627  |
|  TMBThanachart Bank PCL:  |  |  |
|  (For. Reg.)  | 271572  | 11077  |
|  NVDR  | 433956  | 17700  |
|  TOA Paint Thailand PCL NVDR  | 9200  | 8979  |
|  Total Access Communication PCL NVDR  | 10500  | 14205  |
|  True Corp. PCL:  |  |  |
|  (For. Reg.)  | 96600  | 13532  |
|  NVDR  | 150100  | 21027  |
|  TTW PCL NVDR  | 20900  | 5456  |
|  VGI PCL:  |  |  |
|  unit  | 41600  | 5300  |
|  warrants 5/23/27 (a)  | 9600  | 66  |
|  (For. Reg.)  | 23090  | 2942  |
|  warrants (For. Reg.) (a)  | 9690  | 67  |
|  WHA Corp. PCL NVDR  | 122600  | 14471  |
|  TOTAL THAILAND  |  | 2466445  |
| Turkey - 0.3%  |  |  |
|  AG Anadolu Grubu Holding A/S  | 1848  | 10909  |
|  Akbank TAS  | 47651  | 49811  |
|  Aksa Akrilik Kimya Sanayii  | 2253  | 11077  |
|  Anadolu Efes Biracilik Ve Malt Sanayii A/S  | 3459  | 12530  |
|  Arcelik A/S  | 2278  | 13666  |
|  Aselsan A/S  | 9650  | 32068  |
|  Bera Holding A/S  | 4038  | 6499  |
|  Bim Birlesik Magazalar A/S JSC  | 6665  | 48788  |
|  Coca-Cola Icecek Sanayi A/S  | 1255  | 13716  |
|  Dogan Sirketler Grubu Holding A/S  | 16200  | 9164  |
|  Emlak Konut Gayrimenkul Yatirim Ortakligi A/S  | 28346  | 13232  |
|  Enerjisa Enerji A/S (c)  | 4882  | 9413  |
|  Enka Insaat ve Sanayi A/S  | 26488  | 46936  |
|  Eregli Demir ve Celik Fabrikalari T.A.S.  | 21856  | 48218  |
|  Ford Otomotiv Sanayi A/S  | 986  | 27652  |
|  Haci Omer Sabanci Holding A/S  | 20814  | 50170  |
|  Hektas Ticaret A/S (a)  | 15558  | 31295  |
|  Is Gayrimenkul Yatirim Ortakligi A/S (a)  | 7846  | 4464  |
|  Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D  | 10399  | 10003  |
|  Koc Holding A/S  | 16149  | 72273  |
|  Koza Altin Isletmeleri A/S  | 792  | 23927  |
|  Koza Anadolu Metal Madencilik Isletmeleri A/S (a)  | 3237  | 9277  |
|  Logo Yazilim Sanayi Ve Ticar  | 1549  | 5777  |
|  Migros Turk Ticaret A/S (a)  | 1555  | 12181  |
|  Otokar Otomotiv ve Savunma Sanayi A.S.  | 156  | 8658  |
|  Pegasus Hava Tasimaciligi A/S (a)  | 529  | 13577  |
|  Petkim Petrokimya Holding A/S (a)  | 17977  | 19186  |
|  Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S  | 4699  | 7945  |
|  Sok Marketler Ticaret A/S (a)  | 5808  | 8683  |
|  TAV Havalimanlari Holding A/S (a)  | 2952  | 14758  |
|  Tekfen Holding A/S  | 3601  | 9485  |
|  Tofas Turk Otomobil Fabrikasi A/S  | 1799  | 15939  |
|  Turk Hava Yollari AO (a)  | 10722  | 80778  |
|  Turk Traktor ve Ziraat Makinalari A/S  | 268  | 9458  |
|  Turkcell Iletisim Hizmet A/S  | 17655  | 35759  |
|  Turkiye Garanti Bankasi A/S  | 8153  | 13096  |
|  Turkiye Is Bankasi A/S Series C  | 52075  | 35557  |
|  Turkiye Petrol Rafinerileri A/S (a)  | 1843  | 52219  |
|  Turkiye Sise ve Cam Fabrikalari A/S  | 21759  | 49935  |
|  Turkiye Vakiflar Bankasi TAO (a)  | 11054  | 7028  |
|  Yapi ve Kredi Bankasi A/S  | 42922  | 27104  |
|  TOTAL TURKEY  |  | 982211  |
| United Arab Emirates - 0.3%  |  |  |
|  Abu Dhabi Commercial Bank PJSC  | 43697  | 107083  |
|  Abu Dhabi Islamic Bank  | 21727  | 53895  |
|  Abu Dhabi National Oil Co. for Distribution PJSC  | 43147  | 51810  |
|  Aldar Properties PJSC  | 53902  | 65018  |
|  Dubai Islamic Bank Pakistan Ltd.  | 43544  | 67582  |
|  Emaar Properties PJSC (a)  | 60487  | 96513  |
|  Emirates NBD Bank PJSC (a)  | 38436  | 136053  |
|  Emirates Telecommunications Corp.  | 53933  | 335705  |
|  First Abu Dhabi Bank PJSC  | 68613  | 319469  |
|  TOTAL UNITED ARAB EMIRATES  |  | 1233128  |
| United Kingdom - 9.1%  |  |  |
|  3i Group PLC  | 14991  | 241765  |
|  Abrdn PLC  | 33222  | 76010  |
|  Admiral Group PLC  | 4247  | 109722  |
|  Anglo American PLC (United Kingdom)  | 20585  | 806106  |
|  Antofagasta PLC  | 5398  | 100858  |
|  Ashtead Group PLC  | 6922  | 394986  |
|  Associated British Foods PLC  | 5533  | 104899  |
|  AstraZeneca PLC (United Kingdom)  | 23841  | 3226149  |
|  Auto Trader Group PLC (c)  | 14614  | 91007  |
|  Aveva Group PLC  | 1863  | 72366  |
|  Aviva PLC  | 43149  | 228890  |
|  BAE Systems PLC  | 49616  | 512454  |
|  Barclays PLC  | 245163  | 466499  |
|  Barratt Developments PLC  | 15370  | 73732  |
|  Bellway PLC  | 1869  | 43100  |
|  Berkeley Group Holdings PLC  | 1684  | 76813  |
|  BP PLC  | 320966  | 1851955  |
|  British American Tobacco PLC (United Kingdom)  | 34383  | 1360128  |
|  British Land Co. PLC  | 14112  | 67407  |
|  BT Group PLC  | 107933  | 146209  |
|  Bunzl PLC  | 5182  | 172845  |
|  Burberry Group PLC  | 6236  | 153042  |
|  Centrica PLC  | 92151  | 107529  |
|  Compass Group PLC  | 27452  | 633922  |
|  ConvaTec Group PLC (c)  | 24160  | 67938  |
|  Croda International PLC  | 2205  | 176045  |
|  Dechra Pharmaceuticals PLC  | 1734  | 54882  |
|  Derwent London PLC  | 1693  | 48467  |
|  Diageo PLC  | 35816  | 1567733  |
|  Diploma PLC  | 1880  | 63094  |
|  Direct Line Insurance Group PLC  | 20136  | 53872  |
|  DS Smith PLC  | 21581  | 83880  |
|  Endava PLC ADR (a)  | 605  | 46283  |
|  Games Workshop Group PLC  | 509  | 52705  |
|  GSK PLC  | 61676  | 1065961  |
|  Haleon PLC (a)  | 78137  | 309227  |
|  Halma PLC  | 5862  | 139895  |
|  Hargreaves Lansdown PLC  | 5368  | 55564  |
|  Hikma Pharmaceuticals PLC  | 2752  | 51636  |
|  HomeServe PLC  | 4386  | 63470  |
|  Howden Joinery Group PLC  | 8717  | 59184  |
|  HSBC Holdings PLC (United Kingdom)  | 307187  | 1903803  |
|  IG Group Holdings PLC  | 6442  | 60903  |
|  IMI PLC  | 4151  | 64636  |
|  Imperial Brands PLC  | 14751  | 367464  |
|  Informa PLC  | 23322  | 174697  |
|  InterContinental Hotel Group PLC  | 2911  | 167030  |
|  Intermediate Capital Group PLC  | 4639  | 64384  |
|  International Distributions Services PLC  | 12068  | 31076  |
|  Intertek Group PLC  | 2507  | 122264  |
|  ITV PLC  | 54559  | 49575  |
|  J Sainsbury PLC  | 27553  | 72516  |
|  JD Sports Fashion PLC  | 37509  | 57205  |
|  Johnson Matthey PLC  | 3121  | 80255  |
|  Kingfisher PLC  | 31466  | 89402  |
|  Land Securities Group PLC  | 11766  | 88391  |
|  Legal & General Group PLC  | 92130  | 277895  |
|  Lloyds Banking Group PLC  | 1093258  | 596606  |
|  London Stock Exchange Group PLC  | 5292  | 454695  |
|  M&G PLC  | 40774  | 92598  |
|  Melrose Industries PLC  | 63222  | 102801  |
|  Mondi PLC  | 7513  | 128023  |
|  National Grid PLC  | 59563  | 713526  |
|  NatWest Group PLC  | 77897  | 248431  |
|  Next PLC  | 2001  | 140453  |
|  Ocado Group PLC (a)  | 11329  | 84095  |
|  Pearson PLC  | 11698  | 132092  |
|  Pennon Group PLC  | 4152  | 44599  |
|  Persimmon PLC  | 5014  | 73771  |
|  Phoenix Group Holdings PLC  | 13234  | 97371  |
|  Prudential PLC  | 42334  | 577237  |
|  Quilter PLC (c)  | 20982  | 23570  |
|  Reckitt Benckiser Group PLC  | 11324  | 784939  |
|  RELX PLC (London Stock Exchange)  | 30463  | 842242  |
|  Rentokil Initial PLC  | 28776  | 176793  |
|  Rightmove PLC  | 13221  | 81791  |
|  Rio Tinto PLC  | 16321  | 1148738  |
|  Rolls-Royce Holdings PLC (a)  | 129426  | 144566  |
|  Rotork PLC  | 13568  | 50292  |
|  RS GROUP PLC  | 7319  | 79237  |
|  Sage Group PLC  | 16962  | 152894  |
|  Schroders PLC  | 11447  | 60337  |
|  Segro PLC  | 18726  | 172870  |
|  Severn Trent PLC  | 3932  | 126018  |
|  Shell PLC (London)  | 117694  | 3317890  |
|  Smith & Nephew PLC  | 13611  | 181773  |
|  Smiths Group PLC  | 5865  | 113342  |
|  Spectris PLC  | 1754  | 63657  |
|  Spirax-Sarco Engineering PLC  | 1136  | 145783  |
|  SSE PLC  | 16126  | 331663  |
|  St. James's Place PLC  | 8467  | 112086  |
|  Standard Chartered PLC (United Kingdom)  | 38172  | 287225  |
|  Tate & Lyle PLC  | 6140  | 52792  |
|  Taylor Wimpey PLC  | 54772  | 67309  |
|  Tesco PLC  | 115276  | 310654  |
|  The Weir Group PLC  | 4076  | 82243  |
|  Travis Perkins PLC  | 3203  | 34440  |
|  Tritax Big Box REIT PLC  | 28127  | 47130  |
|  Unilever PLC  | 40427  | 2041072  |
|  Unite Group PLC  | 6043  | 66482  |
|  United Utilities Group PLC  | 10567  | 126651  |
|  Vodafone Group PLC  | 413061  | 418314  |
|  Whitbread PLC  | 3153  | 97964  |
|  TOTAL UNITED KINGDOM  |  | 33978780  |
| United States of America - 0.3%  |  |  |
|  Atlassian Corp. PLC (a)(b)  | 2232  | 287214  |
|  Coca-Cola European Partners PLC  | 3087  | 170773  |
|  Farfetch Ltd. Class A (a)(b)  | 5097  | 24109  |
|  Fiverr International Ltd. (a)  | 517  | 15065  |
|  JFrog Ltd. (a)  | 932  | 19880  |
|  Li Auto, Inc. ADR (a)(b)  | 8797  | 179459  |
|  MagnaChip Semiconductor Corp. (a)  | 648  | 6085  |
|  Tilray Brands, Inc. Class 2 (a)(b)  | 848  | 2281  |
|  Unity Software, Inc. (a)  | 1  | 29  |
|  Yum China Holdings, Inc.  | 6468  | 353476  |
|  TOTAL UNITED STATES OF AMERICA  |  | 1058371  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $369,923,279)  |  | <br> **357263492**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.8%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.8%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 0.8%**  |
|  | Shares  | Value ($) <br>|
| Brazil - 0.4%  |  |  |
|  Alpargatas SA (PN)  | 3300  | 9425  |
|  Azul SA (a)  | 4000  | 8341  |
|  Banco Bradesco SA (PN)  | 81241  | 233117  |
|  Bradespar SA (PN)  | 4114  | 23158  |
|  Braskem SA Class A  | 2900  | 13051  |
|  Centrais Eletricas Brasileiras SA (Electrobras) (PN-B)  | 3866  | 31654  |
|  Companhia Energetica de Minas Gerais (CEMIG) (PN)  | 22149  | 46733  |
|  Gerdau SA  | 16300  | 90673  |
|  Itau Unibanco Holding SA  | 75400  | 357024  |
|  Itausa-Investimentos Itau SA (PN)  | 83896  | 135225  |
|  Metalurgica Gerdau SA (PN)  | 11200  | 27513  |
|  Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)  | 70200  | 325754  |
|  Raizen SA  | 17300  | 12255  |
|  TOTAL BRAZIL  |  | 1313923  |
| Chile - 0.0%  |  |  |
|  Embotelladora Andina SA Class B  | 6393  | 15676  |
|  Sociedad Quimica y Minera de Chile SA (PN-B)  | 2223  | 179779  |
|  TOTAL CHILE  |  | 195455  |
| Colombia - 0.0%  |  |  |
|  Bancolombia SA (PN)  | 6518  | 45107  |
|  Grupo Aval Acciones y Valores SA  | 63326  | 7446  |
|  TOTAL COLOMBIA  |  | 52553  |
| Germany - 0.2%  |  |  |
|  Henkel AG & Co. KGaA  | 2689  | 186382  |
|  Porsche Automobil Holding SE (Germany)  | 2365  | 128978  |
|  Sartorius AG (non-vtg.)  | 416  | 164496  |
|  Volkswagen AG  | 2824  | 350316  |
|  TOTAL GERMANY  |  | 830172  |
| Korea (South) - 0.2%  |  |  |
|  Hyundai Motor Co.  | 434  | 25507  |
|  Hyundai Motor Co. Series 2  | 589  | 34570  |
|  LG Chemical Ltd.  | 119  | 26227  |
|  LG Electronics, Inc.  | 235  | 7848  |
|  LG H & H Co. Ltd.  | 40  | 10023  |
|  Samsung Electronics Co. Ltd.  | 13141  | 527062  |
|  TOTAL KOREA (SOUTH)  |  | 631237  |
| Russia - 0.0%  |  |  |
|  AK Transneft OAO (d)  | 24  | 8786  |
|  Sberbank of Russia (Russia) (a)(d)  | 15430  | 121  |
|  Surgutneftegas OJSC (d)  | 105000  | 2305  |
|  TOTAL RUSSIA  |  | 11212  |
| <br> **TOTAL NONCONVERTIBLE PREFERRED STOCKS** <br> (Cost $3,707,787)  |  | <br> **3034552**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Government Obligations - 0.2%**  | &nbsp;&nbsp; **Government Obligations - 0.2%**  | &nbsp;&nbsp; **Government Obligations - 0.2%**  |
|  | Principal <br> Amount (e) <br>| Value ($) <br>|
| United States of America - 0.2%  |  |  |
|  U.S. Treasury Bills, yield at date of purchase 1.23% 1/26/23 (f) <br> (Cost $599,494)  | 600000  | **598512**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.6%**  | &nbsp;&nbsp; **Money Market Funds - 3.6%**  | &nbsp;&nbsp; **Money Market Funds - 3.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (g)  | 8969610  | 8971404  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (g)(h)  | 4289478  | 4289907  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $13,261,311)  |  | **13261311**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%** <br> (Cost $387,491,871) <br>| <br>**374157867**  |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(2598210)**  |
| **NET ASSETS - 100.0%**  | **371559657**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| MSCI EAFE Index Future (United States)  | 70  | Mar 2023  | 6822900  | (108767)  | (108767)  |
| MSCI Emerging Markets Index Future (United States)  | 68  | Mar 2023  | 3261960  | (26753)  | (26753)  |
| TME S&P/TSX 60 Index Contracts (Canada)  | 4  | Mar 2023  | 691226  | (24390)  | (24390)  |
| **TOTAL FUTURES CONTRACTS**  |  |  |  |  | **(159910)**  |
| The notional amount of futures purchased as a percentage of Net Assets is 2.9%  | The notional amount of futures purchased as a percentage of Net Assets is 2.9%  | The notional amount of futures purchased as a percentage of Net Assets is 2.9%  | The notional amount of futures purchased as a percentage of Net Assets is 2.9%  | The notional amount of futures purchased as a percentage of Net Assets is 2.9%  | The notional amount of futures purchased as a percentage of Net Assets is 2.9%  |

---

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

**Legend**

(a) Non-income producing

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

(c) 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 $8,127,134 or 2.2% of net assets.

(d) Level 3 security

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

(f) 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 $514,721.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 16086863  | 93914217  | 101029676  | 173760  | -  | -  | 8971404  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 1111294  | 31493852  | 28315239  | 26863  | -  | -  | 4289907  | 0.0%  |
| Total  | 17198157  | 125408069  | 129344915  | 200623  | -  | -  | 13261311  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 20946157  | 5927631  | 14994870  | 23656  |
| Consumer Discretionary  | 40603555  | 12536928  | 28066627  | -  |
| Consumer Staples  | 30891408  | 6214528  | 24676850  | 30  |
| Energy  | 21282659  | 9517269  | 11721465  | 43925  |
| Financials  | 73795775  | 27486192  | 46308194  | 1389  |
| Health Care  | 34960635  | 5718991  | 29226270  | 15374  |
| Industrials  | 47954465  | 16559415  | 31395050  | -  |
| Information Technology  | 38155330  | 10136405  | 28018925  | -  |
| Materials  | 30747181  | 11616399  | 19113701  | 17081  |
| Real Estate  | 9367005  | 2308730  | 7047082  | 11193  |
| Utilities  | 11593874  | 4181762  | 7412112  | -  |
|  Government Obligations  | 598512  | -  | 598512  | -  |
|  Money Market Funds  | 13261311  | 13261311  | -  | -  |
| **Total Investments in Securities:**  | 374157867  | 125465561  | 248579658  | 112648  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (159910)  | (159910)  | -  | -  |
| Total Liabilities  | (159910)  | (159910)  | -  | -  |
| **Total Derivative Instruments:**  | (159910)  | (159910)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (159910)  |
| **Total Equity Risk**  | 0  | (159910)  |
| **Total Value of Derivatives**  | 0  | (159910)  |

---

(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).

**VIP International Index Portfolio**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $4,032,143) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $374,230,560)  | $360896556  |  |
|  Fidelity Central Funds (cost $13,261,311)  | 13261311  |  |
|  Total Investment in Securities (cost $387,491,871)  |  | $374157867  |
|  Foreign currency held at value (cost $475,897)  |  | 480337  |
|  Receivable for fund shares sold  |  | 499277  |
|  Dividends receivable  |  | 596889  |
|  Reclaims receivable  |  | 532405  |
|  Distributions receivable from Fidelity Central Funds  |  | 46213  |
| Other receivables  |  | 1  |
| **Total assets**  |  | 376312989  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | 26174  |  |
|  Accrued management fee  | 34183  |  |
|  Distribution and service plan fees payable  | 10957  |  |
|  Payable for daily variation margin on futures contracts  | 126571  |  |
|  Other affiliated payables  | 18645  |  |
|  Deferred taxes  | 246831  |  |
|  Other payables and accrued expenses  | 33  |  |
|  Collateral on securities loaned  | 4289938  |  |
| **Total Liabilities**  |  | 4753332  |
| **Net Assets**  |  | $371559657  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $405533518  |
|  Total accumulated earnings (loss)  |  | (33973861)  |
|  **Net Assets**  |  | $371559657  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($313,946,894 ÷ 33,403,970 shares)  |  | $9.40  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($8,883,681 ÷ 944,887 shares)  |  | $9.40  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($48,729,082 ÷ 5,207,247 shares)  |  | $9.36  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $11983976  |
| Non-Cash dividends  |  | 697759  |
| Interest  |  | 6371  |
| Income from Fidelity Central Funds (including $26,863 from security lending)  |  | 200623  |
| Income before foreign taxes withheld  |  | 12888729  |
| Less foreign taxes withheld  |  | (1187278)  |
| **Total Income**  |  | 11701451  |
|  **Expenses**  |  |  |
| Management fee  | $411993  |  |
| Transfer agent fees  | 224724  |  |
| Distribution and service plan fees  | 124149  |  |
| Independent trustees' fees and expenses  | 1296  |  |
| Interest  | 1568  |  |
| Total expenses before reductions  | 763730  |  |
| Expense reductions  | (634)  |  |
| Total expenses after reductions  |  | 763096  |
| **Net Investment income (loss)**  |  | 10938355  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $104,093)  | (13949418)  |  |
| Foreign currency transactions  | (118755)  |  |
| Futures contracts  | (3133334)  |  |
| Total net realized gain (loss)  |  | (17201507)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $154,260)  | (61133775)  |  |
| Assets and liabilities in foreign currencies  | (14843)  |  |
| Futures contracts  | (481683)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (61630301)  |
| **Net gain (loss)**  |  | (78831808)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(67893453)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $10938355  | $9088217  |
| &nbsp;&nbsp; Net realized gain (loss)  | (17201507) <br>| (2090469) <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (61630301)  | 17538633 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (67893453) <br>| 24536381 <br>|
| Distributions to shareholders  | (8390102) <br>| (11831501) <br>|
| Share transactions - net increase (decrease)  | 7574241 <br>| 193467951 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (68709314) <br>| 206172831 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 440268971  | 234096140 <br>|
| &nbsp;&nbsp; End of period  | $371559657  | $440268971  |

---

**Financial Highlights** 

 **VIP International Index Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.45  | $10.95  | $10.03  | $8.45  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .29  | .28  | .20  | .27  | .15  |
| Net realized and unrealized gain (loss)  | (2.12)  | .56  | .87  | 1.54  | (1.60)  |
| Total from investment operations  | (1.83)  | .84  | 1.07  | 1.81  | (1.45)  |
| Distributions from net investment income  | (.22)  | (.30)  | (.15)  | (.21)  | (.10)  |
| Distributions from net realized gain  | -  | (.04)  | - <sup>D</sup>  | (.02)  | (.01)  |
| Total distributions  | (.22)  | (.34)  | (.15)  | (.23)  | (.10) <sup>E</sup>  |
| Net asset value, end of period  | $9.40  | $11.45  | $10.95  | $10.03  | $8.45  |
| **Total Return** <sup>F,G,H</sup>  | (16.02)%  | 7.72%  | 10.69%  | 21.53%  | (14.47)%  |
| **Ratios to Average Net Assets** <sup>C,I,J</sup>  |  |  |  |  |  |
| Expenses before reductions  | .17%  | .17%  | .17%  | .17%  | .17% <sup>K</sup>  |
| Expenses net of fee waivers, if any  | .17%  | .17%  | .17%  | .17%  | .17% <sup>K</sup>  |
| Expenses net of all reductions  | .17%  | .17%  | .17%  | .17%  | .17% <sup>K</sup>  |
| Net investment income (loss)  | 2.96%  | 2.38%  | 2.08%  | 2.88%  | 2.27% <sup>K</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $313947  | $346107  | $213113  | $125050  | $55494  |
| Portfolio turnover rate <sup>L</sup>  | 20%  | 18%  | 10%  | 4%  | 5% <sup>K</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>H</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Annualized.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP International Index Portfolio Service Class** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $11.44  | $10.94  | $10.02  | $9.48  |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .30  | .27  | .18  | .16  |
| Net realized and unrealized gain (loss)  | (2.14)  | .56  | .88  | .61  |
| Total from investment operations  | (1.84)  | .83  | 1.06  | .77  |
| Distributions from net investment income  | (.20)  | (.29)  | (.14)  | (.20)  |
| Distributions from net realized gain  | -  | (.04)  | - <sup>D</sup>  | (.02)  |
| Total distributions  | (.20)  | (.33)  | (.14)  | (.23) <sup>E</sup>  |
| Net asset value, end of period  | $9.40  | $11.44  | $10.94  | $10.02  |
| **Total Return** <sup>F,G,H</sup>  | (16.13)%  | 7.65%  | 10.60%  | 8.15%  |
| **Ratios to Average Net Assets** <sup>C,I,J</sup>  |  |  |  |  |
| Expenses before reductions  | .27%  | .27%  | .27%  | .27% <sup>K</sup>  |
| Expenses net of fee waivers, if any  | .27%  | .27%  | .27%  | .27% <sup>K</sup>  |
| Expenses net of all reductions  | .27%  | .27%  | .27%  | .27% <sup>K</sup>  |
| Net investment income (loss)  | 2.86%  | 2.28%  | 1.98%  | 2.90% <sup>K</sup>  |
| **Supplemental Data**  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $8884  | $54755  | $5832  | $4701  |
| Portfolio turnover rate <sup>L</sup>  | 20%  | 18%  | 10%  | 4% <sup>K</sup>  |

---

<sup>A</sup> *For the period April 11, 2019 (commencement of sale of shares) through December 31, 2019.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>H</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Annualized.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP International Index Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018** <sup>A</sup>  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.41  | $10.92  | $10.02  | $8.46  | $10.00  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>B,C</sup>  | .26  | .25  | .17  | .25  | .13  |
| Net realized and unrealized gain (loss)  | (2.10)  | .56  | .87  | 1.53  | (1.58)  |
| Total from investment operations  | (1.84)  | .81  | 1.04  | 1.78  | (1.45)  |
| Distributions from net investment income  | (.21)  | (.28)  | (.13)  | (.20)  | (.08)  |
| Distributions from net realized gain  | -  | (.04)  | - <sup>D</sup>  | (.02)  | (.01)  |
| Total distributions  | (.21)  | (.32)  | (.14) <sup>E</sup>  | (.22)  | (.09)  |
| Net asset value, end of period  | $9.36  | $11.41  | $10.92  | $10.02  | $8.46  |
| **Total Return** <sup>F,G,H</sup>  | (16.21)%  | 7.48%  | 10.34%  | 21.16%  | (14.55)%  |
| **Ratios to Average Net Assets** <sup>C,I,J</sup>  |  |  |  |  |  |
| Expenses before reductions  | .42%  | .42%  | .42%  | .42%  | .42% <sup>K</sup>  |
| Expenses net of fee waivers, if any  | .42%  | .42%  | .42%  | .42%  | .42% <sup>K</sup>  |
| Expenses net of all reductions  | .42%  | .42%  | .42%  | .42%  | .42% <sup>K</sup>  |
| Net investment income (loss)  | 2.71%  | 2.13%  | 1.83%  | 2.63%  | 2.02% <sup>K</sup>  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $48729  | $39406  | $15151  | $5590  | $846  |
| Portfolio turnover rate <sup>L</sup>  | 20%  | 18%  | 10%  | 4%  | 5% <sup>K</sup>  |

---

<sup>A</sup> *For the period April 17, 2018 (commencement of operations) through December 31, 2018.*

<sup>B</sup> *Calculated based on average shares outstanding during the period.*

<sup>C</sup> *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.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

<sup>F</sup> *Total returns for periods of less than one year are not annualized.*

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

<sup>H</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Annualized.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Total Market Index Portfolio, VIP Extended Market Index Portfolio and VIP International Index Portfolio (the Funds) are funds of Variable Insurance Products Fund II (the Trust). Each Fund 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 each Fund may only be purchased by insurance companies for the purpose of funding variable annuity or variable life insurance contracts. Each Fund offers the following classes of shares: Initial Class, Service Class and Service Class 2 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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.**

Each 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. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each 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 each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each 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 each 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, 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. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of each 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 Funds' 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 for certain Funds 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 Funds are 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 Funds represent a return of capital or capital gain. The Funds determine 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 foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. VIP International Index Portfolio is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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 futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards, certain foreign taxes 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 for each Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost**  | **Gross unrealized appreciation**  | **Gross unrealized depreciation**  | **Net unrealized appreciation (depreciation)**  |
| **VIP Total Market Index Portfolio**  | $564078684  | $101561761  | $(78637295)  | $22924466  |
| **VIP Extended Market Index Portfolio**  | 195660360  | 28501955  | (36890756)  | (8388801)  |
| **VIP International Index Portfolio**  | 393642031  | 40728414  | (60236967)  | (19508553)  |

---

The tax-based components of distributable earnings as of period end were as follows for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income**  | **Capital loss carryforward**  | **Net unrealized appreciation (depreciation) on securities and other investments**  |
| **VIP Total Market Index Portfolio**  | $-  | $(4898656)  | $22924500  |
| **VIP Extended Market Index Portfolio**  | -  | -  | (8388317)  |
| **VIP International Index Portfolio**  | 1584236  | (15797692)  | (19513572)  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **Short-term**  | <br> **Long-term**  | **Total capital loss carryforward**  |
| **VIP Total Market Index Portfolio**  | $(2141852)  | $(2756804)  | $(4898656)  |
| **VIP International Index Portfolio**  | (6918492)  | (8879200)  | (15797692)  |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2022**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Total Market Index Portfolio**  | $8572297  | $658480  | $9230777  |
| **VIP Extended Market Index Portfolio**  | 2636132  | 3293049  | 5929181  |
| **VIP International Index Portfolio**  | 8390102  | -  | 8390102  |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2021**  |  |  |  |
|  | **Ordinary Income**  | **Long-term Capital Gains**  | **Total**  |
| **VIP Total Market Index Portfolio**  | $6591064  | $1961238  | $8552302  |
| **VIP Extended Market Index Portfolio**  | 6401001  | 5615252  | 12016253  |
| **VIP International Index Portfolio**  | 11605711  | 225790  | 11831501  |

---

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

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each 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 unless an average notional amount is presented. 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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Total Market Index Portfolio**  | 160675707  | 31011789  |
| **VIP Extended Market Index Portfolio**  | 54307115  | 30196697  |
| **VIP International Index Portfolio**  | 87698457  | 73136652  |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .06%, .07% and .11% of VIP Total Market Index Portfolio's, VIP Extended Market Index Portfolio's and VIP International Index Portfolio's average net assets, respectively. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

In addition, under the expense contract, the investment adviser pays class-level expenses as necessary so that the total expenses do not exceed certain amounts of each class' average net assets on an annual basis with certain exceptions, as noted in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial Class**  | **Service Class**  | **Service Class 2**  |
| **VIP Total Market Index Portfolio**  | .12%  | .22%  | .37%  |
| **VIP Extended Market Index Portfolio**  | .13%  | .23%  | .38%  |
| **VIP International Index Portfolio**  | .17%  | .27%  | .42%  |

---

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Funds have 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 reallowed to insurance companies for the distribution of shares and providing shareholder support services were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Class**  | **Service Class 2**  | **Total**  |
| **VIP Total Market Index Portfolio**  | $417  | $58116  | $58533  |
| **VIP Extended Market Index Portfolio**  | 23871  | 15514  | 39385  |
| **VIP International Index Portfolio**  | 17530  | 106619  | 124149  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. For each Fund, FIIOC receives asset-based fees based on each class's average net assets for transfer agent services, typesetting, and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of .06% of average net assets. Under the expense contract, each class of each Fund pays a portion of the transfer agent fees equal to an annual rate of .06% of class-level average net assets. For the period, the total transfer agent fees paid by each applicable class were as follows:

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Total Market Index Portfolio**  |  |
| **Initial Class**  | $326594  |
| **Service Class**  | 250  |
| **Service Class 2**  | <u>13948</u>  |
|  | <u>$340792</u>  |
| **VIP Extended Market Index Portfolio**  |  |
| **Initial Class**  | $85234  |
| **Service Class**  | 14323  |
| **Service Class 2**  | <u>3723</u>  |
|  | <u>$103280</u>  |
| **VIP International Index Portfolio**  |  |
| **Initial Class**  | $188617  |
| **Service Class**  | 10518  |
| **Service Class 2**  | <u>25589</u>  |
|  | <u>$224724</u>  |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each 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 each Fund to borrow from, or lend money to, other participating affiliated 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 International Index Portfolio**  | Borrower  | $24975250  | .57%  | $1568  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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.

**Other.** During the period, the investment adviser reimbursed the Funds for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)**  |
| **VIP Extended Market Index Portfolio**  | 15885  |

---

**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. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Total Market Index Portfolio**  | $7707  | $9770  | $44840  |
| **VIP Extended Market Index Portfolio**  | $16066  | $9849  | $118817  |
| **VIP International Index Portfolio**  | $2692  | $5  | $-  |

---

**9. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's or class' expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits**  |
| **VIP Total Market Index Portfolio**  | $172  |
| **VIP Extended Market Index Portfolio**  | 175  |
| **VIP International Index Portfolio**  | 634  |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Total Market Index Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $8842793  | $8379105  |
| Service Class  | 7361  | 6012  |
| Service Class 2  | <u>380623</u>  | <u>167185</u>  |
| Total  | <u>$9230777</u>  | <u>$8552302</u>  |
| **VIP Extended Market Index Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $4856754  | $10126103  |
| Service Class  | 873772  | 1456112  |
| Service Class 2  | <u>198655</u>  | <u>434038</u>  |
| Total  | <u>$5929181</u>  | <u>$12016253</u>  |
| **VIP International Index Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $7162107  | $9498100  |
| Service Class  | 186612  | 1368737  |
| Service Class 2  | <u>1041383</u>  | <u>964664</u>  |
| Total  | <u>$8390102</u>  | <u>$11831501</u>  |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Total Market Index Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 11635424  | 16107339  | $172738886  | $251542725  |
| Reinvestment of distributions  | 628895  | 499913  | 8842793  | 8371105  |
| Shares redeemed  | <u>(5342411)</u>  | <u>(2322433)</u>  | <u>(77366363)</u>  | <u>(38259250)</u>  |
| Net increase (decrease)  | <u>6921908</u>  | <u>14284819</u>  | <u>$104215316</u>  | <u>$221654580</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 26916  | 256  | $400215  | $4109  |
| Reinvestment of distributions  | 398  | 235  | 5571  | 3922  |
| Shares redeemed  | <u>(15486)</u>  | <u>(1337)</u>  | <u>(234168)</u>  | <u>(22705)</u>  |
| Net increase (decrease)  | <u>11828</u>  | <u>(846)</u>  | <u>$171618</u>  | <u>$(14674)</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 2143999  | 584607  | $32690143  | $9347805  |
| Reinvestment of distributions  | 27230  | 9397  | 379723  | 157391  |
| Shares redeemed  | <u>(652732)</u>  | <u>(130263)</u>  | <u>(9738607)</u>  | <u>(2079811)</u>  |
| Net increase (decrease)  | <u>1518497</u>  | <u>463741</u>  | <u>$23331259</u>  | <u>$7425385</u>  |
| **VIP Extended Market Index Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 3100974  | 5862146  | $38073888  | $84604654  |
| Reinvestment of distributions  | 425291  | 740754  | 4856754  | 10126103  |
| Shares redeemed  | <u>(2322008)</u>  | <u>(2868856)</u>  | <u>(28259839)</u>  | <u>(42270166)</u>  |
| Net increase (decrease)  | <u>1204257</u>  | <u>3734044</u>  | <u>$14670803</u>  | <u>$52460591</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 1765810  | 585531  | $21932012  | $8448733  |
| Reinvestment of distributions  | 76634  | 106016  | 869998  | 1447118  |
| Shares redeemed  | <u>(1107572)</u>  | <u>(495757)</u>  | <u>(13901466)</u>  | <u>(7092707)</u>  |
| Net increase (decrease)  | <u>734872</u>  | <u>195790</u>  | <u>$8900544</u>  | <u>$2803144</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 367438  | 305309  | $4467729  | $4463939  |
| Reinvestment of distributions  | 17231  | 28848  | 196253  | 393782  |
| Shares redeemed  | <u>(339186)</u>  | <u>(209643)</u>  | <u>(4171546)</u>  | <u>(3045816)</u>  |
| Net increase (decrease)  | <u>45483</u>  | <u>124514</u>  | <u>$492436</u>  | <u>$1811905</u>  |
| **VIP International Index Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 6436963  | 17235095  | $62913922  | $197206493  |
| Reinvestment of distributions  | 744502  | 844990  | 7162107  | 9443500  |
| Shares redeemed  | <u>(4004060)</u>  | <u>(7314839)</u>  | <u>(38562994)</u>  | <u>(85185022)</u>  |
| Net increase (decrease)  | <u>3177405</u>  | <u>10765246</u>  | <u>$31513035</u>  | <u>$121464971</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 883006  | 4870837  | $8533077  | $55197048  |
| Reinvestment of distributions  | 19160  | 122419  | 184513  | 1365276  |
| Shares redeemed  | <u>(4742074)</u>  | <u>(741353)</u>  | <u>(49936037)</u>  | <u>(8537763)</u>  |
| Net increase (decrease)  | <u>(3839908)</u>  | <u>4251903</u>  | <u>$(41218447)</u>  | <u>$48024561</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 3104275  | 2339068  | $30368743  | $27165655  |
| Reinvestment of distributions  | 108704  | 86460  | 1041383  | 962387  |
| Shares redeemed  | <u>(1458701)</u>  | <u>(359378)</u>  | <u>(14130473)</u>  | <u>(4149623)</u>  |
| Net increase (decrease)  | <u>1754278</u>  | <u>2066150</u>  | <u>$17279653</u>  | <u>$23978419</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 each were owners of record of more than 10% of the outstanding shares as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Affiliated %**  | **Number ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Extended Market Index Portfolio  | 73%  | 1  | 15%  |
| VIP International Index Portfolio  | 65%  | 1  | 24%  |
| VIP Total Market Index Portfolio  | 84%  | -  | -  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and the Shareholders of VIP Total Market Index Portfolio, VIP Extended Market Index Portfolio, and VIP International Index Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of VIP Total Market Index Portfolio, VIP Extended Market Index Portfolio, and VIP International Index Portfolio (the "Funds"), each a fund of Variable Insurance Products Fund II, including the schedules of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from April 17, 2018 (commencement of operations) through December 31, 2018, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from April 17, 2018 (commencement of operations) through December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Total Market Index Portfolio**  |  |  |  |  |
| **Initial Class**  | .12%  |  |  |  |
| **Actual**  |  | $1000  | $1024.30  | $.61  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.60  | $.61  |
| **Service Class**  | .22%  |  |  |  |
| **Actual**  |  | $1000  | $1022.90  | $1.12  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.10  | $1.12  |
| **Service Class 2**  | .37%  |  |  |  |
| **Actual**  |  | $1000  | $1023.30  | $1.89  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.34  | $1.89  |
| **VIP Extended Market Index Portfolio**  |  |  |  |  |
| **Initial Class**  | .13%  |  |  |  |
| **Actual**  |  | $1000  | $1045.10  | $.67  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.55  | $.66  |
| **Service Class**  | .23%  |  |  |  |
| **Actual**  |  | $1000  | $1045.30  | $1.19  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.05  | $1.17  |
| **Service Class 2**  | .38%  |  |  |  |
| **Actual**  |  | $1000  | $1044.50  | $1.96  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.29  | $1.94  |
| **VIP International Index Portfolio**  |  |  |  |  |
| **Initial Class**  | .17%  |  |  |  |
| **Actual**  |  | $1000  | $1032.90  | $.87  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.35  | $.87  |
| **Service Class**  | .27%  |  |  |  |
| **Actual**  |  | $1000  | $1031.60  | $1.38  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.84  | $1.38  |
| **Service Class 2**  | .42%  |  |  |  |
| **Actual**  |  | $1000  | $1031.30  | $2.15  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.09  | $2.14  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended December 31, 2022, or, if subsequently determined to be different, the net capital gain of such year.

---

| | |
|:---|:---|
| **VIP Extended Market Index Portfolio**  | $2772750  |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | | | |
|:---|:---|:---|:---|
|  | **Initial**  | **Service Class**  | **Service Class 2**  |
| **VIP Total Market Index Portfolio**  |  |  |  |
| February, 2022  | 10%  | 10%  | 10%  |
| December, 2022  | 91%  | 96%  | 100%  |
| **VIP Extended Market Index Portfolio**  |  |  |  |
| December, 2022  | 69%  | 73%  | 83%  |
| **VIP International Index Portfolio**  |  |  |  |
| November, 2022  | 0%  | 0%  | 0%  |

---

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date**  | **Income**  | **Taxes**  |
| **VIP International Index Portfolio**  |  |  |  |
| Initial  | 11/30/22  | $0.2512  | $0.0302  |
| Service Class  | 11/30/22  | $0.2292  | $0.0302  |
| Service Class 2  | 11/30/22  | $0.2352  | $0.0302  |

---

**Board Approval of Investment Advisory Contracts and Management Fees**

**Board Approval of Investment Advisory Contracts**

**VIP Total Market Index Portfolio** 

**VIP Extended Market Index Portfolio** 

**VIP International Index Portfolio** 

At its September 2022 meeting, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), voted to approve an amended and restated sub-advisory agreement with Geode Capital Management, LLC (Geode) for each fund (the Amended Contracts) to decrease the sub-advisory fee rate paid by Fidelity Management & Research Company LLC (FMR), each fund's investment adviser, to Geode on behalf of VIP Total Market Index Portfolio by 0.10 basis points, VIP Extended Market Index Portfolio by 0.05 basis points, and VIP International Index Portfolio by 0.35 basis points, effective October 1, 2022. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, 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 Geode to each 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 each fund in connection with the annual renewal of each fund's current management contract and sub-advisory agreement (Advisory Contracts). At its May 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to each fund under the existing Advisory Contracts should continue to benefit each fund's shareholders. The Board noted that approval of the Amended Contracts would not change each fund's portfolio manager, 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 each fund under the Amended Contracts should continue to benefit each fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio** . The Board noted that the Amended Contract would result in no change in the fund's management fee and total expense ratio and considered that it received and reviewed information regarding the fund's current management fee and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the annual renewal of the Advisory Contracts. Based on its review, the Board concluded at its May 2022 and September 2022 meetings that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered and that the fund's total expense ratio 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 previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its May 2022 meeting, the Board concluded that it was satisfied that Fidelity's profitability in connection with the operation of the fund was not excessive. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on Fidelity's profitability.

**Economies of Scale** . The Board has 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 potential for realization of any further economies of scale and that it concluded, at its May 2022 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on any potential economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the sub-advisory fee arrangements are fair and reasonable, and that each fund's Amended Contract should be approved.

![](img88148_2.jpg) <br>

1.9891400.104 VIPSAI-ANN-0323

**Fidelity® Variable Insurance Products:**

**Disciplined Small Cap Portfolio**

**Annual Report**

**December 31, 2022**

![](img88165_1.jpg)

![](img88165_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary1529)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1529)** |
| **[Financial Statements](#Sec_FinancialStatements1529)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -18.23%  | &nbsp;&nbsp; 4.67%  | &nbsp;&nbsp; 8.94%  |
| Service Class  | &nbsp;&nbsp; -18.30%  | &nbsp;&nbsp; 4.57%  | &nbsp;&nbsp; 8.84%  |
| Service Class 2  | &nbsp;&nbsp; -18.45%  | &nbsp;&nbsp; 4.40%  | &nbsp;&nbsp; 8.66%  |
| Investor Class  | &nbsp;&nbsp; -18.29%  | &nbsp;&nbsp; 4.60%  | &nbsp;&nbsp; 8.85%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Disciplined Small Cap Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.  |
| ![](img88165_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Co-Managers Anna Lester, Maximilian Kaufmann and Shashi Naik:**

For the fiscal year ending December 31, 2022, the fund's share classes returned roughly -18%, outperforming the -20.44% result of the benchmark Russell 2000 <sup>®</sup> Index. Versus the benchmark, security selection was the primary contributor, led by the information technology sector. An overweighting in energy also boosted the fund's relative result. Also lifting performance was stock selection in the industrials sector, primarily driven by the capital goods industry. The fund's top individual relative contributor was an outsized stake in Nabors Industries, which gained about 113% the past 12 months. Also adding value was our overweighting in Agilysys, which gained 77%. We decreased our position the past year. Another notable relative contributor was an outsized stake in Super Micro Computer (+90%). Conversely, the primary detractors from performance versus the benchmark were stock selection and an underweighting in financials. An underweighting and security selection in utilities and an overweighting in information technology also hindered the fund's relative result. The fund's biggest individual relative detractor was an overweighting in Domo, which returned -71% the past 12 months. We added to our stake in this company. Also holding back performance was our outsized stake in Semtech, which returned roughly -67%. Further hampering performance was our overweighting in Trupanion, which returned -64%. Notable changes in positioning include increased exposure to the energy sector and a lower allocation to real estate.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Commercial Metals Co.  | 0.8  |
| Fabrinet  | 0.8  |
| Box, Inc. Class A  | 0.7  |
| EMCOR Group, Inc.  | 0.7  |
| Texas Roadhouse, Inc. Class A  | 0.7  |
| Atkore, Inc.  | 0.7  |
| ExlService Holdings, Inc.  | 0.7  |
| Watts Water Technologies, Inc. Class A  | 0.7  |
| Old National Bancorp, Indiana  | 0.7  |
| SPS Commerce, Inc.  | 0.7  |
|  | 7.2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Health Care  | 16.6  |
| Financials  | 15.7  |
| Industrials  | 15.0  |
| Information Technology  | 14.1  |
| Consumer Discretionary  | 10.5  |
| Energy  | 7.2  |
| Real Estate  | 5.1  |
| Consumer Staples  | 4.0  |
| Materials  | 4.0  |
| Communication Services  | 3.1  |
| Utilities  | 2.2  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88165_6.jpg)  |
| *Foreign investments - 4.6%*  |
| *Futures - 2.3%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 97.5%**  | &nbsp;&nbsp; **Common Stocks - 97.5%**  | &nbsp;&nbsp; **Common Stocks - 97.5%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 3.1%  |  |  |
| Diversified Telecommunication Services - 1.5%  |  |  |
|  Bandwidth, Inc. (a)  | 46197  | 1060221  |
|  Cogent Communications Group, Inc.  | 33140  | 1891631  |
|  EchoStar Holding Corp. Class A (a)(b)  | 51426  | 857786  |
|  Iridium Communications, Inc.  | 5124  | 263374  |
|  Ooma, Inc. (a)  | 47585  | 648108  |
|  |  | 4721120  |
| Entertainment - 0.1%  |  |  |
|  Cinemark Holdings, Inc. (a)(b)  | 14435  | 125007  |
|  Lions Gate Entertainment Corp.:  |  |  |
|  Class A (a)  | 12354  | 70541  |
|  Class B (a)  | 12796  | 69482  |
|  |  | 265030  |
| Interactive Media & Services - 1.1%  |  |  |
|  Eventbrite, Inc. (a)  | 23870  | 139878  |
|  EverQuote, Inc. Class A (a)  | 12188  | 179651  |
|  Shutterstock, Inc.  | 17206  | 907100  |
|  TrueCar, Inc. (a)  | 118439  | 297282  |
|  Vimeo, Inc. (a)  | 64791  | 222233  |
|  Yelp, Inc. (a)  | 65585  | 1793094  |
|  Zedge, Inc. (a)  | 11195  | 19703  |
|  |  | 3558941  |
| Media - 0.2%  |  |  |
|  TechTarget, Inc. (a)  | 5659  | 249336  |
|  TEGNA, Inc.  | 12775  | 270702  |
|  |  | 520038  |
| Wireless Telecommunication Services - 0.2%  |  |  |
|  Telephone & Data Systems, Inc. (b)  | 64846  | 680235  |
|  TOTAL COMMUNICATION SERVICES  |  | 9745364  |
| CONSUMER DISCRETIONARY - 10.5%  |  |  |
| Auto Components - 1.1%  |  |  |
|  Luminar Technologies, Inc. (a)(b)  | 11300  | 55935  |
|  Modine Manufacturing Co. (a)  | 36761  | 730073  |
|  Patrick Industries, Inc.  | 2498  | 151379  |
|  The Goodyear Tire & Rubber Co. (a)  | 60101  | 610025  |
|  Visteon Corp. (a)  | 14706  | 1923986  |
|  |  | 3471398  |
| Automobiles - 0.5%  |  |  |
|  Winnebago Industries, Inc.  | 29212  | 1539472  |
| Diversified Consumer Services - 0.6%  |  |  |
|  2U, Inc. (a)  | 23481  | 147226  |
|  Duolingo, Inc. (a)(b)  | 18161  | 1291792  |
|  Perdoceo Education Corp. (a)  | 24585  | 341732  |
|  |  | 1780750  |
| Hotels, Restaurants & Leisure - 2.6%  |  |  |
|  Bloomin' Brands, Inc.  | 72777  | 1464273  |
|  Chuy's Holdings, Inc. (a)  | 4478  | 126727  |
|  Denny's Corp. (a)  | 25638  | 236126  |
|  Dine Brands Global, Inc.  | 3560  | 229976  |
|  Everi Holdings, Inc. (a)  | 6825  | 97939  |
|  Hilton Grand Vacations, Inc. (a)  | 4384  | 168959  |
|  International Game Technology PLC (b)  | 55935  | 1268606  |
|  Portillo's, Inc. (a)  | 5843  | 95358  |
|  RCI Hospitality Holdings, Inc.  | 2178  | 202968  |
|  Texas Roadhouse, Inc. Class A  | 24536  | 2231549  |
|  Wingstop, Inc. (b)  | 14923  | 2053703  |
|  |  | 8176184  |
| Household Durables - 1.3%  |  |  |
|  Cavco Industries, Inc. (a)  | 1993  | 450916  |
|  Ethan Allen Interiors, Inc.  | 3225  | 85205  |
|  Flexsteel Industries, Inc. (b)  | 9996  | 153938  |
|  Green Brick Partners, Inc. (a)  | 28735  | 696249  |
|  Installed Building Products, Inc.  | 20938  | 1792293  |
|  Meritage Homes Corp. (a)  | 1123  | 103541  |
|  Skyline Champion Corp. (a)  | 12523  | 645060  |
|  |  | 3927202  |
| Internet & Direct Marketing Retail - 0.3%  |  |  |
|  CarParts.com, Inc. (a)  | 18907  | 118358  |
|  Quotient Technology, Inc. (a)  | 171621  | 588660  |
|  Revolve Group, Inc. (a)  | 13765  | 306409  |
|  |  | 1013427  |
| Leisure Products - 0.2%  |  |  |
|  Johnson Outdoors, Inc. Class A  | 7956  | 526051  |
|  Nautilus, Inc. (a)(b)  | 55684  | 85197  |
|  |  | 611248  |
| Multiline Retail - 0.5%  |  |  |
|  Dillard's, Inc. Class A (b)  | 4407  | 1424342  |
| Specialty Retail - 3.2%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 4544  | 238742  |
|  American Eagle Outfitters, Inc.  | 38882  | 542793  |
|  Asbury Automotive Group, Inc. (a)  | 4785  | 857711  |
|  Boot Barn Holdings, Inc. (a)  | 15578  | 973937  |
|  Group 1 Automotive, Inc.  | 6648  | 1199100  |
|  Lithia Motors, Inc. Class A (sub. vtg.)  | 3568  | 730512  |
|  MarineMax, Inc. (a)  | 23982  | 748718  |
|  Monro, Inc. (b)  | 3109  | 140527  |
|  Murphy U.S.A., Inc.  | 2550  | 712827  |
|  National Vision Holdings, Inc. (a)(b)  | 43987  | 1704936  |
|  Sonic Automotive, Inc. Class A (sub. vtg.) (b)  | 10333  | 509107  |
|  The Buckle, Inc.  | 6541  | 296634  |
|  The Container Store Group, Inc. (a)  | 40087  | 172775  |
|  TravelCenters of America LLC (a)  | 18521  | 829370  |
|  Winmark Corp.  | 855  | 201635  |
|  |  | 9859324  |
| Textiles, Apparel & Luxury Goods - 0.2%  |  |  |
|  G-III Apparel Group Ltd. (a)  | 11297  | 154882  |
|  Lakeland Industries, Inc. (a)(b)  | 12915  | 171770  |
|  Oxford Industries, Inc.  | 3126  | 291281  |
|  Rocky Brands, Inc.  | 4032  | 95236  |
|  |  | 713169  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 32516516  |
| CONSUMER STAPLES - 4.0%  |  |  |
| Beverages - 1.0%  |  |  |
|  Coca-Cola Bottling Co. Consolidated  | 3406  | 1745098  |
|  Primo Water Corp.  | 87124  | 1353907  |
|  |  | 3099005  |
| Food & Staples Retailing - 1.2%  |  |  |
|  Ingles Markets, Inc. Class A  | 10844  | 1046012  |
|  Natural Grocers by Vitamin Cottage, Inc.  | 12027  | 109927  |
|  PriceSmart, Inc.  | 1211  | 73605  |
|  Sprouts Farmers Market LLC (a)  | 64536  | 2089030  |
|  Weis Markets, Inc.  | 3681  | 302909  |
|  |  | 3621483  |
| Food Products - 1.0%  |  |  |
|  Cal-Maine Foods, Inc.  | 24764  | 1348400  |
|  Hostess Brands, Inc. Class A (a)  | 76918  | 1726040  |
|  John B. Sanfilippo & Son, Inc.  | 1877  | 152638  |
|  |  | 3227078  |
| Personal Products - 0.7%  |  |  |
|  elf Beauty, Inc. (a)  | 36876  | 2039243  |
|  Herbalife Nutrition Ltd. (a)  | 6014  | 89488  |
|  |  | 2128731  |
| Tobacco - 0.1%  |  |  |
|  Vector Group Ltd.  | 36978  | 438559  |
|  TOTAL CONSUMER STAPLES  |  | 12514856  |
| ENERGY - 7.2%  |  |  |
| Energy Equipment & Services - 1.8%  |  |  |
|  Bristow Group, Inc. (a)  | 7749  | 210230  |
|  Cactus, Inc.  | 6296  | 316437  |
|  DMC Global, Inc. (a)  | 4551  | 88471  |
|  Dril-Quip, Inc. (a)  | 13158  | 357503  |
|  Helix Energy Solutions Group, Inc. (a)  | 27529  | 203164  |
|  Helmerich & Payne, Inc.  | 3317  | 164424  |
|  Nabors Industries Ltd. (a)  | 8728  | 1351705  |
|  Nabors Industries Ltd. warrants 6/11/26 (a)  | 5910  | 194439  |
|  Oceaneering International, Inc. (a)  | 74469  | 1302463  |
|  Patterson-UTI Energy, Inc.  | 6736  | 113434  |
|  Tidewater, Inc. (a)  | 20098  | 740611  |
|  Weatherford International PLC (a)  | 9258  | 471417  |
|  |  | 5514298  |
| Oil, Gas & Consumable Fuels - 5.4%  |  |  |
|  Arch Resources, Inc.  | 6279  | 896578  |
|  Chord Energy Corp.  | 9526  | 1303252  |
|  Civitas Resources, Inc.  | 8459  | 490030  |
|  Comstock Resources, Inc. (b)  | 46969  | 643945  |
|  CONSOL Energy, Inc.  | 16766  | 1089790  |
|  Crescent Energy, Inc. Class A (b)  | 19200  | 230208  |
|  Delek U.S. Holdings, Inc.  | 54284  | 1465668  |
|  DHT Holdings, Inc.  | 8717  | 77407  |
|  Equitrans Midstream Corp.  | 51907  | 347777  |
|  Golar LNG Ltd. (a)  | 49731  | 1133369  |
|  Kosmos Energy Ltd. (a)  | 80145  | 509722  |
|  Magnolia Oil & Gas Corp. Class A  | 42785  | 1003308  |
|  Matador Resources Co.  | 6530  | 373777  |
|  Murphy Oil Corp.  | 40064  | 1723153  |
|  Par Pacific Holdings, Inc. (a)  | 28969  | 673529  |
|  PBF Energy, Inc. Class A  | 20968  | 855075  |
|  Peabody Energy Corp. (a)  | 14037  | 370858  |
|  Permian Resource Corp. Class A (b)  | 86576  | 813814  |
|  Ranger Oil Corp.  | 7396  | 299020  |
|  Scorpio Tankers, Inc.  | 9757  | 524634  |
|  SFL Corp. Ltd.  | 8024  | 73981  |
|  SM Energy Co.  | 17855  | 621890  |
|  Southwestern Energy Co. (a)  | 91715  | 536533  |
|  Uranium Energy Corp. (a)(b)  | 7488  | 29053  |
|  World Fuel Services Corp.  | 24833  | 678686  |
|  |  | 16765057  |
|  TOTAL ENERGY  |  | 22279355  |
| FINANCIALS - 15.7%  |  |  |
| Banks - 8.4%  |  |  |
|  1st Source Corp.  | 8032  | 426419  |
|  Atlantic Union Bankshares Corp.  | 25818  | 907245  |
|  Banc of California, Inc.  | 22849  | 363985  |
|  BancFirst Corp.  | 8623  | 760376  |
|  Bancorp, Inc., Delaware (a)  | 10136  | 287660  |
|  Banner Corp.  | 9993  | 631558  |
|  Capital City Bank Group, Inc.  | 1334  | 43355  |
|  Cathay General Bancorp  | 10902  | 444693  |
|  Central Pacific Financial Corp.  | 8737  | 177186  |
|  Citizens Financial Group, Inc.  | 41662  | 1640233  |
|  Columbia Banking Systems, Inc. (b)  | 25630  | 772232  |
|  Community Bank System, Inc.  | 13175  | 829366  |
|  Community Trust Bancorp, Inc.  | 4717  | 216652  |
|  ConnectOne Bancorp, Inc.  | 3532  | 85510  |
|  Eastern Bankshares, Inc.  | 37227  | 642166  |
|  Financial Institutions, Inc.  | 10123  | 246596  |
|  First Bancorp, Puerto Rico  | 121778  | 1549016  |
|  First Commonwealth Financial Corp.  | 23228  | 324495  |
|  First Financial Bankshares, Inc.  | 15909  | 547270  |
|  Fulton Financial Corp.  | 72891  | 1226756  |
|  Great Southern Bancorp, Inc.  | 15726  | 935540  |
|  Hancock Whitney Corp.  | 20969  | 1014690  |
|  Heartland Financial U.S.A., Inc.  | 18258  | 851188  |
|  Home Bancshares, Inc. (b)  | 10335  | 235535  |
|  Lakeland Financial Corp.  | 1787  | 130397  |
|  Mercantile Bank Corp.  | 1897  | 63512  |
|  Midland States Bancorp, Inc.  | 6148  | 163660  |
|  National Bank Holdings Corp.  | 2000  | 84140  |
|  NBT Bancorp, Inc.  | 13951  | 605752  |
|  Northwest Bancshares, Inc. (b)  | 32526  | 454713  |
|  OFG Bancorp  | 8640  | 238118  |
|  Old National Bancorp, Indiana  | 117034  | 2104271  |
|  Park National Corp. (b)  | 1985  | 279389  |
|  Peapack-Gladstone Financial Corp.  | 7441  | 276954  |
|  Preferred Bank, Los Angeles  | 1304  | 97304  |
|  Renasant Corp.  | 6043  | 227156  |
|  S&T Bancorp, Inc.  | 4318  | 147589  |
|  ServisFirst Bancshares, Inc.  | 12316  | 848696  |
|  Sierra Bancorp  | 9632  | 204584  |
|  Simmons First National Corp. Class A  | 15702  | 338849  |
|  Southstate Corp.  | 8595  | 656314  |
|  Tompkins Financial Corp.  | 2784  | 215983  |
|  TowneBank  | 5070  | 156359  |
|  Trico Bancshares  | 4917  | 250718  |
|  Trustmark Corp.  | 9482  | 331017  |
|  UMB Financial Corp.  | 3349  | 279708  |
|  United Bankshares, Inc., West Virginia  | 5923  | 239822  |
|  Univest Corp. of Pennsylvania  | 8356  | 218342  |
|  Washington Federal, Inc.  | 53910  | 1808681  |
|  Westamerica Bancorp.  | 7702  | 454495  |
|  |  | 26036245  |
| Capital Markets - 2.8%  |  |  |
| B. Riley Financial, Inc. (b)  | 11306  | 386665  |
|  Cohen & Steers, Inc.  | 8191  | 528811  |
|  Federated Hermes, Inc.  | 36911  | 1340238  |
|  Focus Financial Partners, Inc. Class A (a)  | 50895  | 1896857  |
|  Open Lending Corp. (a)  | 17630  | 119003  |
|  Oppenheimer Holdings, Inc. Class A (non-vtg.)  | 19028  | 805455  |
|  Stifel Financial Corp.  | 26227  | 1530870  |
|  StoneX Group, Inc. (a)  | 3155  | 300672  |
|  Virtus Investment Partners, Inc.  | 8703  | 1666102  |
|  |  | 8574673  |
| Consumer Finance - 1.1%  |  |  |
|  Bread Financial Holdings, Inc.  | 49330  | 1857768  |
|  PROG Holdings, Inc. (a)  | 86358  | 1458587  |
|  Regional Management Corp.  | 7908  | 222057  |
|  |  | 3538412  |
| Diversified Financial Services - 0.1%  |  |  |
|  Compass Diversified Holdings  | 16109  | 293667  |
| Insurance - 1.4%  |  |  |
|  American Equity Investment Life Holding Co.  | 1759  | 80246  |
|  Amerisafe, Inc.  | 11922  | 619586  |
|  CNO Financial Group, Inc.  | 50625  | 1156781  |
|  Employers Holdings, Inc.  | 5424  | 233937  |
|  Hippo Holdings, Inc. (a)(b)  | 3000  | 40800  |
|  Kinsale Capital Group, Inc.  | 788  | 206078  |
|  Oscar Health, Inc. (a)  | 159180  | 391583  |
|  Selective Insurance Group, Inc.  | 1501  | 133004  |
|  Trupanion, Inc. (a)(b)  | 28162  | 1338540  |
|  |  | 4200555  |
| Mortgage Real Estate Investment Trusts - 0.8%  |  |  |
|  Apollo Commercial Real Estate Finance, Inc.  | 22775  | 245059  |
|  Ares Commercial Real Estate Corp.  | 8540  | 87877  |
|  Blackstone Mortgage Trust, Inc. (b)  | 87157  | 1845114  |
|  TPG RE Finance Trust, Inc.  | 27278  | 185218  |
|  |  | 2363268  |
| Thrifts & Mortgage Finance - 1.1%  |  |  |
|  Axos Financial, Inc. (a)  | 15602  | 596308  |
|  Capitol Federal Financial, Inc.  | 60173  | 520496  |
|  Federal Agricultural Mortgage Corp. Class C (non-vtg.)  | 5958  | 671526  |
|  NMI Holdings, Inc. (a)  | 30882  | 645434  |
|  Provident Financial Services, Inc.  | 24852  | 530839  |
|  Radian Group, Inc.  | 10875  | 207386  |
|  Waterstone Financial, Inc.  | 18875  | 325405  |
|  |  | 3497394  |
|  TOTAL FINANCIALS  |  | 48504214  |
| HEALTH CARE - 16.6%  |  |  |
| Biotechnology - 7.3%  |  |  |
|  2seventy bio, Inc. (a)  | 16617  | 155701  |
|  Adverum Biotechnologies, Inc. (a)  | 95044  | 55078  |
|  Affimed NV (a)  | 44681  | 55404  |
|  Agios Pharmaceuticals, Inc. (a)  | 1047  | 29400  |
|  Akebia Therapeutics, Inc. (a)  | 216942  | 125176  |
|  Akero Therapeutics, Inc. (a)(b)  | 6702  | 367270  |
|  Albireo Pharma, Inc. (a)(b)  | 4000  | 86440  |
|  Alector, Inc. (a)  | 24426  | 225452  |
|  Alkermes PLC (a)  | 28883  | 754713  |
|  Allakos, Inc. (a)  | 36544  | 307700  |
|  Amicus Therapeutics, Inc. (a)  | 51620  | 630280  |
|  Anika Therapeutics, Inc. (a)  | 4450  | 131720  |
|  Apellis Pharmaceuticals, Inc. (a)  | 9374  | 484730  |
|  Arbutus Biopharma Corp. (a)(b)  | 57393  | 133726  |
|  Arcellx, Inc.  | 3623  | 112241  |
|  Arcturus Therapeutics Holdings, Inc. (a)  | 11835  | 200722  |
|  Arcus Biosciences, Inc. (a)  | 1968  | 40698  |
|  Arrowhead Pharmaceuticals, Inc. (a)  | 8272  | 335512  |
|  Ars Pharmaceuticals, Inc. (a)  | 11442  | 97600  |
|  Assembly Biosciences, Inc. (a)(b)  | 48169  | 62620  |
|  Atara Biotherapeutics, Inc. (a)  | 45179  | 148187  |
|  Atreca, Inc. (a)(b)  | 38927  | 31165  |
|  Beam Therapeutics, Inc. (a)(b)  | 5388  | 210725  |
|  BioCryst Pharmaceuticals, Inc. (a)  | 18515  | 212552  |
|  Biohaven Ltd. (a)  | 18286  | 253810  |
|  bluebird bio, Inc. (a)(b)  | 36759  | 254372  |
|  Blueprint Medicines Corp. (a)  | 5249  | 229959  |
|  Bolt Biotherapeutics, Inc. (a)(b)  | 27696  | 36005  |
|  BridgeBio Pharma, Inc. (a)  | 32538  | 247940  |
|  C4 Therapeutics, Inc. (a)(b)  | 18343  | 108224  |
|  CareDx, Inc. (a)  | 14594  | 166518  |
|  Catalyst Pharmaceutical Partners, Inc. (a)  | 3851  | 71629  |
|  Cogent Biosciences, Inc. (a)  | 15733  | 181873  |
|  Coherus BioSciences, Inc. (a)(b)  | 24107  | 190927  |
|  Corbus Pharmaceuticals Holdings, Inc. (a)(b)  | 135883  | 15015  |
|  Cytokinetics, Inc. (a)  | 7654  | 350706  |
|  CytomX Therapeutics, Inc. (a)(b)  | 58459  | 93534  |
|  Deciphera Pharmaceuticals, Inc. (a)  | 25379  | 415962  |
|  Denali Therapeutics, Inc. (a)  | 7956  | 221256  |
|  Editas Medicine, Inc. (a)(b)  | 18635  | 165292  |
|  Eiger Biopharmaceuticals, Inc. (a)  | 8522  | 10056  |
|  Emergent BioSolutions, Inc. (a)  | 13463  | 158998  |
|  Fate Therapeutics, Inc. (a)(b)  | 5261  | 53083  |
|  FibroGen, Inc. (a)  | 4288  | 68694  |
|  Fortress Biotech, Inc. (a)  | 29605  | 19391  |
|  Gossamer Bio, Inc. (a)  | 19524  | 42367  |
|  Gritstone Bio, Inc. (a)(b)  | 42382  | 146218  |
|  Gt Biopharma, Inc. (a)(b)  | 17977  | 16073  |
|  Halozyme Therapeutics, Inc. (a)  | 14677  | 835121  |
|  Heron Therapeutics, Inc. (a)(b)  | 47386  | 118465  |
|  Homology Medicines, Inc. (a)  | 22439  | 28273  |
|  ImmunoGen, Inc. (a)  | 73852  | 366306  |
|  Infinity Pharmaceuticals, Inc. (a)  | 92615  | 51401  |
|  Inhibrx, Inc. (a)(b)  | 8583  | 211485  |
|  Insmed, Inc. (a)  | 25432  | 508131  |
|  Intellia Therapeutics, Inc. (a)  | 12837  | 447883  |
|  Intercept Pharmaceuticals, Inc. (a)(b)  | 15411  | 190634  |
|  Ironwood Pharmaceuticals, Inc. Class A (a)  | 4120  | 51047  |
|  Iveric Bio, Inc. (a)  | 22327  | 478021  |
|  Jounce Therapeutics, Inc. (a)  | 24419  | 27105  |
|  Kalvista Pharmaceuticals, Inc. (a)  | 23000  | 155480  |
|  Karuna Therapeutics, Inc. (a)  | 3888  | 763992  |
|  Karyopharm Therapeutics, Inc. (a)(b)  | 39121  | 133011  |
|  Kezar Life Sciences, Inc. (a)(b)  | 29355  | 206659  |
|  Kiniksa Pharmaceuticals Ltd. (a)  | 18327  | 274538  |
|  Kodiak Sciences, Inc. (a)  | 20593  | 147446  |
|  Krystal Biotech, Inc. (a)  | 920  | 72882  |
|  Kura Oncology, Inc. (a)  | 13165  | 163378  |
|  Madrigal Pharmaceuticals, Inc. (a)  | 3647  | 1058542  |
|  MiMedx Group, Inc. (a)  | 19565  | 54391  |
|  Mustang Bio, Inc. (a)(b)  | 38177  | 15076  |
|  Myriad Genetics, Inc. (a)  | 948  | 13755  |
|  Natera, Inc. (a)  | 3593  | 144331  |
|  Nurix Therapeutics, Inc. (a)  | 10534  | 115663  |
|  Oncternal Therapeutics, Inc. rights (a)(b)(c)  | 466  | 0  |
|  ORIC Pharmaceuticals, Inc. (a)  | 48226  | 284051  |
|  Ovid Therapeutics, Inc. (a)(b)  | 32292  | 60063  |
|  Passage Bio, Inc. (a)  | 21054  | 29055  |
|  Pieris Pharmaceuticals, Inc. (a)(b)  | 44332  | 46105  |
|  Precigen, Inc. (a)(b)  | 69772  | 106053  |
|  Prometheus Biosciences, Inc. (a)  | 7461  | 820710  |
|  Protagonist Therapeutics, Inc. (a)  | 21764  | 237445  |
|  Prothena Corp. PLC (a)  | 7688  | 463202  |
|  PTC Therapeutics, Inc. (a)  | 13379  | 510676  |
|  Puma Biotechnology, Inc. (a)  | 22568  | 95463  |
|  RAPT Therapeutics, Inc. (a)  | 4733  | 93713  |
|  Recursion Pharmaceuticals, Inc. (a)  | 5303  | 40886  |
|  REGENXBIO, Inc. (a)  | 10853  | 246146  |
|  Relay Therapeutics, Inc. (a)  | 9505  | 142005  |
|  Replimune Group, Inc. (a)  | 8329  | 226549  |
|  Revolution Medicines, Inc. (a)  | 2991  | 71246  |
|  Rigel Pharmaceuticals, Inc. (a)  | 67503  | 101255  |
|  Rocket Pharmaceuticals, Inc. (a)  | 12007  | 234977  |
|  Sage Therapeutics, Inc. (a)  | 2509  | 95693  |
|  Sangamo Therapeutics, Inc. (a)  | 41072  | 128966  |
|  Selecta Biosciences, Inc. (a)(b)  | 46724  | 52798  |
|  Seres Therapeutics, Inc. (a)  | 34293  | 192041  |
|  Sesen Bio, Inc. (a)  | 165842  | 101081  |
|  Surface Oncology, Inc. (a)  | 32938  | 27009  |
|  Sutro Biopharma, Inc. (a)  | 27300  | 220584  |
|  Syndax Pharmaceuticals, Inc. (a)  | 14127  | 359532  |
|  TCR2 Therapeutics, Inc. (a)  | 36076  | 36033  |
|  Travere Therapeutics, Inc. (a)  | 3161  | 66476  |
|  Twist Bioscience Corp. (a)  | 10576  | 251815  |
|  Vanda Pharmaceuticals, Inc. (a)  | 25876  | 191224  |
|  Vaxcyte, Inc. (a)  | 10792  | 517476  |
|  Veracyte, Inc. (a)  | 15515  | 368171  |
|  Vir Biotechnology, Inc. (a)  | 16002  | 405011  |
|  Voyager Therapeutics, Inc. (a)(b)  | 24687  | 150591  |
|  Xbiotech, Inc. (a)  | 7080  | 24851  |
|  Xencor, Inc. (a)  | 12237  | 318651  |
|  Zentalis Pharmaceuticals, Inc. (a)  | 10807  | 217653  |
|  |  | 22680986  |
| Health Care Equipment & Supplies - 4.1%  |  |  |
|  Accuray, Inc. (a)(b)  | 201263  | 420640  |
|  Artivion, Inc. (a)  | 26476  | 320889  |
|  Atricure, Inc. (a)  | 20820  | 923992  |
|  Avanos Medical, Inc. (a)  | 42027  | 1137251  |
|  Cardiovascular Systems, Inc. (a)  | 10045  | 136813  |
|  Cerus Corp. (a)  | 193725  | 707096  |
|  Embecta Corp.  | 7592  | 192002  |
|  Figs, Inc. Class A (a)(b)  | 121279  | 816208  |
|  Inari Medical, Inc. (a)  | 5281  | 335660  |
|  Inspire Medical Systems, Inc. (a)  | 6045  | 1522615  |
|  Invacare Corp. (a)(b)  | 43581  | 18304  |
|  IRadimed Corp.  | 3035  | 85860  |
|  Lantheus Holdings, Inc. (a)  | 2414  | 123017  |
|  LivaNova PLC (a)  | 1017  | 56484  |
|  Merit Medical Systems, Inc. (a)  | 1369  | 96679  |
|  Neogen Corp. (a)  | 48445  | 737817  |
|  Novocure Ltd. (a)  | 2820  | 206847  |
|  NuVasive, Inc. (a)  | 25236  | 1040733  |
|  Orthofix International NV (a)  | 11785  | 241946  |
|  Shockwave Medical, Inc. (a)  | 8758  | 1800732  |
|  Staar Surgical Co. (a)  | 11377  | 552240  |
|  SurModics, Inc. (a)  | 25353  | 865044  |
|  Tactile Systems Technology, Inc. (a)  | 14452  | 165909  |
|  Zimvie, Inc. (a)(b)  | 24072  | 224832  |
|  |  | 12729610  |
| Health Care Providers & Services - 2.3%  |  |  |
|  1Life Healthcare, Inc. (a)  | 5299  | 88546  |
|  23andMe Holding Co. Class A (a)(b)  | 53758  | 116117  |
|  Addus HomeCare Corp. (a)  | 2871  | 285636  |
|  AMN Healthcare Services, Inc. (a)  | 7042  | 724058  |
|  DocGo, Inc. Class A (a)(b)  | 70441  | 498018  |
|  Hims & Hers Health, Inc. (a)(b)  | 153614  | 984666  |
|  Invitae Corp. (a)(b)  | 96690  | 179843  |
|  LHC Group, Inc. (a)  | 1827  | 295408  |
|  National Healthcare Corp.  | 14244  | 847518  |
|  Option Care Health, Inc. (a)  | 64524  | 1941527  |
|  Privia Health Group, Inc. (a)  | 4603  | 104534  |
|  The Ensign Group, Inc.  | 10191  | 964171  |
|  |  | 7030042  |
| Health Care Technology - 0.8%  |  |  |
|  Computer Programs & Systems, Inc. (a)  | 7816  | 212752  |
|  Health Catalyst, Inc. (a)  | 41904  | 445440  |
|  HealthStream, Inc. (a)  | 15127  | 375755  |
|  Nextgen Healthcare, Inc. (a)  | 52325  | 982664  |
|  Phreesia, Inc. (a)  | 17433  | 564132  |
|  |  | 2580743  |
| Life Sciences Tools & Services - 0.8%  |  |  |
|  AbCellera Biologics, Inc. (a)(b)  | 18888  | 191335  |
|  Adaptive Biotechnologies Corp. (a)  | 28752  | 219665  |
|  Berkeley Lights, Inc. (a)  | 31654  | 84833  |
|  Codexis, Inc. (a)  | 29133  | 135760  |
|  Cytek Biosciences, Inc. (a)  | 5627  | 57452  |
|  Medpace Holdings, Inc. (a)  | 4756  | 1010222  |
|  Nanostring Technologies, Inc. (a)  | 18541  | 147772  |
|  Pacific Biosciences of California, Inc. (a)(b)  | 42510  | 347732  |
|  Quanterix Corp. (a)  | 23985  | 332192  |
|  |  | 2526963  |
| Pharmaceuticals - 1.3%  |  |  |
|  Aclaris Therapeutics, Inc. (a)  | 10708  | 168651  |
|  Amneal Pharmaceuticals, Inc. (a)  | 42303  | 84183  |
|  Amphastar Pharmaceuticals, Inc. (a)  | 9800  | 274596  |
|  Amylyx Pharmaceuticals, Inc.  | 2410  | 89050  |
|  Arvinas Holding Co. LLC (a)  | 8454  | 289211  |
|  Atea Pharmaceuticals, Inc. (a)  | 21416  | 103011  |
|  Axsome Therapeutics, Inc. (a)(b)  | 2282  | 176011  |
|  Cassava Sciences, Inc. (a)(b)  | 1146  | 33853  |
|  Corcept Therapeutics, Inc. (a)  | 6184  | 125597  |
|  Esperion Therapeutics, Inc. (a)(b)  | 31482  | 196133  |
|  Intra-Cellular Therapies, Inc. (a)  | 9736  | 515229  |
|  Nektar Therapeutics (a)  | 38600  | 87236  |
|  NGM Biopharmaceuticals, Inc. (a)  | 15944  | 80039  |
|  Odonate Therapeutics, Inc. (a)(b)  | 39639  | 69368  |
|  Oramed Pharmaceuticals, Inc. (a)(b)  | 13237  | 159241  |
|  Pacira Biosciences, Inc. (a)  | 3659  | 141274  |
|  Prestige Brands Holdings, Inc. (a)  | 10847  | 679022  |
|  Relmada Therapeutics, Inc. (a)  | 29525  | 103042  |
|  Revance Therapeutics, Inc. (a)  | 3553  | 65588  |
|  Supernus Pharmaceuticals, Inc. (a)  | 2182  | 77832  |
|  Theravance Biopharma, Inc. (a)  | 25940  | 291047  |
|  WAVE Life Sciences (a)  | 22804  | 159628  |
|  |  | 3968842  |
|  TOTAL HEALTH CARE  |  | 51517186  |
| INDUSTRIALS - 15.0%  |  |  |
| Aerospace & Defense - 0.8%  |  |  |
|  Aerojet Rocketdyne Holdings, Inc. (a)  | 2176  | 121704  |
|  Astronics Corp. (a)  | 26142  | 269263  |
|  Maxar Technologies, Inc.  | 3873  | 200389  |
|  Parsons Corp. (a)  | 38475  | 1779469  |
|  |  | 2370825  |
| Air Freight & Logistics - 0.6%  |  |  |
|  Atlas Air Worldwide Holdings, Inc. (a)  | 708  | 71366  |
|  Forward Air Corp.  | 11190  | 1173719  |
|  Hub Group, Inc. Class A (a)  | 8362  | 664695  |
|  |  | 1909780  |
| Airlines - 0.1%  |  |  |
|  Mesa Air Group, Inc. (a)  | 47931  | 73334  |
|  SkyWest, Inc. (a)  | 16514  | 272646  |
|  |  | 345980  |
| Building Products - 1.1%  |  |  |
|  Apogee Enterprises, Inc.  | 18522  | 823488  |
|  Janus International Group, Inc. (a)  | 11434  | 108852  |
|  Jeld-Wen Holding, Inc. (a)  | 21256  | 205120  |
|  Masonite International Corp. (a)  | 11945  | 962886  |
|  PGT Innovations, Inc. (a)  | 12003  | 215574  |
|  Resideo Technologies, Inc. (a)  | 40826  | 671588  |
|  UFP Industries, Inc.  | 5045  | 399816  |
|  |  | 3387324  |
| Commercial Services & Supplies - 1.5%  |  |  |
|  ABM Industries, Inc.  | 27854  | 1237275  |
|  Brady Corp. Class A  | 2418  | 113888  |
|  Cimpress PLC (a)  | 10515  | 290319  |
|  CoreCivic, Inc. (a)  | 8100  | 93636  |
|  HNI Corp.  | 1452  | 41280  |
|  Kimball International, Inc. Class B  | 33345  | 216743  |
|  The Brink's Co.  | 32728  | 1757821  |
|  The GEO Group, Inc. (a)  | 85810  | 939620  |
|  |  | 4690582  |
| Construction & Engineering - 2.3%  |  |  |
|  API Group Corp. (a)  | 57955  | 1090134  |
|  Arcosa, Inc.  | 6433  | 349569  |
|  Comfort Systems U.S.A., Inc.  | 17662  | 2032543  |
|  EMCOR Group, Inc.  | 15128  | 2240608  |
|  MYR Group, Inc. (a)  | 15778  | 1452680  |
|  |  | 7165534  |
| Electrical Equipment - 2.5%  |  |  |
|  Atkore, Inc. (a)  | 19445  | 2205452  |
|  AZZ, Inc.  | 21123  | 849145  |
|  Encore Wire Corp. (b)  | 9125  | 1255235  |
|  EnerSys  | 8751  | 646174  |
|  Enovix Corp. (a)(b)  | 30796  | 383102  |
|  GrafTech International Ltd.  | 23100  | 109956  |
|  Preformed Line Products Co.  | 7515  | 625924  |
|  Regal Rexnord Corp.  | 9108  | 1092778  |
|  SunPower Corp. (a)(b)  | 8367  | 150857  |
|  Vicor Corp. (a)  | 6029  | 324059  |
|  |  | 7642682  |
| Machinery - 2.1%  |  |  |
|  Alamo Group, Inc.  | 629  | 89066  |
|  Altra Industrial Motion Corp.  | 3284  | 196219  |
|  Barnes Group, Inc.  | 22731  | 928561  |
|  Energy Recovery, Inc. (a)  | 2561  | 52475  |
|  Enerpac Tool Group Corp. Class A  | 6700  | 170515  |
|  Gorman-Rupp Co.  | 3702  | 94845  |
|  Hillenbrand, Inc.  | 12956  | 552833  |
|  Hurco Companies, Inc.  | 10939  | 285836  |
|  Hyster-Yale Materials Handling, Inc. Class A  | 9198  | 232801  |
|  L.B. Foster Co. Class A (a)  | 3644  | 35274  |
|  Mueller Industries, Inc.  | 17749  | 1047191  |
|  Proto Labs, Inc. (a)  | 19301  | 492755  |
|  Tennant Co.  | 2721  | 167532  |
|  Watts Water Technologies, Inc. Class A  | 14824  | 2167714  |
|  |  | 6513617  |
| Marine - 0.2%  |  |  |
|  Matson, Inc.  | 8610  | 538211  |
|  Safe Bulkers, Inc.  | 69594  | 202519  |
|  |  | 740730  |
| Professional Services - 1.3%  |  |  |
|  ASGN, Inc. (a)  | 195  | 15889  |
|  CRA International, Inc.  | 5640  | 690505  |
|  Heidrick & Struggles International, Inc.  | 16488  | 461169  |
|  Kforce, Inc.  | 14593  | 800134  |
|  Resources Connection, Inc.  | 3282  | 60323  |
|  TriNet Group, Inc. (a)  | 14989  | 1016254  |
|  TrueBlue, Inc. (a)  | 16902  | 330941  |
|  Upwork, Inc. (a)  | 58312  | 608777  |
|  |  | 3983992  |
| Road & Rail - 0.5%  |  |  |
|  ArcBest Corp.  | 3332  | 233373  |
|  Marten Transport Ltd.  | 41746  | 825736  |
|  Werner Enterprises, Inc. (b)  | 7610  | 306379  |
|  |  | 1365488  |
| Trading Companies & Distributors - 2.0%  |  |  |
|  Applied Industrial Technologies, Inc.  | 7539  | 950140  |
|  Global Industrial Co.  | 21803  | 513025  |
|  GMS, Inc. (a)  | 27851  | 1386980  |
|  H&E Equipment Services, Inc.  | 12922  | 586659  |
|  Rush Enterprises, Inc. Class A  | 17215  | 900000  |
|  Titan Machinery, Inc. (a)  | 42789  | 1700007  |
|  Transcat, Inc. (a)  | 1500  | 106305  |
|  Veritiv Corp.  | 1318  | 160414  |
|  |  | 6303530  |
|  TOTAL INDUSTRIALS  |  | 46420064  |
| INFORMATION TECHNOLOGY - 14.1%  |  |  |
| Communications Equipment - 1.1%  |  |  |
|  CommScope Holding Co., Inc. (a)  | 137948  | 1013918  |
|  Digi International, Inc. (a)  | 5263  | 192363  |
|  Extreme Networks, Inc. (a)  | 87020  | 1593336  |
|  Harmonic, Inc. (a)  | 52365  | 685982  |
|  |  | 3485599  |
| Electronic Equipment & Components - 2.7%  |  |  |
|  Belden, Inc.  | 27373  | 1968119  |
|  Benchmark Electronics, Inc.  | 37682  | 1005733  |
|  Daktronics, Inc. (a)  | 11995  | 33826  |
|  Fabrinet (a)  | 18234  | 2337963  |
|  Kimball Electronics, Inc. (a)  | 38731  | 874933  |
|  PC Connection, Inc.  | 10939  | 513039  |
|  Sanmina Corp. (a)  | 19722  | 1129873  |
|  ScanSource, Inc. (a)  | 11166  | 326271  |
|  TTM Technologies, Inc. (a)  | 15810  | 238415  |
|  |  | 8428172  |
| IT Services - 1.7%  |  |  |
|  AvidXchange Holdings, Inc. (a)  | 21475  | 213462  |
|  Conduent, Inc. (a)  | 86761  | 351382  |
|  CSG Systems International, Inc.  | 21801  | 1247017  |
|  ExlService Holdings, Inc. (a)  | 13008  | 2203945  |
|  Grid Dynamics Holdings, Inc. (a)  | 8425  | 94529  |
|  Marqeta, Inc. Class A (a)  | 120632  | 737062  |
|  Maximus, Inc.  | 2243  | 164479  |
|  Paysafe Ltd. (a)  | 13786  | 191488  |
|  Remitly Global, Inc. (a)  | 18674  | 213817  |
|  |  | 5417181  |
| Semiconductors & Semiconductor Equipment - 1.8%  |  |  |
|  Diodes, Inc. (a)  | 17938  | 1365799  |
|  Impinj, Inc. (a)  | 11786  | 1286795  |
|  Lattice Semiconductor Corp. (a)  | 22938  | 1488217  |
|  MACOM Technology Solutions Holdings, Inc. (a)  | 5082  | 320064  |
|  MaxLinear, Inc. Class A (a)  | 3148  | 106875  |
|  PDF Solutions, Inc. (a)  | 2239  | 63856  |
|  Photronics, Inc. (a)  | 14796  | 249017  |
|  Semtech Corp. (a)  | 26424  | 758105  |
|  |  | 5638728  |
| Software - 6.2%  |  |  |
|  Agilysys, Inc. (a)  | 16126  | 1276212  |
|  Box, Inc. Class A (a)  | 74293  | 2312741  |
|  CommVault Systems, Inc. (a)  | 29879  | 1877596  |
|  Couchbase, Inc. (a)  | 9107  | 120759  |
|  Domo, Inc. Class B (a)  | 94634  | 1347588  |
|  Liveramp Holdings, Inc. (a)  | 78811  | 1847330  |
|  Momentive Global, Inc. (a)  | 41679  | 291753  |
|  Pagerduty, Inc. (a)  | 9766  | 259385  |
|  PowerSchool Holdings, Inc. (a)  | 6763  | 156090  |
|  Progress Software Corp.  | 18970  | 957037  |
|  PROS Holdings, Inc. (a)  | 7170  | 173944  |
|  Q2 Holdings, Inc. (a)  | 33756  | 907024  |
|  Qualys, Inc. (a)  | 13334  | 1496475  |
|  SecureWorks Corp. (a)  | 18453  | 117915  |
|  Sprout Social, Inc. (a)  | 18296  | 1032992  |
|  SPS Commerce, Inc. (a)  | 16337  | 2098161  |
|  Tenable Holdings, Inc. (a)  | 34441  | 1313924  |
|  Upland Software, Inc. (a)  | 19729  | 140668  |
|  Yext, Inc. (a)  | 143331  | 935951  |
|  Zuora, Inc. (a)  | 66460  | 422686  |
|  |  | 19086231  |
| Technology Hardware, Storage & Peripherals - 0.6%  |  |  |
|  Diebold Nixdorf, Inc. (a)(b)  | 43800  | 62196  |
|  Super Micro Computer, Inc. (a)  | 20434  | 1677631  |
|  |  | 1739827  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 43795738  |
| MATERIALS - 4.0%  |  |  |
| Chemicals - 1.5%  |  |  |
|  AdvanSix, Inc.  | 13333  | 506921  |
|  American Vanguard Corp.  | 27688  | 601106  |
|  Cabot Corp.  | 4656  | 311207  |
|  Ecovyst, Inc. (a)  | 88972  | 788292  |
|  FutureFuel Corp.  | 25866  | 210291  |
|  Hawkins, Inc.  | 1200  | 46320  |
|  Innospec, Inc.  | 4499  | 462767  |
|  Mativ, Inc.  | 12166  | 254269  |
|  Rayonier Advanced Materials, Inc. (a)  | 30737  | 295075  |
|  Sensient Technologies Corp.  | 3793  | 276586  |
|  Stepan Co.  | 9478  | 1009028  |
|  |  | 4761862  |
| Containers & Packaging - 0.6%  |  |  |
|  Greif, Inc. Class A  | 2643  | 177240  |
|  Myers Industries, Inc.  | 68676  | 1526667  |
|  |  | 1703907  |
| Metals & Mining - 1.4%  |  |  |
|  ATI, Inc. (a)  | 18133  | 541451  |
|  Commercial Metals Co.  | 49742  | 2402531  |
|  Constellium NV (a)  | 2550  | 30167  |
|  Materion Corp.  | 1488  | 130215  |
|  Olympic Steel, Inc.  | 11168  | 375021  |
|  Ryerson Holding Corp.  | 5830  | 176416  |
|  SunCoke Energy, Inc.  | 89330  | 770918  |
|  |  | 4426719  |
| Paper & Forest Products - 0.5%  |  |  |
|  Clearwater Paper Corp. (a)  | 5290  | 200015  |
|  Sylvamo Corp.  | 25598  | 1243807  |
|  |  | 1443822  |
|  TOTAL MATERIALS  |  | 12336310  |
| REAL ESTATE - 5.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 5.0%  |  |  |
|  Alexanders, Inc.  | 1050  | 231063  |
|  American Assets Trust, Inc.  | 61053  | 1617905  |
|  Apple Hospitality (REIT), Inc. (b)  | 22867  | 360841  |
|  Ashford Hospitality Trust, Inc. (a)  | 57280  | 256042  |
|  CareTrust (REIT), Inc.  | 34439  | 639877  |
|  Chatham Lodging Trust  | 7951  | 97559  |
|  Community Healthcare Trust, Inc.  | 1862  | 66660  |
|  EastGroup Properties, Inc.  | 7149  | 1058481  |
|  Empire State Realty Trust, Inc.  | 52374  | 353001  |
|  Equity Commonwealth  | 8137  | 203181  |
|  Essential Properties Realty Trust, Inc.  | 51122  | 1199833  |
|  Four Corners Property Trust, Inc.  | 10385  | 269283  |
|  Global Medical REIT, Inc. (b)  | 59857  | 567444  |
|  Global Net Lease, Inc. (b)  | 89994  | 1131225  |
|  Kite Realty Group Trust  | 42643  | 897635  |
|  National Storage Affiliates Trust  | 40079  | 1447653  |
|  Necessity Retail (REIT), Inc./The  | 73088  | 433412  |
|  Outfront Media, Inc.  | 40984  | 679515  |
|  Piedmont Office Realty Trust, Inc. Class A  | 110361  | 1012010  |
|  Retail Opportunity Investments Corp.  | 28807  | 432969  |
|  RLJ Lodging Trust  | 20508  | 217180  |
|  SITE Centers Corp.  | 35923  | 490708  |
|  Summit Hotel Properties, Inc.  | 19988  | 144313  |
|  Terreno Realty Corp.  | 20714  | 1178005  |
|  Universal Health Realty Income Trust (SBI)  | 8508  | 406087  |
|  |  | 15391882  |
| Real Estate Management & Development - 0.1%  |  |  |
|  Anywhere Real Estate, Inc. (a)  | 16687  | 106630  |
|  Marcus & Millichap, Inc.  | 3869  | 133287  |
|  |  | 239917  |
|  TOTAL REAL ESTATE  |  | 15631799  |
| UTILITIES - 2.2%  |  |  |
| Electric Utilities - 1.1%  |  |  |
|  Allete, Inc.  | 8420  | 543174  |
|  MGE Energy, Inc.  | 6640  | 467456  |
|  Otter Tail Corp.  | 14810  | 869495  |
|  PNM Resources, Inc.  | 3080  | 150273  |
|  Portland General Electric Co.  | 24436  | 1197364  |
|  |  | 3227762  |
| Gas Utilities - 0.2%  |  |  |
|  Brookfield Infrastructure Corp. A Shares  | 7563  | 294201  |
|  Chesapeake Utilities Corp.  | 652  | 77053  |
|  South Jersey Industries, Inc.  | 3005  | 106768  |
|  |  | 478022  |
| Independent Power and Renewable Electricity Producers - 0.8%  |  |  |
|  Altus Power, Inc. Class A (a)  | 27070  | 176496  |
|  Clearway Energy, Inc.:  |  |  |
|  Class A  | 34990  | 1046901  |
|  Class C  | 23881  | 761087  |
|  Montauk Renewables, Inc. (a)(b)  | 5401  | 59573  |
|  Ormat Technologies, Inc.  | 1529  | 132228  |
|  Sunnova Energy International, Inc. (a)(b)  | 23885  | 430169  |
|  |  | 2606454  |
| Water Utilities - 0.1%  |  |  |
|  American States Water Co.  | 3850  | 356318  |
|  TOTAL UTILITIES  |  | 6668556  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $299,306,716)  |  | <br> **301929958**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 8.3%**  | &nbsp;&nbsp; **Money Market Funds - 8.3%**  | &nbsp;&nbsp; **Money Market Funds - 8.3%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (d)  | 7103967  | 7105388  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (d)(e)  | 18736229  | 18738102  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $25,843,490)  |  | **25843490**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.8%** <br> (Cost $325,150,206) <br>| <br>**327773448**  |
| **NET OTHER ASSETS (LIABILITIES) - (5.8)%**  | **(17980704)**  |
| **NET ASSETS - 100.0%**  | **309792744**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| CME E-mini Russell 2000 Index Contracts (United States)  | 80  | Mar 2023  | 7083600  | (151962)  | (151962)  |
| The notional amount of futures purchased as a percentage of Net Assets is 2.3%  | The notional amount of futures purchased as a percentage of Net Assets is 2.3%  | The notional amount of futures purchased as a percentage of Net Assets is 2.3%  | The notional amount of futures purchased as a percentage of Net Assets is 2.3%  | The notional amount of futures purchased as a percentage of Net Assets is 2.3%  | The notional amount of futures purchased as a percentage of Net Assets is 2.3%  |

---

**Legend**

(a) Non-income producing

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

(c) Level 3 security

(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) 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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 6073355  | 58795846  | 57763813  | 129176  | -  | -  | 7105388  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 55595009  | 152092043  | 188948950  | 72933  | -  | -  | 18738102  | 0.1%  |
| Total  | 61668364  | 210887889  | 246712763  | 202109  | -  | -  | 25843490  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 9745364  | 9745364  | -  | -  |
| Consumer Discretionary  | 32516516  | 32516516  | -  | -  |
| Consumer Staples  | 12514856  | 12514856  | -  | -  |
| Energy  | 22279355  | 22279355  | -  | -  |
| Financials  | 48504214  | 48504214  | -  | -  |
| Health Care  | 51517186  | 51517186  | -  | -  |
| Industrials  | 46420064  | 46420064  | -  | -  |
| Information Technology  | 43795738  | 43795738  | -  | -  |
| Materials  | 12336310  | 12336310  | -  | -  |
| Real Estate  | 15631799  | 15631799  | -  | -  |
| Utilities  | 6668556  | 6668556  | -  | -  |
|  Money Market Funds  | 25843490  | 25843490  | -  | -  |
| **Total Investments in Securities:**  | 327773448  | 327773448  | -  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (151962)  | (151962)  | -  | -  |
| Total Liabilities  | (151962)  | (151962)  | -  | -  |
| **Total Derivative Instruments:**  | (151962)  | (151962)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (151962)  |
| **Total Equity Risk**  | 0  | (151962)  |
| **Total Value of Derivatives**  | 0  | (151962)  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,994,259) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $299,306,716)  | 301929958  |  |
|  Fidelity Central Funds (cost $25,843,490)  | 25843490  |  |
|  Total Investment in Securities (cost $325,150,206)  |  | $327773448  |
|  Segregated cash with brokers for derivative instruments  |  | 458200  |
|  Receivable for fund shares sold  |  | 115605  |
|  Dividends receivable  |  | 371433  |
|  Distributions receivable from Fidelity Central Funds  |  | 32056  |
|  Prepaid expenses  |  | 361  |
| Other receivables  |  | 2188  |
| **Total assets**  |  | 328753291  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $12067  |  |
|  Accrued management fee  | 94632  |  |
|  Distribution and service plan fees payable  | 3909  |  |
|  Payable for daily variation margin on futures contracts  | 24507  |  |
|  Other affiliated payables  | 43015  |  |
|  Other payables and accrued expenses  | 47476  |  |
|  Collateral on securities loaned  | 18734941  |  |
| **Total Liabilities**  |  | 18960547  |
| **Net Assets**  |  | $309792744  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $328274610  |
|  Total accumulated earnings (loss)  |  | (18481866)  |
|  **Net Assets**  |  | $309792744  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($25,328,680 ÷ 1,859,696 shares)  |  | $13.62  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($201,460 ÷ 14,729 shares)  |  | $13.68  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($18,360,470 ÷ 1,344,906 shares)  |  | $13.65  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($265,902,134 ÷ 19,641,391 shares)  |  | $13.54  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $4604532  |
| Income from Fidelity Central Funds (including $72,933 from security lending)  |  | 202109  |
| **Total Income**  |  | 4806641  |
|  **Expenses**  |  |  |
| Management fee  | $1221086  |  |
| Transfer agent fees  | 421128  |  |
| Distribution and service plan fees  | 46432  |  |
| Accounting fees  | 122437  |  |
| Custodian fees and expenses  | 17783  |  |
| Independent trustees' fees and expenses  | 1162  |  |
| Audit  | 51057  |  |
| Legal  | 7343  |  |
| Miscellaneous  | 1468  |  |
| Total expenses before reductions  | 1889896  |  |
| Expense reductions  | (439)  |  |
| Total expenses after reductions  |  | 1889457  |
| **Net Investment income (loss)**  |  | 2917184  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (16621607)  |  |
| Futures contracts  | (1802991)  |  |
| Total net realized gain (loss)  |  | (18424598)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (57257411)  |  |
| Futures contracts  | (421413)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (57678824)  |
| **Net gain (loss)**  |  | (76103422)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(73186238)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $2917184  | $1596615  |
| &nbsp;&nbsp; Net realized gain (loss)  | (18424598) <br>| 74543680 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (57678824)  | (13222869) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (73186238) <br>| 62917426 <br>|
| Distributions to shareholders  | (65774280) <br>| (8288609) <br>|
| Share transactions - net increase (decrease)  | 41245551 <br>| 58275616 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (97714967) <br>| 112904433 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 407507711  | 294603278 <br>|
| &nbsp;&nbsp; End of period  | $309792744  | $407507711  |

---

**Financial Highlights** 

 **VIP Disciplined Small Cap Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.38  | $17.27  | $14.68  | $13.07  | $16.86  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .14  | .10  | .10  | .15  | .14  |
| Net realized and unrealized gain (loss)  | (3.56)  | 3.44  | 2.60  | 2.81  | (2.20)  |
| Total from investment operations  | (3.42)  | 3.54  | 2.70  | 2.96  | (2.06)  |
| Distributions from net investment income  | (.13)  | (.08)  | (.11)  | (.14)  | (.14)  |
| Distributions from net realized gain  | (3.21)  | (.35)  | -  | (1.21)  | (1.59)  |
| Total distributions  | (3.34)  | (.43)  | (.11)  | (1.35)  | (1.73)  |
| Net asset value, end of period  | $13.62  | $20.38  | $17.27  | $14.68  | $13.07  |
| **Total Return** <sup>C,D</sup>  | (18.23)%  | 20.66%  | 18.45%  | 23.71%  | (13.08)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .49%  | .57%  | .60%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .49%  | .57%  | .60%  | .59%  | .60%  |
| Expenses net of all reductions  | .49%  | .57%  | .60%  | .59%  | .60%  |
| Net investment income (loss)  | .96%  | .48%  | .77%  | 1.05%  | .90%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $25329  | $30964  | $23919  | $23600  | $24285  |
| Portfolio turnover rate <sup>G</sup>  | 102%  | 92%  | 57%  | 77%  | 103%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Disciplined Small Cap Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.45  | $17.33  | $14.74  | $13.12  | $16.91  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .13  | .08  | .09  | .13  | .13  |
| Net realized and unrealized gain (loss)  | (3.58)  | 3.46  | 2.59  | 2.83  | (2.21)  |
| Total from investment operations  | (3.45)  | 3.54  | 2.68  | 2.96  | (2.08)  |
| Distributions from net investment income  | (.11)  | (.06)  | (.09)  | (.13)  | (.12)  |
| Distributions from net realized gain  | (3.21)  | (.35)  | -  | (1.21)  | (1.59)  |
| Total distributions  | (3.32)  | (.42) <sup>C</sup>  | (.09)  | (1.34)  | (1.71)  |
| Net asset value, end of period  | $13.68  | $20.45  | $17.33  | $14.74  | $13.12  |
| **Total Return** <sup>D,E</sup>  | (18.30)%  | 20.53%  | 18.28%  | 23.59%  | (13.13)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .59%  | .67%  | .70%  | .69%  | .70%  |
| Expenses net of fee waivers, if any  | .59%  | .67%  | .70%  | .69%  | .70%  |
| Expenses net of all reductions  | .59%  | .67%  | .70%  | .69%  | .70%  |
| Net investment income (loss)  | .86%  | .38%  | .67%  | .95%  | .80%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $201  | $301  | $255  | $217  | $193  |
| Portfolio turnover rate <sup>H</sup>  | 102%  | 92%  | 57%  | 77%  | 103%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Disciplined Small Cap Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.42  | $17.30  | $14.72  | $13.11  | $16.90  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .10  | .05  | .07  | .11  | .10  |
| Net realized and unrealized gain (loss)  | (3.57)  | 3.46  | 2.59  | 2.82  | (2.20)  |
| Total from investment operations  | (3.47)  | 3.51  | 2.66  | 2.93  | (2.10)  |
| Distributions from net investment income  | (.09)  | (.03)  | (.08)  | (.11)  | (.10)  |
| Distributions from net realized gain  | (3.21)  | (.35)  | -  | (1.21)  | (1.59)  |
| Total distributions  | (3.30)  | (.39) <sup>C</sup>  | (.08)  | (1.32)  | (1.69)  |
| Net asset value, end of period  | $13.65  | $20.42  | $17.30  | $14.72  | $13.11  |
| **Total Return** <sup>D,E</sup>  | (18.45)%  | 20.39%  | 18.12%  | 23.37%  | (13.29)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .74%  | .82%  | .85%  | .84%  | .85%  |
| Expenses net of fee waivers, if any  | .74%  | .82%  | .85%  | .84%  | .85%  |
| Expenses net of all reductions  | .74%  | .82%  | .85%  | .84%  | .85%  |
| Net investment income (loss)  | .71%  | .23%  | .52%  | .80%  | .65%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $18360  | $20389  | $13720  | $9767  | $6823  |
| Portfolio turnover rate <sup>H</sup>  | 102%  | 92%  | 57%  | 77%  | 103%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Disciplined Small Cap Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.28  | $17.18  | $14.61  | $13.02  | $16.79  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .13  | .08  | .09  | .13  | .13  |
| Net realized and unrealized gain (loss)  | (3.54)  | 3.44  | 2.58  | 2.80  | (2.19)  |
| Total from investment operations  | (3.41)  | 3.52  | 2.67  | 2.93  | (2.06)  |
| Distributions from net investment income  | (.12)  | (.07)  | (.10)  | (.13)  | (.12)  |
| Distributions from net realized gain  | (3.21)  | (.35)  | -  | (1.21)  | (1.59)  |
| Total distributions  | (3.33)  | (.42)  | (.10)  | (1.34)  | (1.71)  |
| Net asset value, end of period  | $13.54  | $20.28  | $17.18  | $14.61  | $13.02  |
| **Total Return** <sup>C,D</sup>  | (18.29)%  | 20.62%  | 18.33%  | 23.55%  | (13.09)%  |
| **Ratios to Average Net Assets** <sup>B,E,F</sup>  |  |  |  |  |  |
| Expenses before reductions  | .57%  | .65%  | .67%  | .67%  | .68%  |
| Expenses net of fee waivers, if any  | .57%  | .65%  | .67%  | .67%  | .68%  |
| Expenses net of all reductions  | .57%  | .65%  | .67%  | .67%  | .68%  |
| Net investment income (loss)  | .88%  | .41%  | .70%  | .97%  | .82%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $265902  | $355854  | $256709  | $234625  | $213119  |
| Portfolio turnover rate <sup>G</sup>  | 102%  | 92%  | 57%  | 77%  | 103%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>E</sup> *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.*

<sup>F</sup> *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.*

<sup>G</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Disciplined Small Cap Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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 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.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), capital loss carryforwards 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**  | $47227459  |
| **Gross unrealized depreciation**  | <u>(47744888)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(517429)</u>  |
| **Tax Cost**  | <u>$328290877</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$926421</u>  |
| **Capital loss carryforward**  | <u>$(18890860)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(517429)</u>  |

---

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

---

| | |
|:---|:---|
| Short-term  | $(18890860)  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $2557761  | $8288609  |
| **Long-term Capital Gains**  | <u>63216519</u>  | <u>-</u>  |
| **Total**  | <u>$65774280</u>  | <u>$8288609</u>  |

---

**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 unless an average notional amount is presented. 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 and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Disciplined Small Cap Portfolio**  | 333609181  | 354253215  |

---

**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 that is based on an annual rate of .36% of the Fund's average net assets. During January 2022 the Board approved a change in the management fee rate from .45% to .36% effective February 1, 2022. For the reporting period, the annualized management fee rate was .37% of the Fund's average net assets.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), served as sub-adviser for the Fund. Geode provided discretionary investment advisory services to the Fund and was paid by the investment adviser for providing these services. Effective after the close of business on March 18, 2022, Geode transitioned the management of assets and investment advisory services to the investment adviser.

**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**  | $216  |
| **Service Class 2**  | <u>46216</u>  |
|  | <u>$46432</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $17097  | .06  |
| **Service Class**  | 135  | .06  |
| **Service Class 2**  | 11548  | .06  |
| **Investor Class**  | <u>392348</u>  | <u>.14</u>  |
|  | <u>$421128</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Disciplined Small Cap Portfolio**  | .04  |

---

**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 Disciplined Small Cap Portfolio**  | $1368  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 Disciplined Small Cap Portfolio**  | 5553372  | 5731419  | (279303)  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Disciplined Small Cap Portfolio**  | $603  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Disciplined Small Cap Portfolio**  | $7114  | $714  | $34000  |

---

**9. 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 $439.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Disciplined Small Cap Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $5556350  | $660963  |
| Service Class  | 48910  | 6112  |
| Service Class 2  | 3286577  | 368516  |
| Investor Class  | <u>56882443</u>  | <u>7253018</u>  |
| Total  | <u>$65774280</u>  | <u>$8288609</u>  |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Disciplined Small Cap Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 350266  | 706632  | $5982816  | $13893373  |
| Reinvestment of distributions  | 369912  | 34146  | 5556350  | 660963  |
| Shares redeemed  | <u>(379820)</u>  | <u>(606605)</u>  | <u>(5515135)</u>  | <u>(12130182)</u>  |
| Net increase (decrease)  | <u>340358</u>  | <u>134173</u>  | <u>$6024031</u>  | <u>$2424154</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 430712  | 464561  | $6300442  | $9290971  |
| Reinvestment of distributions  | 218177  | 19001  | 3286577  | 368516  |
| Shares redeemed  | <u>(302486)</u>  | <u>(278018)</u>  | <u>(4424627)</u>  | <u>(5544190)</u>  |
| Net increase (decrease)  | <u>346403</u>  | <u>205544</u>  | <u>$5162392</u>  | <u>$4115297</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 949088  | 5121959  | $13765898  | $101819650  |
| Reinvestment of distributions  | 3809308  | 376468  | 56882443  | 7253018  |
| Shares redeemed  | <u>(2665369)</u>  | <u>(2888216)</u>  | <u>(40589213)</u>  | <u>(57336503)</u>  |
| Net increase (decrease)  | <u>2093027</u>  | <u>2610211</u>  | <u>$30059128</u>  | <u>$51736165</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% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| **VIP Disciplined Small Cap Portfolio**  | 93%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and the Shareholders of VIP Disciplined Small Cap Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Disciplined Small Cap Portfolio (the "Fund"), a fund of Variable Insurance Products Fund II, including the schedule of investments as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Disciplined Small Cap Portfolio**  |  |  |  |  |
| **Initial Class**  | .48%  |  |  |  |
| **Actual**  |  | $1000  | $1048.60  | $2.48  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.79  | $2.45  |
| **Service Class**  | .58%  |  |  |  |
| **Actual**  |  | $1000  | $1048.30  | $2.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.28  | $2.96  |
| **Service Class 2**  | .73%  |  |  |  |
| **Actual**  |  | $1000  | $1047.20  | $3.77  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.53  | $3.72  |
| **Investor Class**  | .56%  |  |  |  |
| **Actual**  |  | $1000  | $1048.20  | $2.89  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.38  | $2.85  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

Initial Class designates 1% and 100%; Service Class designates 2% and 100%; Service Class 2 designates 2% and 100%; Investor Class designates 2% and 100%; of the dividends distributed in February and November, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

![](img88165_2.jpg) <br>

1.820582.117 VDSC-ANN-0323

**Fidelity® Variable Insurance Products:**

**International Capital Appreciation Portfolio**

**Annual Report**

**December 31, 2022**

![](img88146_1.jpg)

![](img88146_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary1390)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments1390)** |
| **[Financial Statements](#Sec_FinancialStatements1390)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -26.40%  | &nbsp;&nbsp; 3.29%  | &nbsp;&nbsp; 7.25%  |
| Service Class  | &nbsp;&nbsp; -26.49%  | &nbsp;&nbsp; 3.17%  | &nbsp;&nbsp; 7.13%  |
| Service Class 2  | &nbsp;&nbsp; -26.57%  | &nbsp;&nbsp; 3.03%  | &nbsp;&nbsp; 6.98%  |
| Investor Class  | &nbsp;&nbsp; -26.45%  | &nbsp;&nbsp; 3.20%  | &nbsp;&nbsp; 7.16%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP International Capital Appreciation Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.  |
| ![](img88146_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index, as a multitude of risk factors challenged the global economy and financial markets. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. Early on, non-U.S. stocks retreated to begin 2022 and returned -26.40% through September. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. Market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. The index reversed course in the fourth quarter, gaining 14.31% amid optimism on inflation and policy easing. For the full 12 months, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). By sector, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In sharp contrast, energy gained 9% amid elevated prices for oil and natural gas. The financials (-7%) sector also outperformed, as did utilities (-10%) and consumer staples (-12%).

**Comments from Portfolio Manager Sammy Simnegar:**

For the year ending December 31, 2022, the fund's share classes returned roughly -27% to -26%, notably underperforming the -15.86% result of the benchmark MSCI ACWI (All Country World Index) ex USA Index. By region, security selection in Europe ex U.K., the U.K. and Japan hindered the fund's relative result most. By sector, the primary detractors from performance versus the benchmark were an overweighting and picks among information technology firms. Investment choices and a sizable overweighting in industrials, along with stock selection and an underweighting in financials, hurt considerably as well. The biggest individual relative detractor was an overweight position in Kingspan Group (-55%). An outsized stake in Tokyo Electron (-47%) further pressured the portfolio's relative return, as did an overweighting in Brookfield (-53%). Conversely, a meaningful underweight in emerging markets and a modest overweighting in Canada contributed to the fund's relative result. By sector, the primary contributors to performance versus the benchmark were an underweighting and security selection in consumer discretionary. Smaller-than-benchmark exposure and stock picking in the communication services sector, especially media & entertainment firms, also helped. The biggest individual relative contributor was an overweight position in Novo-Nordisk (+21%), one of the fund's biggest holdings at the end of 2022. The second-largest relative contributor this period was avoiding Shopify, a benchmark component that returned -75%. An outsized stake in Richemont (+17%), an investment we established this period, added value versus the benchmark as well. Notable changes in geographic positioning include increased exposure to Switzerland and the U.K. By sector, meaningful shifts included an uptick in exposure to both consumer discretionary and financials stocks.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)  | 3.0  |
| Nestle SA (Reg. S) (Switzerland, Food Products)  | 3.0  |
| LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods)  | 2.7  |
| Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)  | 2.7  |
| ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment)  | 2.5  |
| AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals)  | 2.5  |
| L'Oreal SA (France, Personal Products)  | 2.3  |
| Compagnie Financiere Richemont SA Series A (Switzerland, Textiles, Apparel & Luxury Goods)  | 2.1  |
| Hermes International SCA (France, Textiles, Apparel & Luxury Goods)  | 2.0  |
| Diageo PLC (United Kingdom, Beverages)  | 2.0  |
|  | 24.8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 23.7  |
| Industrials  | 20.4  |
| Health Care  | 14.9  |
| Financials  | 13.0  |
| Consumer Discretionary  | 12.0  |
| Consumer Staples  | 9.0  |
| Materials  | 5.3  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88146_6.jpg)  |
| *Foreign investments - 85.5%*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88146_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of derivatives, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 98.3%**  | &nbsp;&nbsp; **Common Stocks - 98.3%**  | &nbsp;&nbsp; **Common Stocks - 98.3%**  |
|  | Shares  | Value ($) <br>|
| Canada - 10.4%  |  |  |
|  Brookfield Corp. (Canada) Class A  | 256960  | 8080766  |
|  Canadian National Railway Co.  | 73800  | 8766612  |
|  Canadian Pacific Railway Ltd.  | 120440  | 8979629  |
|  Constellation Software, Inc.  | 5790  | 9039755  |
|  Thomson Reuters Corp.  | 77600  | 8852360  |
|  Waste Connections, Inc. (Canada)  | 55310  | 7331639  |
|  TOTAL CANADA  |  | 51050761  |
| Denmark - 4.6%  |  |  |
|  DSV A/S  | 58580  | 9246411  |
|  Novo Nordisk A/S Series B  | 99100  | 13459322  |
|  TOTAL DENMARK  |  | 22705733  |
| France - 15.2%  |  |  |
|  Capgemini SA  | 47100  | 7873999  |
|  Dassault Systemes SA  | 230860  | 8301649  |
|  Hermes International SCA  | 6428  | 9942832  |
|  L'Oreal SA  | 30950  | 11083126  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 18601  | 13535823  |
|  Pernod Ricard SA  | 41600  | 8182520  |
|  Sartorius Stedim Biotech  | 23439  | 7589809  |
|  Teleperformance  | 34976  | 8337901  |
|  TOTAL FRANCE  |  | 74847659  |
| Germany - 1.6%  |  |  |
|  Infineon Technologies AG  | 264900  | 8050822  |
| India - 3.6%  |  |  |
|  HCL Technologies Ltd.  | 95500  | 1197445  |
|  HDFC Bank Ltd. (a)  | 456550  | 8953000  |
|  Infosys Ltd. sponsored ADR  | 432300  | 7785723  |
|  TOTAL INDIA  |  | 17936168  |
| Indonesia - 1.4%  |  |  |
|  PT Bank Central Asia Tbk  | 12733900  | 6982485  |
| Ireland - 3.3%  |  |  |
|  Kingspan Group PLC (Ireland)  | 139600  | 7558413  |
|  Linde PLC  | 26170  | 8536131  |
|  TOTAL IRELAND  |  | 16094544  |
| Japan - 6.6%  |  |  |
|  Hoya Corp.  | 84800  | 8122024  |
|  Keyence Corp.  | 23260  | 9030574  |
|  Recruit Holdings Co. Ltd.  | 243300  | 7615771  |
|  Tokyo Electron Ltd.  | 26362  | 7745913  |
|  TOTAL JAPAN  |  | 32514282  |
| Luxembourg - 1.7%  |  |  |
|  Eurofins Scientific SA  | 114248  | 8201221  |
| Netherlands - 7.7%  |  |  |
|  ASM International NV (Netherlands)  | 30760  | 7759257  |
|  ASML Holding NV (Netherlands)  | 23078  | 12583328  |
|  Ferrari NV (Italy)  | 43700  | 9365089  |
|  Wolters Kluwer NV  | 80252  | 8398146  |
|  TOTAL NETHERLANDS  |  | 38105820  |
| Sweden - 3.4%  |  |  |
|  Atlas Copco AB (A Shares)  | 738400  | 8748857  |
|  Hexagon AB (B Shares)  | 751800  | 7882692  |
|  TOTAL SWEDEN  |  | 16631549  |
| Switzerland - 10.3%  |  |  |
|  Compagnie Financiere Richemont SA Series A  | 80498  | 10437368  |
|  Givaudan SA  | 2647  | 8110043  |
|  Nestle SA (Reg. S)  | 127880  | 14771346  |
|  Partners Group Holding AG  | 8879  | 7843365  |
|  Sika AG  | 39145  | 9410584  |
|  TOTAL SWITZERLAND  |  | 50572706  |
| Taiwan - 3.0%  |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 1027800  | 14929402  |
| United Kingdom - 12.7%  |  |  |
|  AstraZeneca PLC (United Kingdom)  | 91040  | 12319477  |
|  Compass Group PLC  | 377552  | 8718443  |
|  Diageo PLC  | 219200  | 9594795  |
|  Halma PLC  | 315500  | 7529304  |
|  London Stock Exchange Group PLC  | 94400  | 8110961  |
|  RELX PLC (London Stock Exchange)  | 302300  | 8358000  |
|  Rentokil Initial PLC  | 1320800  | 8114689  |
|  TOTAL UNITED KINGDOM  |  | 62745669  |
| United States of America - 12.8%  |  |  |
|  Danaher Corp.  | 29410  | 7806002  |
|  Marsh & McLennan Companies, Inc.  | 50589  | 8371468  |
|  MercadoLibre, Inc. (a)  | 9060  | 7666934  |
|  Moody's Corp.  | 28950  | 8066049  |
|  NICE Ltd. sponsored ADR (a)  | 40260  | 7741998  |
|  S&P Global, Inc.  | 23163  | 7758215  |
|  Thermo Fisher Scientific, Inc.  | 14484  | 7976194  |
|  Zoetis, Inc. Class A  | 52900  | 7752495  |
|  TOTAL UNITED STATES OF AMERICA  |  | 63139355  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $426,897,949)  |  | <br> **484508176**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  | &nbsp;&nbsp; **Money Market Funds - 1.6%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (b) <br>(Cost $8,089,359) <br>| 8087741  | **8089359**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%** <br> (Cost $434,987,308) <br>| <br>**492597535**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **380368**  |
| **NET ASSETS - 100.0%**  | **492977903**  |

---

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

**Legend**

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 78082043  | 189725487  | 259718171  | 89750  | -  | -  | 8089359  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | -  | 38421968  | 38421968  | 12221  | -  | -  | -  | 0.0%  |
| Total  | 78082043  | 228147455  | 298140139  | 101971  | -  | -  | 8089359  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Consumer Discretionary  | 59666489  | 26974855  | 32691634  | -  |
| Consumer Staples  | 43631787  | 8182520  | 35449267  | -  |
| Financials  | 64166309  | 40119863  | 24046446  | -  |
| Health Care  | 73226544  | 39325721  | 33900823  | -  |
| Industrials  | 100308428  | 67471111  | 32837317  | -  |
| Information Technology  | 117451861  | 39856037  | 77595824  | -  |
| Materials  | 26056758  | 16646174  | 9410584  | -  |
|  Money Market Funds  | 8089359  | 8089359  | -  | -  |
| **Total Investments in Securities:**  | 492597535  | 246665640  | 245931895  | -  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $426,897,949)  | $484508176  |  |
|  Fidelity Central Funds (cost $8,089,359)  | 8089359  |  |
|  Total Investment in Securities (cost $434,987,308)  |  | $492597535  |
|  Foreign currency held at value (cost $130,758)  |  | 130777  |
|  Receivable for fund shares sold  |  | 71810  |
|  Dividends receivable  |  | 144312  |
|  Reclaims receivable  |  | 819839  |
|  Distributions receivable from Fidelity Central Funds  |  | 29808  |
|  Prepaid expenses  |  | 572  |
| Other receivables  |  | 237984  |
| **Total assets**  |  | 494032637  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $181087  |  |
|  Payable for fund shares redeemed  | 185188  |  |
|  Accrued management fee  | 286614  |  |
|  Distribution and service plan fees payable  | 14812  |  |
|  Other affiliated payables  | 65740  |  |
|  Deferred taxes  | 240880  |  |
|  Audit fee payable  | 54001  |  |
|  Other payables and accrued expenses  | 26412  |  |
| **Total Liabilities**  |  | 1054734  |
| **Net Assets**  |  | $492977903  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $499518077  |
|  Total accumulated earnings (loss)  |  | (6540174)  |
|  **Net Assets**  |  | $492977903  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($144,578,658 ÷ 8,663,909 shares)  |  | $16.69  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($3,877,167 ÷ 233,214 shares)  |  | $16.62  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($67,490,607 ÷ 4,094,032 shares)  |  | $16.49  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($277,031,471 ÷ 16,759,176 shares)  |  | $16.53  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $6583258  |
| Foreign Tax Reclaims  |  | 460923  |
| Income from Fidelity Central Funds (including $12,221 from security lending)  |  | 101971  |
| Income before foreign taxes withheld  |  | 7146152  |
| Less foreign taxes withheld  |  | (1123708)  |
| **Total Income**  |  | 6022444  |
|  **Expenses**  |  |  |
| Management fee  | $3560138  |  |
| Transfer agent fees  | 565623  |  |
| Distribution and service plan fees  | 159336  |  |
| Accounting fees  | 263268  |  |
| Custodian fees and expenses  | 87046  |  |
| Independent trustees' fees and expenses  | 1824  |  |
| Audit  | 79922  |  |
| Legal  | 1767  |  |
| Interest  | 3954  |  |
| Miscellaneous  | 2471  |  |
| Total expenses before reductions  | 4725349  |  |
| Expense reductions  | (17588)  |  |
| Total expenses after reductions  |  | 4707761  |
| **Net Investment income (loss)**  |  | 1314683  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $163,485)  | (54200571)  |  |
| Foreign currency transactions  | (36979)  |  |
| Total net realized gain (loss)  |  | (54237550)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $52,648)  | (128438501)  |  |
| Assets and liabilities in foreign currencies  | (62383)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (128500884)  |
| **Net gain (loss)**  |  | (182738434)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(181423751)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $1314683  | $26296  |
| &nbsp;&nbsp; Net realized gain (loss)  | (54237550) <br>| 53271246 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (128500884)  | 13616641 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (181423751) <br>| 66914183 <br>|
| Distributions to shareholders  | (42401547) <br>| (35601116) <br>|
| Share transactions - net increase (decrease)  | 30826304 <br>| 68701190 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (192998994) <br>| 100014257 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 685976897  | 585962640 <br>|
| &nbsp;&nbsp; End of period  | $492977903  | $685976897  |

---

**Financial Highlights** 

 **VIP International Capital Appreciation Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.37  | $23.03  | $19.50  | $14.82  | $17.39  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .06  | .02  | .08  | .14 <sup>C</sup>  | .12  |
| Net realized and unrealized gain (loss)  | (6.24)  | 2.75  | 4.13  | 4.79  | (2.31)  |
| Total from investment operations  | (6.18)  | 2.77  | 4.21  | 4.93  | (2.19)  |
| Distributions from net investment income  | (.05)  | -  | (.06)  | (.09) <sup>D</sup>  | (.12)  |
| Distributions from net realized gain  | (1.45)  | (1.43)  | (.61)  | (.16) <sup>D</sup>  | (.26)  |
| Total distributions  | (1.50)  | (1.43)  | (.68) <sup>E</sup>  | (.25)  | (.38)  |
| Net asset value, end of period  | $16.69  | $24.37  | $23.03  | $19.50  | $14.82  |
| **Total Return** <sup>F,G</sup>  | (26.40)%  | 12.39%  | 22.18%  | 33.33%  | (12.75)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .82%  | .82%  | .85%  | .86%  | .89%  |
| Expenses net of fee waivers, if any  | .82%  | .82%  | .85%  | .86%  | .89%  |
| Expenses net of all reductions  | .82%  | .82%  | .80%  | .84%  | .85%  |
| Net investment income (loss)  | .33%  | .08%  | .39%  | .78% <sup>C</sup>  | .69%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $144579  | $185777  | $162289  | $235985  | $20921  |
| Portfolio turnover rate <sup>J</sup>  | 104%  | 147%  | 158%  | 137%  | 184%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .46%.*

<sup>D</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP International Capital Appreciation Portfolio Service Class** <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.28  | $22.97  | $19.46  | $14.79  | $17.36  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .04  | - <sup>C</sup>  | .06  | .12 <sup>D</sup>  | .10  |
| Net realized and unrealized gain (loss)  | (6.22)  | 2.73  | 4.12  | 4.78  | (2.30)  |
| Total from investment operations  | (6.18)  | 2.73  | 4.18  | 4.90  | (2.20)  |
| Distributions from net investment income  | (.03)  | -  | (.06)  | (.07) <sup>E</sup>  | (.11)  |
| Distributions from net realized gain  | (1.45)  | (1.42)  | (.61)  | (.16) <sup>E</sup>  | (.26)  |
| Total distributions  | (1.48)  | (1.42)  | (.67)  | (.23)  | (.37)  |
| Net asset value, end of period  | $16.62  | $24.28  | $22.97  | $19.46  | $14.79  |
| **Total Return** <sup>F,G</sup>  | (26.49)%  | 12.21%  | 22.11%  | 33.15%  | (12.85)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .92%  | .92%  | .94%  | .96%  | .99%  |
| Expenses net of fee waivers, if any  | .92%  | .92%  | .94%  | .96%  | .99%  |
| Expenses net of all reductions  | .92%  | .92%  | .90%  | .94%  | .95%  |
| Net investment income (loss)  | .23%  | (.02)%  | .30%  | .68% <sup>D</sup>  | .59%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $3877  | $5064  | $3298  | $739  | $503  |
| Portfolio turnover rate <sup>J</sup>  | 104%  | 147%  | 158%  | 137%  | 184%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .36%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP International Capital Appreciation Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.11  | $22.81  | $19.33  | $14.70  | $17.26  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .01  | (.04)  | .03  | .09 <sup>C</sup>  | .07  |
| Net realized and unrealized gain (loss)  | (6.16)  | 2.73  | 4.09  | 4.75  | (2.28)  |
| Total from investment operations  | (6.15)  | 2.69  | 4.12  | 4.84  | (2.21)  |
| Distributions from net investment income  | (.02)  | -  | (.03)  | (.04) <sup>D</sup>  | (.09)  |
| Distributions from net realized gain  | (1.45)  | (1.39)  | (.61)  | (.16) <sup>D</sup>  | (.26)  |
| Total distributions  | (1.47)  | (1.39)  | (.64)  | (.21) <sup>E</sup>  | (.35)  |
| Net asset value, end of period  | $16.49  | $24.11  | $22.81  | $19.33  | $14.70  |
| **Total Return** <sup>F,G</sup>  | (26.57)%  | 12.11%  | 21.91%  | 32.93%  | (12.98)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.07%  | 1.07%  | 1.09%  | 1.11%  | 1.14%  |
| Expenses net of fee waivers, if any  | 1.07%  | 1.07%  | 1.09%  | 1.11%  | 1.14%  |
| Expenses net of all reductions  | 1.07%  | 1.07%  | 1.05%  | 1.09%  | 1.10%  |
| Net investment income (loss)  | .08%  | (.17)%  | .15%  | .53% <sup>C</sup>  | .44%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $67491  | $68271  | $41512  | $25986  | $17134  |
| Portfolio turnover rate <sup>J</sup>  | 104%  | 147%  | 158%  | 137%  | 184%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .21%.*

<sup>D</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP International Capital Appreciation Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.15  | $22.85  | $19.35  | $14.71  | $17.26  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .04  | - <sup>C</sup>  | .06  | .12 <sup>D</sup>  | .10  |
| Net realized and unrealized gain (loss)  | (6.17)  | 2.72  | 4.10  | 4.75  | (2.28)  |
| Total from investment operations  | (6.13)  | 2.72  | 4.16  | 4.87  | (2.18)  |
| Distributions from net investment income  | (.03)  | -  | (.05)  | (.07) <sup>E</sup>  | (.11)  |
| Distributions from net realized gain  | (1.45)  | (1.42)  | (.61)  | (.16) <sup>E</sup>  | (.26)  |
| Total distributions  | (1.49) <sup>F</sup>  | (1.42)  | (.66)  | (.23)  | (.37)  |
| Net asset value, end of period  | $16.53  | $24.15  | $22.85  | $19.35  | $14.71  |
| **Total Return** <sup>G,H</sup>  | (26.45)%  | 12.24%  | 22.14%  | 33.16%  | (12.80)%  |
| **Ratios to Average Net Assets** <sup>B,I,J</sup>  |  |  |  |  |  |
| Expenses before reductions  | .90%  | .90%  | .92%  | .94%  | .97%  |
| Expenses net of fee waivers, if any  | .90%  | .90%  | .92%  | .94%  | .97%  |
| Expenses net of all reductions  | .90%  | .90%  | .88%  | .92%  | .93%  |
| Net investment income (loss)  | .25%  | -% <sup>K</sup>  | .32%  | .70% <sup>D</sup>  | .61%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $277031  | $426865  | $378864  | $319432  | $240661  |
| Portfolio turnover rate <sup>L</sup>  | 104%  | 147%  | 158%  | 137%  | 184%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .38%.*

<sup>E</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>F</sup> *Total distributions per share do not sum due to rounding.*

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

<sup>H</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>I</sup> *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.*

<sup>J</sup> *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.*

<sup>K</sup> *Amount represents less than .005%.*

<sup>L</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP International Capital Appreciation Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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 foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets & 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, 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**  | $83148338  |
| **Gross unrealized depreciation**  | <u>(33218311)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$49930027</u>  |
| **Tax Cost**  | <u>$442667508</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$25957</u>  |
| **Capital loss carryforward**  | <u>$(56429943)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$50104692</u>  |

---

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

---

| | |
|:---|:---|
| Short-term  | $(56429943)  |
| Long-term  | <u>-</u>  |
| **Total capital loss carryforward**  | <u>$(56429943)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $1053892  | $19311101  |
| **Long-term Capital Gains**  | <u>41347655</u>  | <u>16290015</u>  |
| **Total**  | <u>$42401547</u>  | <u>$35601116</u>  |

---

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP International Capital Appreciation Portfolio**  | 548673453  | 549017004  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .68% of the Fund's average net assets.

**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**  | $4068  |
| **Service Class 2**  | <u>155268</u>  |
|  | <u>$159336</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $90409  | .06  |
| **Service Class**  | 2538  | .06  |
| **Service Class 2**  | 38972  | .06  |
| **Investor Class**  | <u>433704</u>  | .14  |
|  | <u>$565623</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP International Capital Appreciation Portfolio**  | .05  |

---

**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 International Capital Appreciation Portfolio**  | $1142  |

---

**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 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 International Capital Appreciation Portfolio**  | Borrower  | $6670571  | 1.30%  | $3375  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 International Capital Appreciation Portfolio**  | 46025092  | 30703775  | (2708361)  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP International Capital Appreciation Portfolio**  | $942  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 International Capital Appreciation Portfolio**  | $1263  | $-  | $-  |

---

**8. Bank Borrowings.**

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance**  | **Weighted Average Interest Rate**  | **Interest Expense**  |
| **VIP International Capital Appreciation Portfolio**  | $2271778  | 1.02%  | $579  |

---

**9. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,588.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP International Capital Appreciation Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $11449265  | $7944073  |
| Service Class  | 318546  | 259844  |
| Service Class 2  | 4333408  | 3152768  |
| Investor Class  | <u>26300328</u>  | <u>24244431</u>  |
| Total  | <u>$42401547</u>  | <u>$35601116</u>  |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP International Capital Appreciation Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 864507  | 3300193  | $13876371  | $80402622  |
| Reinvestment of distributions  | 569522  | 339463  | 11449265  | 7944073  |
| Shares redeemed  | <u>(394156)</u>  | <u>(3061007)</u>  | <u>(6847294)</u>  | <u>(70562404)</u>  |
| Net increase (decrease)  | <u>1039873</u>  | <u>578649</u>  | <u>$18478342</u>  | <u>$17784291</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 128416  | 78401  | $2220532  | $1806994  |
| Reinvestment of distributions  | 15480  | 10790  | 310614  | 252265  |
| Shares redeemed  | <u>(119224)</u>  | <u>(24248)</u>  | <u>(1977946)</u>  | <u>(575552)</u>  |
| Net increase (decrease)  | <u>24672</u>  | <u>64943</u>  | <u>$553200</u>  | <u>$1483707</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 1432912  | 1253378  | $25072392  | $29603200  |
| Reinvestment of distributions  | 217445  | 135884  | 4333408  | 3152768  |
| Shares redeemed  | <u>(388375)</u>  | <u>(376802)</u>  | <u>(6870808)</u>  | <u>(8861375)</u>  |
| Net increase (decrease)  | <u>1261982</u>  | <u>1012460</u>  | <u>$22534992</u>  | <u>$23894593</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 475827  | 1657885  | $8946530  | $38720039  |
| Reinvestment of distributions  | 1317861  | 1043791  | 26300327  | 24244431  |
| Shares redeemed  | <u>(2708247)</u>  | <u>(1610790)</u>  | <u>(45987087)</u>  | <u>(37425871)</u>  |
| Net increase (decrease)  | <u>(914559)</u>  | <u>1090886</u>  | <u>$(10740230)</u>  | <u>$25538599</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 International Capital Appreciation Portfolio  | 60%  | 1  | 25%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and Shareholders of VIP International Capital Appreciation Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VIP International Capital Appreciation Portfolio (one of the funds constituting Variable Insurance Products Fund II, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP International Capital Appreciation Portfolio**  |  |  |  |  |
| **Initial Class**  | .82%  |  |  |  |
| **Actual**  |  | $1000  | $1042.70  | $4.22  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.07  | $4.18  |
| **Service Class**  | .92%  |  |  |  |
| **Actual**  |  | $1000  | $1041.20  | $4.73  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.57  | $4.69  |
| **Service Class 2**  | 1.07%  |  |  |  |
| **Actual**  |  | $1000  | $1041.30  | $5.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.81  | $5.45  |
| **Investor Class**  | .90%  |  |  |  |
| **Actual**  |  | $1000  | $1041.60  | $4.63  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.67  | $4.58  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

Initial Class designates 18%; Service Class designates 23%; Service Class 2 designates 32%; and Investor Class designates 22% of the dividends distributed in November, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date**  | **Income**  | **Taxes**  |
| **VIP International Capital Appreciation Portfolio**  |  |  |  |
| Initial Class  | 11/30/2022  | $.0758  | $0.0278  |
| Service Class  | 11/30/2022  | $.0588  | $0.0278  |
| Service Class 2  | 11/30/2022  | $.0428  | $0.0278  |
| Investor Class  | 11/30/2022  | $.0618  | $0.0278  |

---

![](img88146_2.jpg) <br>

1.811843.118 VIPCAP-ANN-0323

**Fidelity® Variable Insurance Products:**

**Contrafund® Portfolio**

**Annual Report**

**December 31, 2022**

![](img88166_1.jpg)

![](img88166_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary158)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments158)** |
| **[Financial Statements](#Sec_FinancialStatements158)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -26.31%  | &nbsp;&nbsp; 8.66%  | &nbsp;&nbsp; 11.43%  |
| Service Class  | &nbsp;&nbsp; -26.38%  | &nbsp;&nbsp; 8.55%  | &nbsp;&nbsp; 11.31%  |
| Service Class 2  | &nbsp;&nbsp; -26.49%  | &nbsp;&nbsp; 8.39%  | &nbsp;&nbsp; 11.15%  |
| Investor Class  | &nbsp;&nbsp; -26.38%  | &nbsp;&nbsp; 8.57%  | &nbsp;&nbsp; 11.34%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Contrafund® Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88166_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from Co-Managers William Danoff and Jean Park:**

For the year, the fund's share classes returned roughly -26%, trailing the -18.11% result of the benchmark S&P 500 <sup>®</sup> index. The largest detractor from performance versus the benchmark were stock picks in information technology. Also detracting from performance was an underweighting and security selection in energy. Stock picking and an overweighting in the communication services sector, primarily within the media & entertainment industry, also hurt. The fund's biggest individual relative detractor was an outsized stake in Meta Platforms (-64%). The company was among our largest holdings. Also hampering performance was our overweighting in Nvidia (-50%). We reduced our stake the past 12 months. Also holding back performance was our outsized stake in Alphabet (-39%). Alphabet was one of our biggest holdings. Conversely, the top contributors to performance versus the benchmark were an underweighting and stock selection in consumer discretionary. Also bolstering the fund's relative result was an overweighting in health care and an underweighting in real estate. The fund's position in cash contributed in a down market. The fund's biggest individual relative contributor was our lighter-than-benchmark stake in Tesla (-65%). We decreased our position this period. Also boosting value was our overweighting in UnitedHealth Group (+7%). UnitedHealth Group was among the fund's largest holdings. Notable changes in positioning include a lower allocation to the information technology and consumer discretionary sectors.

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Microsoft Corp.  | 7.5  |
| Apple, Inc.  | 5.5  |
| UnitedHealth Group, Inc.  | 5.4  |
| Alphabet, Inc. Class C  | 5.2  |
| Berkshire Hathaway, Inc. Class B  | 4.4  |
| Eli Lilly & Co.  | 3.0  |
| Meta Platforms, Inc. Class A  | 2.7  |
| Amazon.com, Inc.  | 2.7  |
| Regeneron Pharmaceuticals, Inc.  | 1.6  |
| Costco Wholesale Corp.  | 1.6  |
|  | 39.6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.3  |
| Health Care  | 19.0  |
| Financials  | 13.4  |
| Communication Services  | 10.7  |
| Consumer Discretionary  | 8.5  |
| Energy  | 6.9  |
| Industrials  | 4.6  |
| Consumer Staples  | 4.0  |
| Materials  | 2.6  |
| Utilities  | 0.8  |
| Real Estate  | 0.1  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88166_6.jpg)  |
| *Foreign investments - 4.8%*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 95.4%**  | &nbsp;&nbsp; **Common Stocks - 95.4%**  | &nbsp;&nbsp; **Common Stocks - 95.4%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 10.6%  |  |  |
| Diversified Telecommunication Services - 0.4%  |  |  |
|  Verizon Communications, Inc.  | 1591900  | 62720860  |
| Entertainment - 1.5%  |  |  |
|  Activision Blizzard, Inc.  | 800900  | 61308895  |
|  Liberty Media Corp. Liberty Formula One Series C (a)  | 365927  | 21875116  |
|  Netflix, Inc. (a)  | 537499  | 158497705  |
|  The Walt Disney Co. (a)  | 42258  | 3671375  |
|  Universal Music Group NV  | 736568  | 17812196  |
|  |  | 263165287  |
| Interactive Media & Services - 8.0%  |  |  |
|  Alphabet, Inc. Class C (a)  | 9777640  | 867569997  |
|  Bumble, Inc. (a)  | 292400  | 6155020  |
|  Epic Games, Inc. (a)(b)(c)  | 18849  | 15371736  |
|  Meta Platforms, Inc. Class A (a)  | 3808122  | 458269401  |
|  Pinterest, Inc. Class A (a)  | 214600  | 5210488  |
|  |  | 1352576642  |
| Media - 0.5%  |  |  |
|  Comcast Corp. Class A  | 2317000  | 81025490  |
| Wireless Telecommunication Services - 0.2%  |  |  |
|  T-Mobile U.S., Inc. (a)  | 264900  | 37086000  |
|  TOTAL COMMUNICATION SERVICES  |  | 1796574279  |
| CONSUMER DISCRETIONARY - 8.5%  |  |  |
| Automobiles - 0.4%  |  |  |
|  General Motors Co.  | 313600  | 10549504  |
|  Harley-Davidson, Inc.  | 116300  | 4838080  |
|  Hyundai Motor Co.  | 128600  | 15422665  |
|  Rad Power Bikes, Inc. (a)(b)(c)  | 401674  | 1486194  |
|  Rivian Automotive, Inc. (a)  | 11312  | 208480  |
|  Tesla, Inc. (a)  | 4800  | 591264  |
|  Toyota Motor Corp.  | 1903700  | 25971314  |
|  |  | 59067501  |
| Distributors - 0.1%  |  |  |
|  Genuine Parts Co.  | 102200  | 17732722  |
| Hotels, Restaurants & Leisure - 0.4%  |  |  |
|  Airbnb, Inc. Class A (a)  | 293700  | 25111350  |
|  Chipotle Mexican Grill, Inc. (a)  | 3385  | 4696654  |
|  Domino's Pizza, Inc.  | 12704  | 4400666  |
|  Evolution AB (d)  | 12500  | 1217556  |
|  Hilton Worldwide Holdings, Inc.  | 183600  | 23199696  |
|  Hyatt Hotels Corp. Class A (a)  | 12900  | 1166805  |
|  McDonald's Corp.  | 38300  | 10093199  |
|  |  | 69885926  |
| Household Durables - 0.2%  |  |  |
|  Lennar Corp. Class A  | 165378  | 14966709  |
|  NVR, Inc. (a)  | 3000  | 13837740  |
|  |  | 28804449  |
| Internet & Direct Marketing Retail - 2.8%  |  |  |
|  Amazon.com, Inc. (a)  | 5343640  | 448865760  |
|  Coupang, Inc. Class A (a)  | 1057695  | 15558693  |
|  Deliveroo PLC Class A (a)(d)  | 347500  | 360034  |
|  MercadoLibre, Inc. (a)  | 3700  | 3131088  |
|  Uber Technologies, Inc. (a)  | 32500  | 803725  |
|  Wayfair LLC Class A (a)  | 12900  | 424281  |
|  |  | 469143581  |
| Multiline Retail - 0.6%  |  |  |
|  Dollar General Corp.  | 366100  | 90152125  |
|  Dollar Tree, Inc. (a)  | 95800  | 13549952  |
|  Dollarama, Inc.  | 48600  | 2842418  |
|  |  | 106544495  |
| Specialty Retail - 3.8%  |  |  |
|  Academy Sports & Outdoors, Inc.  | 449553  | 23619515  |
|  AutoZone, Inc. (a)  | 42200  | 104072796  |
|  Dick's Sporting Goods, Inc.  | 274129  | 32974977  |
|  Fanatics, Inc. Class A (a)(b)(c)  | 232280  | 17692768  |
|  Lowe's Companies, Inc.  | 305300  | 60827972  |
|  National Vision Holdings, Inc. (a)  | 201000  | 7790760  |
|  O'Reilly Automotive, Inc. (a)  | 129300  | 109133079  |
|  The Home Depot, Inc.  | 697560  | 220331302  |
|  TJX Companies, Inc.  | 55254  | 4398218  |
|  Tractor Supply Co.  | 21500  | 4836855  |
|  Ulta Beauty, Inc. (a)  | 55400  | 25986478  |
|  Williams-Sonoma, Inc.  | 220504  | 25340320  |
|  |  | 637005040  |
| Textiles, Apparel & Luxury Goods - 0.2%  |  |  |
|  Deckers Outdoor Corp. (a)  | 13759  | 5492042  |
|  Dr. Martens Ltd.  | 2176495  | 5015208  |
|  NIKE, Inc. Class B  | 161730  | 18924027  |
|  On Holding AG (a)  | 520100  | 8924916  |
|  |  | 38356193  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 1426539907  |
| CONSUMER STAPLES - 4.0%  |  |  |
| Beverages - 1.0%  |  |  |
|  Anheuser-Busch InBev SA NV  | 111900  | 6739845  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 46900  | 10869075  |
|  Diageo PLC  | 479977  | 21009493  |
|  Keurig Dr. Pepper, Inc.  | 37900  | 1351514  |
|  PepsiCo, Inc.  | 256670  | 46370002  |
|  The Coca-Cola Co.  | 1324000  | 84219640  |
|  |  | 170559569  |
| Food & Staples Retailing - 1.7%  |  |  |
|  Alimentation Couche-Tard, Inc. Class A (multi-vtg.)  | 125900  | 5532533  |
|  Casey's General Stores, Inc.  | 21500  | 4823525  |
|  Costco Wholesale Corp.  | 593601  | 270978857  |
|  Performance Food Group Co. (a)  | 26900  | 1570691  |
|  Walmart, Inc.  | 48200  | 6834278  |
|  |  | 289739884  |
| Food Products - 0.1%  |  |  |
|  Archer Daniels Midland Co.  | 27640  | 2566374  |
|  General Mills, Inc.  | 25100  | 2104635  |
|  Mondelez International, Inc.  | 120100  | 8004665  |
|  Nestle SA (Reg. S)  | 19150  | 2212006  |
|  |  | 14887680  |
| Household Products - 0.8%  |  |  |
|  Procter & Gamble Co.  | 892900  | 135327924  |
| Personal Products - 0.4%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 216010  | 53594241  |
|  L'Oreal SA (a)  | 19100  | 6839667  |
|  Olaplex Holdings, Inc. (a)  | 714413  | 3722092  |
|  |  | 64156000  |
|  TOTAL CONSUMER STAPLES  |  | 674671057  |
| ENERGY - 6.8%  |  |  |
| Energy Equipment & Services - 0.0%  |  |  |
|  Halliburton Co.  | 87000  | 3423450  |
| Oil, Gas & Consumable Fuels - 6.8%  |  |  |
|  Birchcliff Energy Ltd.  | 174434  | 1214854  |
|  Canadian Natural Resources Ltd.  | 521600  | 28965365  |
|  Cenovus Energy, Inc. (Canada)  | 255100  | 4949392  |
|  Cheniere Energy, Inc.  | 256700  | 38494732  |
|  Chevron Corp.  | 990300  | 177748947  |
|  ConocoPhillips Co.  | 1181600  | 139428800  |
|  Devon Energy Corp.  | 417400  | 25674274  |
|  Diamondback Energy, Inc.  | 143800  | 19668964  |
|  EOG Resources, Inc.  | 316800  | 41031936  |
|  Equinor ASA  | 80000  | 2875222  |
|  Excelerate Energy, Inc. (e)  | 15371  | 385044  |
|  Exxon Mobil Corp.  | 2040800  | 225100240  |
|  Hess Corp.  | 329713  | 46759898  |
|  Marathon Petroleum Corp.  | 665300  | 77434267  |
|  Occidental Petroleum Corp.  | 1959762  | 123445408  |
|  Ovintiv, Inc.  | 18400  | 933064  |
|  PDC Energy, Inc.  | 695370  | 44142088  |
|  Phillips 66 Co.  | 119500  | 12437560  |
|  Pioneer Natural Resources Co.  | 137900  | 31494981  |
|  Reliance Industries Ltd.  | 239781  | 7360134  |
|  Suncor Energy, Inc.  | 47200  | 1497223  |
|  Tourmaline Oil Corp.  | 54412  | 2745515  |
|  Valero Energy Corp.  | 656800  | 83321648  |
|  |  | 1137109556  |
|  TOTAL ENERGY  |  | 1140533006  |
| FINANCIALS - 13.4%  |  |  |
| Banks - 3.9%  |  |  |
|  AIB Group PLC  | 347100  | 1343536  |
|  Banco Santander SA (Spain)  | 826200  | 2470433  |
|  Bank of America Corp.  | 7602019  | 251778869  |
|  Bank of Ireland Group PLC  | 519000  | 4944516  |
|  Citigroup, Inc.  | 58300  | 2636909  |
|  HDFC Bank Ltd. sponsored ADR  | 28700  | 1963367  |
|  JPMorgan Chase & Co.  | 1757139  | 235632340  |
|  Nu Holdings Ltd.  | 1157000  | 4708990  |
|  Royal Bank of Canada  | 622900  | 58563641  |
|  Starling Bank Ltd. Series D (a)(b)(c)  | 2643467  | 10002915  |
|  The Toronto-Dominion Bank  | 592400  | 38357244  |
|  Wells Fargo & Co.  | 1216600  | 50233414  |
|  |  | 662636174  |
| Capital Markets - 2.7%  |  |  |
|  Ameriprise Financial, Inc.  | 56000  | 17436720  |
|  BlackRock, Inc. Class A  | 800  | 566904  |
|  Brookfield Asset Management Ltd. Class A (a)  | 6417  | 183742  |
|  Brookfield Corp. (Canada) Class A  | 8700  | 273594  |
|  Charles Schwab Corp.  | 173800  | 14470588  |
|  Goldman Sachs Group, Inc.  | 132400  | 45463512  |
|  Morgan Stanley  | 1683700  | 143148174  |
|  MSCI, Inc.  | 238728  | 111049104  |
|  Raymond James Financial, Inc.  | 546506  | 58394166  |
|  S&P Global, Inc.  | 142400  | 47695456  |
| T. Rowe Price Group, Inc. (e)  | 146600  | 15988196  |
|  |  | 454670156  |
| Consumer Finance - 0.0%  |  |  |
|  American Express Co.  | 15300  | 2260575  |
| Diversified Financial Services - 4.4%  |  |  |
|  Berkshire Hathaway, Inc. Class B (a)  | 2380188  | 735240073  |
| Insurance - 2.4%  |  |  |
|  American International Group, Inc.  | 795411  | 50301792  |
|  Aon PLC  | 8000  | 2401120  |
|  Arthur J. Gallagher & Co.  | 473400  | 89254836  |
|  Brookfield Asset Management Reinsurance Partners Ltd.  | 2671  | 83503  |
|  Chubb Ltd.  | 318200  | 70194920  |
|  Fairfax Financial Holdings Ltd. (sub. vtg.)  | 8600  | 5094388  |
|  Hartford Financial Services Group, Inc.  | 541731  | 41079462  |
|  Intact Financial Corp.  | 107200  | 15431575  |
|  Marsh & McLennan Companies, Inc.  | 60300  | 9978444  |
|  Progressive Corp.  | 543400  | 70484414  |
|  The Travelers Companies, Inc.  | 258000  | 48372420  |
|  W.R. Berkley Corp.  | 30400  | 2206128  |
|  |  | 404883002  |
|  TOTAL FINANCIALS  |  | 2259689980  |
| HEALTH CARE - 18.9%  |  |  |
| Biotechnology - 3.7%  |  |  |
|  AbbVie, Inc.  | 210307  | 33987714  |
|  Alnylam Pharmaceuticals, Inc. (a)  | 44000  | 10456600  |
|  Argenx SE ADR (a)  | 29002  | 10986828  |
|  Biohaven Ltd. (a)  | 4312  | 59851  |
|  Galapagos NV sponsored ADR (a)  | 128100  | 5685078  |
|  Genmab A/S (a)  | 7315  | 3092744  |
|  Gilead Sciences, Inc.  | 904641  | 77663430  |
|  Intellia Therapeutics, Inc. (a)  | 37752  | 1317167  |
|  Legend Biotech Corp. ADR (a)  | 124100  | 6195072  |
|  Moderna, Inc. (a)  | 16100  | 2891882  |
|  Neurocrine Biosciences, Inc. (a)  | 21800  | 2603792  |
|  Nuvalent, Inc. Class A (a)  | 47300  | 1408594  |
|  Regeneron Pharmaceuticals, Inc. (a)  | 381225  | 275050025  |
|  United Therapeutics Corp. (a)  | 68444  | 19033592  |
|  Vertex Pharmaceuticals, Inc. (a)  | 588800  | 170033664  |
|  Zai Lab Ltd. (a)  | 761170  | 2356016  |
|  |  | 622822049  |
| Health Care Equipment & Supplies - 0.8%  |  |  |
|  Boston Scientific Corp. (a)  | 113400  | 5247018  |
|  DexCom, Inc. (a)  | 17000  | 1925080  |
|  Edwards Lifesciences Corp. (a)  | 428928  | 32002318  |
|  Figs, Inc. Class A (a)  | 78100  | 525613  |
|  Intuitive Surgical, Inc. (a)  | 270360  | 71740026  |
|  ResMed, Inc.  | 130000  | 27056900  |
|  Straumann Holding AG  | 25753  | 2953127  |
|  |  | 141450082  |
| Health Care Providers & Services - 6.8%  |  |  |
|  AmerisourceBergen Corp.  | 62500  | 10356875  |
|  Cardinal Health, Inc.  | 104100  | 8002167  |
|  Cigna Corp.  | 112400  | 37242616  |
|  Elevance Health, Inc.  | 107600  | 55195572  |
|  HCA Holdings, Inc.  | 37267  | 8942589  |
|  McKesson Corp.  | 160120  | 60064214  |
|  Molina Healthcare, Inc. (a)  | 171700  | 56698774  |
|  Option Care Health, Inc. (a)  | 121673  | 3661141  |
|  P3 Health Partners, Inc. (a)(b)  | 267397  | 492010  |
|  UnitedHealth Group, Inc.  | 1707540  | 905303557  |
|  |  | 1145959515  |
| Health Care Technology - 0.1%  |  |  |
|  Doximity, Inc. (a)(e)  | 415700  | 13950892  |
| Life Sciences Tools & Services - 2.2%  |  |  |
|  Danaher Corp.  | 743463  | 197329949  |
|  Mettler-Toledo International, Inc. (a)  | 16800  | 24283560  |
|  Thermo Fisher Scientific, Inc.  | 230868  | 127136699  |
|  Veterinary Emergency Group LLC Class A (a)(b)(c)(f)  | 147133  | 8358626  |
|  Waters Corp. (a)  | 66736  | 22862419  |
|  |  | 379971253  |
| Pharmaceuticals - 5.3%  |  |  |
|  AstraZeneca PLC sponsored ADR  | 31000  | 2101800  |
|  Bristol-Myers Squibb Co.  | 1041200  | 74914340  |
|  DICE Therapeutics, Inc. (a)  | 73200  | 2283840  |
|  Eli Lilly & Co.  | 1358553  | 497013030  |
|  Intra-Cellular Therapies, Inc. (a)  | 41900  | 2217348  |
|  Johnson & Johnson  | 419700  | 74140005  |
|  Merck & Co., Inc.  | 1474500  | 163595775  |
|  Nuvation Bio, Inc. (a)  | 256585  | 492643  |
|  Pfizer, Inc.  | 85900  | 4401516  |
|  Roche Holding AG (participation certificate)  | 28850  | 9065753  |
|  Royalty Pharma PLC  | 831869  | 32875463  |
|  Zoetis, Inc. Class A  | 167400  | 24532470  |
|  |  | 887633983  |
|  TOTAL HEALTH CARE  |  | 3191787774  |
| INDUSTRIALS - 4.4%  |  |  |
| Aerospace & Defense - 0.9%  |  |  |
|  Lockheed Martin Corp.  | 117400  | 57113926  |
|  Northrop Grumman Corp.  | 148000  | 80750280  |
|  Space Exploration Technologies Corp. Class A (a)(b)(c)  | 175917  | 13545609  |
|  TransDigm Group, Inc.  | 1600  | 1007440  |
|  |  | 152417255  |
| Air Freight & Logistics - 0.7%  |  |  |
|  United Parcel Service, Inc. Class B  | 674100  | 117185544  |
|  Zipline International, Inc. (a)(b)(c)  | 50479  | 1118615  |
|  |  | 118304159  |
| Airlines - 0.0%  |  |  |
|  Ryanair Holdings PLC sponsored ADR (a)  | 13000  | 971880  |
| Building Products - 0.3%  |  |  |
|  Carrier Global Corp.  | 834100  | 34406625  |
|  Toto Ltd.  | 531900  | 18041768  |
|  Trane Technologies PLC  | 6100  | 1025349  |
|  |  | 53473742  |
| Commercial Services & Supplies - 0.3%  |  |  |
|  Cintas Corp.  | 14725  | 6650105  |
|  Clean Harbors, Inc. (a)  | 59000  | 6733080  |
|  Clean TeQ Water Pty Ltd. (a)  | 3117  | 823  |
|  Copart, Inc. (a)  | 172000  | 10473080  |
|  Waste Management, Inc.  | 167000  | 26198960  |
|  |  | 50056048  |
| Construction & Engineering - 0.1%  |  |  |
|  Quanta Services, Inc.  | 77100  | 10986750  |
|  Willscot Mobile Mini Holdings (a)  | 21800  | 984706  |
|  |  | 11971456  |
| Electrical Equipment - 0.2%  |  |  |
|  AMETEK, Inc.  | 125300  | 17506916  |
|  Eaton Corp. PLC  | 37700  | 5917015  |
|  Emerson Electric Co.  | 10600  | 1018236  |
|  Hubbell, Inc. Class B  | 35400  | 8307672  |
|  |  | 32749839  |
| Industrial Conglomerates - 0.3%  |  |  |
|  General Electric Co.  | 615677  | 51587576  |
| Machinery - 0.8%  |  |  |
|  Caterpillar, Inc.  | 65600  | 15715136  |
|  Deere & Co.  | 88900  | 38116764  |
|  Fortive Corp.  | 48800  | 3135400  |
|  IDEX Corp.  | 37020  | 8452777  |
|  Indutrade AB  | 46600  | 942731  |
|  Otis Worldwide Corp.  | 386700  | 30282477  |
|  PACCAR, Inc.  | 187197  | 18526887  |
|  Parker Hannifin Corp.  | 91179  | 26533089  |
|  |  | 141705261  |
| Road & Rail - 0.6%  |  |  |
|  Canadian Pacific Railway Ltd.  | 451100  | 33632603  |
|  J.B. Hunt Transport Services, Inc.  | 97100  | 16930356  |
|  Localiza Rent a Car SA  | 59100  | 595505  |
|  Localiza Rent a Car SA rights (a)  | 258  | 526  |
|  Old Dominion Freight Lines, Inc.  | 160900  | 45660202  |
|  Vamos Locacao de Caminhoes Maquinas e Equipamentos SA  | 24400  | 58415  |
|  |  | 96877607  |
| Trading Companies & Distributors - 0.2%  |  |  |
|  W.W. Grainger, Inc.  | 42900  | 23863125  |
|  TOTAL INDUSTRIALS  |  | 733977948  |
| INFORMATION TECHNOLOGY - 25.3%  |  |  |
| Communications Equipment - 0.1%  |  |  |
|  Arista Networks, Inc. (a)  | 132600  | 16091010  |
|  Motorola Solutions, Inc.  | 4100  | 1056611  |
|  |  | 17147621  |
| Electronic Equipment & Components - 1.4%  |  |  |
|  Amphenol Corp. Class A  | 2792331  | 212608082  |
|  CDW Corp.  | 52300  | 9339734  |
|  Jabil, Inc.  | 45600  | 3109920  |
|  Keysight Technologies, Inc. (a)  | 100000  | 17107000  |
|  |  | 242164736  |
| IT Services - 2.7%  |  |  |
|  Accenture PLC Class A  | 525597  | 140250303  |
|  Adyen BV (a)(d)  | 5262  | 7304971  |
|  Automatic Data Processing, Inc.  | 214400  | 51211584  |
|  Cloudflare, Inc. (a)  | 9353  | 422849  |
|  Gartner, Inc. (a)  | 11391  | 3828971  |
|  MasterCard, Inc. Class A  | 301200  | 104736276  |
|  MongoDB, Inc. Class A (a)  | 5000  | 984200  |
|  Shopify, Inc. Class A (a)  | 19700  | 683971  |
|  Snowflake, Inc. (a)  | 101811  | 14613951  |
|  Visa, Inc. Class A  | 604700  | 125632472  |
|  X Holdings I, Inc. (b)(c)  | 5530  | 2193917  |
|  |  | 451863465  |
| Semiconductors & Semiconductor Equipment - 5.6%  |  |  |
|  Advanced Micro Devices, Inc. (a)  | 682673  | 44216730  |
|  Analog Devices, Inc.  | 595739  | 97719068  |
|  ASML Holding NV  | 91600  | 50050240  |
|  Broadcom, Inc.  | 183800  | 102768094  |
|  Enphase Energy, Inc. (a)  | 83600  | 22150656  |
|  First Solar, Inc. (a)  | 40100  | 6006579  |
|  KLA Corp.  | 215000  | 81061450  |
|  Lam Research Corp.  | 133200  | 55983960  |
|  Lattice Semiconductor Corp. (a)  | 143623  | 9318260  |
|  Marvell Technology, Inc.  | 114548  | 4242858  |
|  Monolithic Power Systems, Inc.  | 80450  | 28447925  |
|  NVIDIA Corp.  | 1343640  | 196359550  |
|  onsemi (a)  | 1601096  | 99860358  |
|  Qualcomm, Inc.  | 1027217  | 112932237  |
|  Synaptics, Inc. (a)  | 160943  | 15315336  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR  | 63700  | 4745013  |
|  Texas Instruments, Inc.  | 63600  | 10507992  |
|  |  | 941686306  |
| Software - 10.0%  |  |  |
|  Adobe, Inc. (a)  | 120900  | 40686477  |
|  Aspen Technology, Inc. (a)  | 6852  | 1407401  |
|  Atlassian Corp. PLC (a)  | 46348  | 5964061  |
|  Autodesk, Inc. (a)  | 88500  | 16537995  |
|  Cadence Design Systems, Inc. (a)  | 581021  | 93335213  |
|  Check Point Software Technologies Ltd. (a)  | 44000  | 5551040  |
|  Clear Secure, Inc. (e)  | 189247  | 5191045  |
|  Fair Isaac Corp. (a)  | 3200  | 1915456  |
|  Fortinet, Inc. (a)  | 1755000  | 85801950  |
|  Intuit, Inc.  | 2732  | 1063349  |
|  Microsoft Corp.  | 5234400  | 1255313806  |
|  Oracle Corp.  | 25900  | 2117066  |
|  Roper Technologies, Inc.  | 84000  | 36295560  |
|  Salesforce.com, Inc. (a)  | 561238  | 74414546  |
|  Samsara, Inc.  | 87200  | 1083896  |
|  ServiceNow, Inc. (a)  | 21702  | 8426236  |
|  Stripe, Inc. Class B (a)(b)(c)  | 74500  | 1670290  |
|  Synopsys, Inc. (a)  | 65600  | 20945424  |
|  Tanium, Inc. Class B (a)(b)(c)  | 350002  | 2548015  |
|  Zoom Video Communications, Inc. Class A (a)  | 314100  | 21277134  |
|  |  | 1681545960  |
| Technology Hardware, Storage & Peripherals - 5.5%  |  |  |
|  Apple, Inc.  | 7154092  | 929531174  |
|  Dell Technologies, Inc.  | 24627  | 990498  |
|  Pure Storage, Inc. Class A (a)  | 40200  | 1075752  |
|  |  | 931597424  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 4266005512  |
| MATERIALS - 2.6%  |  |  |
| Chemicals - 0.8%  |  |  |
|  Air Products & Chemicals, Inc.  | 28400  | 8754584  |
|  Albemarle Corp.  | 57100  | 12382706  |
|  CF Industries Holdings, Inc.  | 550704  | 46919981  |
|  Corteva, Inc.  | 188200  | 11062396  |
|  Linde PLC  | 9200  | 3000856  |
|  Sherwin-Williams Co.  | 206135  | 48922020  |
|  Westlake Corp.  | 76956  | 7891068  |
|  |  | 138933611  |
| Metals & Mining - 1.8%  |  |  |
|  Barrick Gold Corp. (Canada)  | 367609  | 6301481  |
|  Cleveland-Cliffs, Inc. (a)  | 348900  | 5620779  |
|  Franco-Nevada Corp.  | 753855  | 102761460  |
|  Freeport-McMoRan, Inc.  | 1144872  | 43505136  |
|  Glencore PLC  | 695000  | 4634710  |
|  Ivanhoe Electric, Inc. (a)  | 70900  | 861435  |
|  Ivanhoe Mines Ltd. (a)  | 77100  | 609284  |
|  Novagold Resources, Inc. (a)  | 62678  | 374494  |
|  Nucor Corp.  | 489987  | 64585186  |
|  POSCO sponsored ADR  | 18823  | 1025289  |
|  Steel Dynamics, Inc.  | 754731  | 73737219  |
|  Wheaton Precious Metals Corp.  | 77200  | 3016160  |
|  |  | 307032633  |
|  TOTAL MATERIALS  |  | 445966244  |
| REAL ESTATE - 0.1%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 0.1%  |  |  |
|  Equity Commonwealth  | 225200  | 5623244  |
|  Prologis (REIT), Inc.  | 16600  | 1871318  |
|  VICI Properties, Inc.  | 238400  | 7724160  |
|  |  | 15218722  |
| UTILITIES - 0.8%  |  |  |
| Electric Utilities - 0.8%  |  |  |
|  Constellation Energy Corp.  | 242400  | 20897304  |
|  NextEra Energy, Inc.  | 1133687  | 94776233  |
|  PG&E Corp. (a)  | 660100  | 10733226  |
|  Southern Co.  | 116574  | 8324549  |
|  |  | 134731312  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $9,855,384,520)  |  | <br> **16085695741**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Stocks - 0.5%**  | &nbsp;&nbsp; **Preferred Stocks - 0.5%**  | &nbsp;&nbsp; **Preferred Stocks - 0.5%**  |
|  | Shares  | Value ($) <br>|
| Convertible Preferred Stocks - 0.4%  |  |  |
| COMMUNICATION SERVICES - 0.1%  |  |  |
| Interactive Media & Services - 0.1%  |  |  |
|  ByteDance Ltd. Series E1 (a)(b)(c)  | 60761  | 10933334  |
|  Reddit, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 27000  | 1011420  |
|  Series F(a)(b)(c)  | 85531  | 3203991  |
|  |  | 15148745  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Automobiles - 0.0%  |  |  |
|  Rad Power Bikes, Inc.:  |  |  |
|  Series A(a)(b)(c)  | 52367  | 193758  |
|  Series C(a)(b)(c)  | 206059  | 762418  |
|  Series D(a)(b)(c)  | 277030  | 1025011  |
|  |  | 1981187  |
| Hotels, Restaurants & Leisure - 0.0%  |  |  |
|  Discord, Inc. Series I (a)(b)(c)  | 2500  | 887425  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series F (b)(c)  | 65587  | 1721659  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 4590271  |
| CONSUMER STAPLES - 0.0%  |  |  |
| Food & Staples Retailing - 0.0%  |  |  |
|  GoBrands, Inc.:  |  |  |
|  Series G(a)(b)(c)  | 5376  | 778122  |
|  Series H(a)(b)(c)  | 6820  | 987127  |
|  |  | 1765249  |
| Food Products - 0.0%  |  |  |
|  Bowery Farming, Inc. Series C1 (a)(b)(c)  | 22172  | 450313  |
|  TOTAL CONSUMER STAPLES  |  | 2215562  |
| HEALTH CARE - 0.1%  |  |  |
| Biotechnology - 0.0%  |  |  |
|  ElevateBio LLC Series C (a)(b)(c)  | 515200  | 1885632  |
| Health Care Providers & Services - 0.1%  |  |  |
|  Lyra Health, Inc.:  |  |  |
|  Series E(a)(b)(c)  | 229170  | 3258797  |
|  Series F(a)(b)(c)  | 6800  | 96696  |
|  Somatus, Inc. Series E (b)(c)  | 1539  | 1321878  |
|  |  | 4677371  |
|  TOTAL HEALTH CARE  |  | 6563003  |
| INDUSTRIALS - 0.2%  |  |  |
| Aerospace & Defense - 0.2%  |  |  |
|  Relativity Space, Inc. Series E (a)(b)(c)  | 208655  | 3874723  |
|  Space Exploration Technologies Corp. Series N (a)(b)(c)  | 39568  | 30467360  |
|  |  | 34342083  |
| Air Freight & Logistics - 0.0%  |  |  |
|  Zipline International, Inc. Series E (a)(b)(c)  | 132331  | 2932455  |
| Construction & Engineering - 0.0%  |  |  |
|  Beta Technologies, Inc. Series B, 6.00% (b)(c)  | 26772  | 1749818  |
|  TOTAL INDUSTRIALS  |  | 39024356  |
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Nuro, Inc.:  |  |  |
|  Series C(a)(b)(c)  | 305791  | 2333185  |
|  Series D(a)(b)(c)  | 63961  | 488022  |
|  Stripe, Inc. Series H (a)(b)(c)  | 30400  | 681568  |
|  Tenstorrent, Inc. Series C1 (a)(b)(c)  | 32500  | 1693575  |
|  |  | 5196350  |
| TOTAL CONVERTIBLE PREFERRED STOCKS  |  | 72738287  |
| Nonconvertible Preferred Stocks - 0.1%  |  |  |
| CONSUMER DISCRETIONARY - 0.0%  |  |  |
| Internet & Direct Marketing Retail - 0.0%  |  |  |
|  Circle Internet Financial Ltd. Series E (b)(c)  | 103462  | 2715878  |
| ENERGY - 0.1%  |  |  |
| Oil, Gas & Consumable Fuels - 0.1%  |  |  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 1044900  | 11128185  |
| TOTAL NONCONVERTIBLE PREFERRED STOCKS  |  | 13844063  |
| <br> **TOTAL PREFERRED STOCKS** <br> (Cost $79,083,475)  |  | <br> **86582350**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  | &nbsp;&nbsp; **Preferred Securities - 0.0%**  |
|  | Principal <br> Amount (g) <br>| Value ($) <br>|
| INFORMATION TECHNOLOGY - 0.0%  |  |  |
| Software - 0.0%  |  |  |
|  Tenstorrent, Inc. 0% (b)(c)(h) <br>(Cost $1,810,000) <br>| 1810000  | **1585560**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 4.1%**  | &nbsp;&nbsp; **Money Market Funds - 4.1%**  | &nbsp;&nbsp; **Money Market Funds - 4.1%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (i)  | 685324950  | 685462015  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (i)(j)  | 7159784  | 7160500  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $692,617,606)  |  | **692622515**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%** <br> (Cost $10,628,895,601) <br>| <br>**16866486166**  |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **4135466**  |
| **NET ASSETS - 100.0%**  | **16870621632**  |

---

**Legend**

(a) Non-income producing

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $151,520,420 or 0.9% of net assets.

(c) Level 3 security

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $8,882,561 or 0.1% of net assets.

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

(f) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

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

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

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(j) 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>|
| Beta Technologies, Inc. Series B, 6.00%  | 4/04/22  | 2762067  |
| Bowery Farming, Inc. Series C1  | 5/18/21  | 1335847  |
| ByteDance Ltd. Series E1  | 11/18/20  | 6657837  |
| Circle Internet Financial Ltd. Series E  | 5/11/21  | 1679200  |
| Circle Internet Financial Ltd. Series F  | 5/09/22  | 2763836  |
| Discord, Inc. Series I  | 9/15/21  | 1376561  |
| ElevateBio LLC Series C  | 3/09/21  | 2161264  |
| Epic Games, Inc.  | 7/13/20 - 7/30/20  | 10838175  |
| Fanatics, Inc. Class A  | 8/13/20 - 12/15/21  | 7999410  |
| GoBrands, Inc. Series G  | 3/02/21  | 1342480  |
| GoBrands, Inc. Series H  | 7/22/21  | 2649506  |
| Lyra Health, Inc. Series E  | 1/14/21  | 2098418  |
| Lyra Health, Inc. Series F  | 6/04/21  | 106790  |
| Nuro, Inc. Series C  | 10/30/20  | 3991979  |
| Nuro, Inc. Series D  | 10/29/21  | 1333313  |
| P3 Health Partners, Inc.  | 5/25/21  | 2673970  |
| Rad Power Bikes, Inc.  | 1/21/21  | 1937611  |
| Rad Power Bikes, Inc. Series A  | 1/21/21  | 252610  |
| Rad Power Bikes, Inc. Series C  | 1/21/21  | 993996  |
| Rad Power Bikes, Inc. Series D  | 9/17/21  | 2655000  |
| Reddit, Inc. Series E  | 5/18/21  | 1146803  |
| Reddit, Inc. Series F  | 8/11/21  | 5285337  |
| Relativity Space, Inc. Series E  | 5/27/21  | 4764658  |
| Somatus, Inc. Series E  | 1/31/22  | 1342985  |
| Space Exploration Technologies Corp. Class A  | 2/16/21 - 5/24/22  | 10018108  |
| Space Exploration Technologies Corp. Series N  | 8/04/20  | 10683360  |
| Starling Bank Ltd. Series D  | 6/18/21 - 4/05/22  | 5186912  |
| Stripe, Inc. Class B  | 5/18/21  | 2989564  |
| Stripe, Inc. Series H  | 3/15/21  | 1219800  |
| Tanium, Inc. Class B  | 9/18/20  | 3988343  |
| Tenstorrent, Inc. Series C1  | 4/23/21  | 1932265  |
| Tenstorrent, Inc. 0%  | 4/23/21  | 1810000  |
| Veterinary Emergency Group LLC Class A  | 9/16/21 - 12/16/22  | 5409747  |
| X Holdings I, Inc.  | 10/25/22  | 5530000  |
| Zipline International, Inc.  | 10/12/21  | 1817244  |
| Zipline International, Inc. Series E  | 12/21/20  | 4317881  |

---

**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 ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 382874841  | 5110405371  | 4807818196  | 10517634  | -  | (1)  | 685462015  | 1.6%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 52611950  | 560125504  | 605576954  | 149350  | -  | -  | 7160500  | 0.0%  |
| Total  | 435486791  | 5670530875  | 5413395150  | 10666984  | -  | (1)  | 692622515  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 1811723024  | 1763390347  | 17812196  | 30520481  |
| Consumer Discretionary  | 1433846056  | 1380172075  | 27188870  | 26485111  |
| Consumer Staples  | 676886619  | 637870046  | 36801011  | 2215562  |
| Energy  | 1151661191  | 1141425835  | 10235356  | -  |
| Financials  | 2259689980  | 2247216632  | 2470433  | 10002915  |
| Health Care  | 3198350777  | 3165961508  | 17467640  | 14921629  |
| Industrials  | 773002304  | 701271133  | 18042591  | 53688580  |
| Information Technology  | 4271201862  | 4252288319  | 7304971  | 11608572  |
| Materials  | 445966244  | 441331534  | 4634710  | -  |
| Real Estate  | 15218722  | 15218722  | -  | -  |
| Utilities  | 134731312  | 134731312  | -  | -  |
|  Preferred Securities  | 1585560  | -  | -  | 1585560  |
|  Money Market Funds  | 692622515  | 692622515  | -  | -  |
| **Total Investments in Securities:**  | 16866486166  | 16573499978  | 141957778  | 151028410  |
|  Net Unrealized Depreciation on Unfunded Commitments  | (491561)  | -  | -  | (491561)  |
| **Total**  | (491561)  | -  | -  | (491561)  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $6,909,932) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $9,936,277,995)  | 16173863651  |  |
|  Fidelity Central Funds (cost $692,617,606)  | 692622515  |  |
|  Total Investment in Securities (cost $10,628,895,601)  |  | $16866486166  |
|  Foreign currency held at value (cost $95,294)  |  | 95294  |
| Receivable for investments sold  |  | 7945328  |
|  Receivable for fund shares sold  |  | 8666207  |
|  Dividends receivable  |  | 8969598  |
|  Distributions receivable from Fidelity Central Funds  |  | 2240809  |
|  Prepaid expenses  |  | 21242  |
| Other receivables  |  | 866942  |
| **Total assets**  |  | 16895291586  |
| **Liabilities**  |  |  |
|  Unrealized depreciation on unfunded commitments  | $491561  |  |
|  Payable for fund shares redeemed  | 5557479  |  |
|  Accrued management fee  | 7556973  |  |
|  Distribution and service plan fees payable  | 1486872  |  |
|  Other affiliated payables  | 1141362  |  |
|  Other payables and accrued expenses  | 1279132  |  |
|  Collateral on securities loaned  | 7156575  |  |
| **Total Liabilities**  |  | 24669954  |
| **Net Assets**  |  | $16870621632  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $10505407534  |
|  Total accumulated earnings (loss)  |  | 6365214098  |
|  **Net Assets**  |  | $16870621632  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($7,255,739,832 ÷ 191,559,894 shares)  |  | $37.88  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,326,909,911 ÷ 35,262,610 shares)  |  | $37.63  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($6,472,771,148 ÷ 177,158,177 shares)  |  | $36.54  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,815,200,741 ÷ 48,327,335 shares)  |  | $37.56  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $201145374  |
| Income from Fidelity Central Funds (including $149,350 from security lending)  |  | 10666984  |
| **Total Income**  |  | 211812358  |
|  **Expenses**  |  |  |
| Management fee  | $101359230  |  |
| Transfer agent fees  | 13546150  |  |
| Distribution and service plan fees  | 20366937  |  |
| Accounting fees  | 1594006  |  |
| Custodian fees and expenses  | 217407  |  |
| Independent trustees' fees and expenses  | 68195  |  |
| Audit  | 77364  |  |
| Legal  | 28449  |  |
| Miscellaneous  | 91907  |  |
| Total expenses before reductions  | 137349645  |  |
| Expense reductions  | (676517)  |  |
| Total expenses after reductions  |  | 136673128  |
| **Net Investment income (loss)**  |  | 75139230  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,307,211)  | 925548689  |  |
| Foreign currency transactions  | (141012)  |  |
| Total net realized gain (loss)  |  | 925407677  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,873,531)  | (7478681417)  |  |
| Fidelity Central Funds  | (1)  |  |
| Unfunded commitments  | (406213)  |  |
| Assets and liabilities in foreign currencies  | (54258)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (7479141889)  |
| **Net gain (loss)**  |  | (6553734212)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(6478594982)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $75139230  | $(7306438)  |
| &nbsp;&nbsp; Net realized gain (loss)  | 925407677 <br>| 2055817989 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (7479141889)  | 3584809511 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (6478594982) <br>| 5633321062 <br>|
| Distributions to shareholders  | (993733960) <br>| (2897643752) <br>|
| Share transactions - net increase (decrease)  | (551713564) <br>| 1027321142 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (8024042506) <br>| 3762998452 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 24894664138  | 21131665686 <br>|
| &nbsp;&nbsp; End of period  | $16870621632  | $24894664138  |

---

**Financial Highlights** 

 **VIP Contrafund® Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $54.35  | $48.17  | $37.17  | $32.13  | $37.94  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .22  | .04  | .07  | .16  | .23  |
| Net realized and unrealized gain (loss)  | (14.37)  | 12.88  | 11.24  | 9.15  | (2.50)  |
| Total from investment operations  | (14.15)  | 12.92  | 11.31  | 9.31  | (2.27)  |
| Distributions from net investment income  | (.22)  | (.02) <sup>C</sup>  | (.10)  | (.16)  | (.26)  |
| Distributions from net realized gain  | (2.09)  | (6.72) <sup>C</sup>  | (.21)  | (4.11)  | (3.28)  |
| Total distributions  | (2.32) <sup>D</sup>  | (6.74)  | (.31)  | (4.27)  | (3.54)  |
| Net asset value, end of period  | $37.88  | $54.35  | $48.17  | $37.17  | $32.13  |
| **Total Return** <sup>E,F</sup>  | (26.31)%  | 27.83%  | 30.57%  | 31.58%  | (6.38)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .61%  | .61%  | .62%  |
| Expenses net of fee waivers, if any  | .60%  | .60%  | .61%  | .61%  | .62%  |
| Expenses net of all reductions  | .60%  | .60%  | .61%  | .61%  | .61%  |
| Net investment income (loss)  | .50%  | .08%  | .17%  | .48%  | .64%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $7255740  | $10409645  | $8916447  | $6919369  | $6240295  |
| Portfolio turnover rate <sup>I</sup>  | 38%  | 34%  | 39%  | 37% <sup>J</sup>  | 111% <sup>J</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

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

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Contrafund® Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $54.00  | $47.89  | $36.96  | $31.97  | $37.77  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .17  | (.01)  | .03  | .13  | .19  |
| Net realized and unrealized gain (loss)  | (14.27)  | 12.80  | 11.17  | 9.10  | (2.48)  |
| Total from investment operations  | (14.10)  | 12.79  | 11.20  | 9.23  | (2.29)  |
| Distributions from net investment income  | (.18)  | (.01) <sup>C</sup>  | (.06)  | (.13)  | (.22)  |
| Distributions from net realized gain  | (2.09)  | (6.67) <sup>C</sup>  | (.21)  | (4.11)  | (3.28)  |
| Total distributions  | (2.27)  | (6.68)  | (.27)  | (4.24)  | (3.51) <sup>D</sup>  |
| Net asset value, end of period  | $37.63  | $54.00  | $47.89  | $36.96  | $31.97  |
| **Total Return** <sup>E,F</sup>  | (26.38)%  | 27.71%  | 30.43%  | 31.45%  | (6.49)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .70%  | .70%  | .71%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .70%  | .70%  | .71%  | .71%  | .72%  |
| Expenses net of all reductions  | .70%  | .70%  | .71%  | .71%  | .71%  |
| Net investment income (loss)  | .40%  | (.02)%  | .07%  | .38%  | .54%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1326910  | $2001479  | $1734783  | $1493164  | $1324859  |
| Portfolio turnover rate <sup>I</sup>  | 38%  | 34%  | 39%  | 37% <sup>J</sup>  | 111% <sup>J</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

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

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>J</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Contrafund® Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $52.51  | $46.73  | $36.10  | $31.31  | $37.05  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .11  | (.08)  | (.03)  | .08  | .14  |
| Net realized and unrealized gain (loss)  | (13.87)  | 12.46  | 10.90  | 8.89  | (2.44)  |
| Total from investment operations  | (13.76)  | 12.38  | 10.87  | 8.97  | (2.30)  |
| Distributions from net investment income  | (.11)  | - <sup>C,D</sup>  | (.03)  | (.07)  | (.16)  |
| Distributions from net realized gain  | (2.09)  | (6.60) <sup>C</sup>  | (.21)  | (4.11)  | (3.28)  |
| Total distributions  | (2.21) <sup>E</sup>  | (6.60)  | (.24)  | (4.18)  | (3.44)  |
| Net asset value, end of period  | $36.54  | $52.51  | $46.73  | $36.10  | $31.31  |
| **Total Return** <sup>F,G</sup>  | (26.49)%  | 27.51%  | 30.23%  | 31.27%  | (6.64)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .85%  | .85%  | .86%  | .86%  | .87%  |
| Expenses net of fee waivers, if any  | .85%  | .85%  | .86%  | .86%  | .87%  |
| Expenses net of all reductions  | .85%  | .85%  | .86%  | .86%  | .86%  |
| Net investment income (loss)  | .25%  | (.17)%  | (.08)%  | .23%  | .39%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $6472771  | $9861435  | $8379335  | $8038646  | $6979731  |
| Portfolio turnover rate <sup>J</sup>  | 38%  | 34%  | 39%  | 37% <sup>K</sup>  | 111% <sup>K</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

 **VIP Contrafund® Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $53.92  | $47.83  | $36.91  | $31.93  | $37.74  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .18  | - <sup>C</sup>  | .04  | .14  | .20  |
| Net realized and unrealized gain (loss)  | (14.26)  | 12.78  | 11.16  | 9.08  | (2.49)  |
| Total from investment operations  | (14.08)  | 12.78  | 11.20  | 9.22  | (2.29)  |
| Distributions from net investment income  | (.19)  | (.01) <sup>D</sup>  | (.07)  | (.14)  | (.23)  |
| Distributions from net realized gain  | (2.09)  | (6.68) <sup>D</sup>  | (.21)  | (4.11)  | (3.28)  |
| Total distributions  | (2.28)  | (6.69)  | (.28)  | (4.24) <sup>E</sup>  | (3.52) <sup>E</sup>  |
| Net asset value, end of period  | $37.56  | $53.92  | $47.83  | $36.91  | $31.93  |
| **Total Return** <sup>F,G</sup>  | (26.38)%  | 27.74%  | 30.48%  | 31.49%  | (6.49)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .68%  | .67%  | .69%  | .69%  | .70%  |
| Expenses net of fee waivers, if any  | .67%  | .67%  | .69%  | .69%  | .69%  |
| Expenses net of all reductions  | .67%  | .67%  | .68%  | .69%  | .69%  |
| Net investment income (loss)  | .43%  | .01%  | .09%  | .40%  | .56%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1815201  | $2622106  | $2101100  | $1716187  | $1402867  |
| Portfolio turnover rate <sup>J</sup>  | 38%  | 34%  | 39%  | 37% <sup>K</sup>  | 111% <sup>K</sup>  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Amount represents less than $.005 per share.*

<sup>D</sup> *The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

<sup>K</sup> *Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Contrafund Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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 are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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.

**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 Contrafund Portfolio**  | $801391  |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & 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. These differences resulted in distribution reclassifications.

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), deferred Trustee compensation 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**  | $6568742898  |
| **Gross unrealized depreciation**  | <u>(372085270)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$6196657628</u>  |
| **Tax Cost**  | <u>$10669336977</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$169599201</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$6196622759</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $74602665  | $67053543  |
| **Long-term Capital Gains**  | <u>919131295</u>  | <u>2830590209</u>  |
| **Total**  | <u>$993733960</u>  | <u>$2897643752</u>  |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired**  | **Commitment Amount**  | **Unrealized Appreciation (Depreciation)**  |
| **VIP Contrafund Portfolio**  | Stripe, Inc.  | $491561  | $(491561)  |

---

**Special Purpose Acquisition Companies.** Funds may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities. A SPAC is a publicly traded company that raises investment capital via an initial public offering (IPO) for the purpose of acquiring the equity securities of one or more existing companies via merger, business combination, acquisition or other similar transactions within a designated time frame.

**Private Investment in Public Equity.** Funds may acquire equity securities of an issuer through a private investment in a public equity (PIPE) transaction, including through commitments to purchase securities on a when-issued basis. A PIPE typically involves the purchase of securities directly from a publicly traded company in a private placement transaction. Securities purchased through PIPE transactions will be restricted from trading and considered illiquid until a resale registration statement for the shares is filed and declared effective.

At the current and/or prior period end, the Fund had commitments to purchase when-issued securities through PIPE transactions with SPACs. The commitments are contingent upon the SPACs acquiring the securities of target companies. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Statements 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.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **$ Amount**  | **% of Net Assets**  |
| **VIP Contrafund Portfolio**  | 8358626  | .05  |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Statement of Assets and Liabilities, if applicable.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Contrafund Portfolio**  | 7150666264  | 8932257942  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .53% of the Fund's average net assets.

**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**  | $1540063  |
| **Service Class 2**  | <u>18826874</u>  |
|  | <u>$20366937</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $5076571  | .06  |
| **Service Class**  | 960383  | .06  |
| **Service Class 2**  | 4696162  | .06  |
| **Investor Class**  | <u>2813034</u>  | .14  |
|  | <u>$13546150</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Contrafund Portfolio**  | .01  |

---

**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 Contrafund Portfolio**  | $105543  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 Contrafund Portfolio**  | 405752346  | 500611559  | 45834591  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Contrafund Portfolio**  | $35614  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Contrafund Portfolio**  | $15525  | $2166  | $-  |

---

**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 $839.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $675,678.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Contrafund Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $427834614  | $1209794502  |
| Service Class  | 78033095  | 232942281  |
| Service Class 2  | 381182952  | 1156875876  |
| Investor Class  | <u>106683299</u>  | <u>298031093</u>  |
| Total  | <u>$993733960</u>  | <u>$2897643752</u>  |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Contrafund Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 8378273  | 4055581  | $363798629  | $208254035  |
| Reinvestment of distributions  | 10481286  | 23155770  | 427834614  | 1209794502  |
| Shares redeemed  | <u>(18832607)</u>  | <u>(20798903)</u>  | <u>(811370836)</u>  | <u>(1090168665)</u>  |
| Net increase (decrease)  | <u>26952</u>  | <u>6412448</u>  | <u>$(19737593)</u>  | <u>$327879872</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 1591965  | 934872  | $69369182  | $48172733  |
| Reinvestment of distributions  | 1919691  | 4490338  | 78033095  | 232942281  |
| Shares redeemed  | <u>(5310438)</u>  | <u>(4587326)</u>  | <u>(225918720)</u>  | <u>(240448218)</u>  |
| Net increase (decrease)  | <u>(1798782)</u>  | <u>837884</u>  | <u>$(78516443)</u>  | <u>$40666796</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 11049242  | 10511231  | $459094624  | $527424829  |
| Reinvestment of distributions  | 9646091  | 22915494  | 381182952  | 1156875876  |
| Shares redeemed  | <u>(31323576)</u>  | <u>(24961264)</u>  | <u>(1277383639)</u>  | <u>(1274315025)</u>  |
| Net increase (decrease)  | <u>(10628243)</u>  | <u>8465461</u>  | <u>$(437106063)</u>  | <u>$409985680</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 1027613  | 1564566  | $45322045  | $83760317  |
| Reinvestment of distributions  | 2633470  | 5740903  | 106683299  | 298031093  |
| Shares redeemed  | <u>(3966429)</u>  | <u>(2605285)</u>  | <u>(168358809)</u>  | <u>(133002616)</u>  |
| Net increase (decrease)  | <u>(305346)</u>  | <u>4700184</u>  | <u>$(16353465)</u>  | <u>$248788794</u>  |

---

**11. Other.**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Affiliated %**  | **Number ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Contrafund Portfolio  | 16%  | 2  | 23%  |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and the Shareholders of VIP Contrafund Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Contrafund Portfolio (the "Fund"), a fund of Variable Insurance Products Fund II, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Contrafund℠ Portfolio**  |  |  |  |  |
| **Initial Class**  | .60%  |  |  |  |
| **Actual**  |  | $1000  | $1011.00  | $3.04  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1022.18  | $3.06  |
| **Service Class**  | .70%  |  |  |  |
| **Actual**  |  | $1000  | $1010.40  | $3.55  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.68  | $3.57  |
| **Service Class 2**  | .85%  |  |  |  |
| **Actual**  |  | $1000  | $1009.60  | $4.31  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.92  | $4.33  |
| **Investor Class**  | .67%  |  |  |  |
| **Actual**  |  | $1000  | $1010.50  | $3.40  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1021.83  | $3.41  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $876,199,756, or, if subsequently determined to be different, the net capital gain of such year.

Initial Class, Service Class, Service Class 2, and Investor Class designate 100% of the dividend distributed during December of the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

![](img88166_2.jpg) <br>

1.540131.125 VIPCON-ANN-0323

**Fidelity® Variable Insurance Products:**

**Emerging Markets Portfolio**

**Annual Report**

**December 31, 2022**

![](img88163_1.jpg)

![](img88163_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary2021)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments2021)** |
| **[Financial Statements](#Sec_FinancialStatements2021)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |

---

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -20.17%  | &nbsp;&nbsp; 1.71%  | &nbsp;&nbsp; 4.61%  |
| Service Class  | &nbsp;&nbsp; -20.26%  | &nbsp;&nbsp; 1.62%  | &nbsp;&nbsp; 4.52%  |
| Service Class 2  | &nbsp;&nbsp; -20.37%  | &nbsp;&nbsp; 1.46%  | &nbsp;&nbsp; 4.35%  |
| Investor Class  | &nbsp;&nbsp; -20.20%  | &nbsp;&nbsp; 1.64%  | &nbsp;&nbsp; 4.54%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Emerging Markets Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.  |
| ![](img88163_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

International equities returned -15.86% in 2022, according to the MSCI ACWI (All Country World Index) ex USA Index, as a multitude of risk factors challenged the global economy and financial markets. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. Early on, non-U.S. stocks retreated to begin 2022 and returned -26.40% through September. Persistently high inflation in some markets, exacerbated by energy price shocks from the Russia-Ukraine conflict, spurred the U.S. Federal Reserve and other central banks to aggressively tighten monetary policy. Market interest rates eclipsed their highest level in roughly a decade, stoking recession fears and sending stocks into bear market territory. Other factors influencing equities abroad included surging global commodity prices, rising sovereign bond yields in some markets, ongoing global supply-chain disruption, a broadly strong U.S. dollar and the potential for variants of the coronavirus to upend global economic growth. The index reversed course in the fourth quarter, gaining 14.31% amid optimism on inflation and policy easing. For the full 12 months, emerging markets (-20%) and Europe ex U.K. (-17%) notably lagged. Conversely, the U.K. (-4%) held up best, followed by Asia Pacific ex Japan (-8%). By sector, information technology (-34%) fared worst. Communication services and consumer discretionary (-21% each) also trailed the broader market. In sharp contrast, energy gained 9% amid elevated prices for oil and natural gas. The financials (-7%) sector also outperformed, as did utilities (-10%) and consumer staples (-12%).

**Comments from Portfolio Manager Sam Polyak :**

For the fiscal year ending December 31, 2022, the fund's share classes returned about -20%, performing roughly in line with the -20.07% result of the benchmark MSCI Emerging Markets (Net MA) Index. Geographically, stock picks in Emerging Europe, specifically Russia, as well as an underweighting in the Middle East, hindered the fund's relative result most. By sector, the primary detractor from performance versus the benchmark was security selection in communication services. Picks among energy and industrials stocks also hampered the portfolio's relative result. On a stock-specific basis, the fund's three largest relative detractors were Russian stocks: Lukoil, Sberbank and Yandex. In the wake of the conflict in Ukraine and widespread sanctions against Russia, all three stocks were removed from the index in early March. In contrast, overweighted exposure to Emerging Europe and Latin America contributed to the fund's relative result. By sector, the primary contributors to performance versus the benchmark were investment choices and an overweighting in materials, along with positioning in financials. The top individual relative contributor was an out-of-benchmark position in Solar Industries India (+62%). Also bolstering performance was our outsized stake in China Life Insurance, which gained 9% and was among our largest holdings as of year-end. Another notable relative contributor was an overweighting in Petrobras (+50%). Notable changes in positioning include reduced exposure to Brazil and Taiwan. By sector, meaningful shifts in exposure include increased stakes in industrials and health care stocks

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services)  | 8.5  |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)  | 8.1  |
| Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals)  | 8.0  |
| China Life Insurance Co. Ltd. (H Shares) (China, Insurance)  | 4.2  |
| JD.com, Inc. Class A (Cayman Islands, Internet & Direct Marketing Retail)  | 3.7  |
| Housing Development Finance Corp. Ltd. (India, Diversified Financial Services)  | 3.7  |
| Haier Smart Home Co. Ltd. (A Shares) (China, Household Durables)  | 3.0  |
| Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail)  | 3.0  |
| Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail)  | 2.8  |
| Larsen & Toubro Ltd. (India, Construction & Engineering)  | 2.7  |
|  | 47.7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Financials  | 20.9  |
| Consumer Discretionary  | 18.8  |
| Information Technology  | 18.3  |
| Materials  | 10.7  |
| Industrials  | 10.6  |
| Communication Services  | 9.7  |
| Health Care  | 5.2  |
| Consumer Staples  | 3.1  |
| Energy  | 2.8  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88163_6.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *Foreign investments - 100.1%*  |
| *\*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Geographic Diversification (% of Fund's net assets)**  |
| ![](img88163_7.jpg) <br>|
| *\* Includes Short-Term investments and Net Other Assets (Liabilities).* <br> *Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 96.9%**  | &nbsp;&nbsp; **Common Stocks - 96.9%**  | &nbsp;&nbsp; **Common Stocks - 96.9%**  |
|  | Shares  | Value ($) <br>|
| Bermuda - 2.5%  |  |  |
|  Credicorp Ltd. (United States)  | 105700  | 14339262  |
|  Shangri-La Asia Ltd. (a)  | 11550000  | 9424035  |
|  TOTAL BERMUDA  |  | 23763297  |
| Brazil - 1.0%  |  |  |
|  Localiza Rent a Car SA  | 927500  | 9345708  |
|  Localiza Rent a Car SA rights (a)  | 2802  | 5710  |
|  TOTAL BRAZIL  |  | 9351418  |
| Canada - 2.7%  |  |  |
|  Barrick Gold Corp.  | 1545700  | 26555126  |
| Cayman Islands - 22.8%  |  |  |
|  Alibaba Group Holding Ltd. (a)  | 2628800  | 28845595  |
|  BeiGene Ltd. ADR (a)(b)  | 48800  | 10733072  |
|  Hansoh Pharmaceutical Group Co. Ltd. (c)  | 8122000  | 15343496  |
|  JD.com, Inc. Class A  | 1287713  | 35948622  |
|  Li Ning Co. Ltd.  | 1200237  | 10320844  |
|  Meituan Class B (a)(c)  | 1251600  | 27730243  |
|  Sunny Optical Technology Group Co. Ltd.  | 829800  | 9786567  |
|  Tencent Holdings Ltd.  | 1951605  | 82748759  |
|  TOTAL CAYMAN ISLANDS  |  | 221457198  |
| China - 12.6%  |  |  |
|  China Life Insurance Co. Ltd. (H Shares)  | 24072863  | 41086177  |
|  Guangzhou Automobile Group Co. Ltd. (H Shares)  | 17532000  | 11741370  |
|  Haier Smart Home Co. Ltd. (A Shares)  | 8214997  | 29012973  |
|  Industrial & Commercial Bank of China Ltd. (H Shares)  | 34018635  | 17447807  |
|  Shenzhen Inovance Technology Co. Ltd. (A Shares)  | 1019700  | 10252734  |
|  Tsingtao Brewery Co. Ltd. (H Shares)  | 737000  | 7257314  |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares)  | 1655482  | 5081506  |
|  TOTAL CHINA  |  | 121879881  |
| Greece - 2.0%  |  |  |
|  National Bank of Greece SA (a)  | 4842400  | 19422751  |
| Hong Kong - 0.4%  |  |  |
|  China Resources Beer Holdings Co. Ltd.  | 596505  | 4149040  |
| Hungary - 2.5%  |  |  |
|  Richter Gedeon PLC  | 1099741  | 24471613  |
| India - 13.0%  |  |  |
|  Axis Bank Ltd.  | 1659100  | 18667648  |
|  Bharat Heavy Electricals Ltd.  | 10796000  | 10322614  |
|  Housing Development Finance Corp. Ltd.  | 1115659  | 35461660  |
|  Larsen & Toubro Ltd.  | 1059093  | 26614929  |
|  Shree Cement Ltd.  | 44301  | 12442747  |
|  Solar Industries India Ltd.  | 422017  | 22354948  |
|  TOTAL INDIA  |  | 125864546  |
| Indonesia - 1.7%  |  |  |
|  PT Bank Mandiri (Persero) Tbk  | 12964138  | 8267162  |
|  PT United Tractors Tbk  | 4745700  | 7955098  |
|  TOTAL INDONESIA  |  | 16222260  |
| Korea (South) - 15.0%  |  |  |
|  Hyundai Mipo Dockyard Co. Ltd. (a)  | 158255  | 10620761  |
|  Hyundai Motor Co.  | 119670  | 14351713  |
|  Korea Aerospace Industries Ltd. (b)  | 470580  | 19023602  |
|  POSCO  | 108530  | 23833424  |
|  Samsung Electronics Co. Ltd.  | 1773960  | 77913095  |
|  TOTAL KOREA (SOUTH)  |  | 145742595  |
| Mexico - 1.6%  |  |  |
|  Grupo Financiero Banorte S.A.B. de CV Series O  | 1029868  | 7394290  |
|  Wal-Mart de Mexico SA de CV Series V  | 2417500  | 8509292  |
|  TOTAL MEXICO  |  | 15903582  |
| Netherlands - 0.2%  |  |  |
|  Yandex NV Series A (a)(d)  | 446500  | 1531424  |
| Russia - 0.0%  |  |  |
|  LUKOIL PJSC sponsored ADR (d)  | 437463  | 123754  |
|  Sberbank of Russia sponsored ADR (a)(d)  | 1813510  | 32280  |
|  TOTAL RUSSIA  |  | 156034  |
| South Africa - 4.5%  |  |  |
|  Absa Group Ltd.  | 1250100  | 14195657  |
|  Impala Platinum Holdings Ltd.  | 1584016  | 19906121  |
|  MTN Group Ltd.  | 1290977  | 9641983  |
|  TOTAL SOUTH AFRICA  |  | 43743761  |
| Taiwan - 11.9%  |  |  |
|  ECLAT Textile Co. Ltd.  | 896000  | 14385683  |
|  HIWIN Technologies Corp.  | 1867967  | 11057866  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5397175  | 78397151  |
|  Yageo Corp.  | 763292  | 11126337  |
|  TOTAL TAIWAN  |  | 114967037  |
| Thailand - 1.5%  |  |  |
|  Kasikornbank PCL (For. Reg.)  | 3449200  | 14706935  |
| Turkey - 1.0%  |  |  |
|  Turkiye Petrol Rafinerileri A/S (a)  | 347000  | 9831721  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $960,330,494)  |  | <br> **939720219**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 3.2%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 3.2%**  | &nbsp;&nbsp; **Nonconvertible Preferred Stocks - 3.2%**  |
|  | Shares  | Value ($) <br>|
| Brazil - 3.2%  |  |  |
|  Ambev SA sponsored ADR  | 3566900  | 9701968  |
|  Itau Unibanco Holding SA  | 2466950  | 11681188  |
|  Petroleo Brasileiro SA - Petrobras sponsored ADR  | 895247  | 9534381  |
| <br> **TOTAL NONCONVERTIBLE PREFERRED STOCKS** <br> (Cost $26,733,654)  |  | <br> **30917537**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 2.0%**  | &nbsp;&nbsp; **Money Market Funds - 2.0%**  | &nbsp;&nbsp; **Money Market Funds - 2.0%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (e)  | 13423015  | 13425700  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (e)(f)  | 6069243  | 6069850  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $19,495,550)  |  | **19495550**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.1%** <br> (Cost $1,006,559,698) <br>| <br>**990133306**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.1)%**  | **(20388785)**  |
| **NET ASSETS - 100.0%**  | **969744521**  |

---

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

**Legend**

(a) Non-income producing

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

(c) 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 $43,073,739 or 4.4% of net assets.

(d) Level 3 security

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 9678082  | 448186736  | 444439118  | 352342  | -  | -  | 13425700  | 0.0%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 7028000  | 112712404  | 113670554  | 51616  | -  | -  | 6069850  | 0.0%  |
| Total  | 16706082  | 560899140  | 558109672  | 403958  | -  | -  | 19495550  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 93922166  | -  | 92390742  | 1531424  |
| Consumer Discretionary  | 181761078  | 14351713  | 167409365  | -  |
| Consumer Staples  | 29617614  | 18211260  | 11406354  | -  |
| Energy  | 27444954  | 19366102  | 7955098  | 123754  |
| Financials  | 202702817  | 52837491  | 149833046  | 32280  |
| Health Care  | 50548181  | 35204685  | 15343496  | -  |
| Industrials  | 102325430  | 38995781  | 63329649  | -  |
| Information Technology  | 177223150  | 77913095  | 99310055  | -  |
| Materials  | 105092366  | 50388550  | 54703816  | -  |
|  Money Market Funds  | 19495550  | 19495550  | -  | -  |
| **Total Investments in Securities:**  | 990133306  | 326764227  | 661681621  | 1687458  |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

---

| | |
|:---|:---|
| **Investments in Securities:**  |  |
|  <u>Energy</u>  |  |
|  Beginning Balance  | $-  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (37050023)  |
|  Cost of Purchases  | 8585441  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 28588336  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $123754  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(37050023)  |
|  <u>Financials</u>  |  |
|  Beginning Balance  | $-  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (26337301)  |
|  Cost of Purchases  | 7580719  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 18788862  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $32280  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(26337301)  |
|  <u>Communication Services</u>  |  |
|  Beginning Balance  | $-  |
|  Net Realized Gain (Loss) on Investment Securities  | -  |
|  Net Unrealized Gain (Loss) on Investment Securities  | (22394771)  |
|  Cost of Purchases  | 5739895  |
|  Proceeds of Sales  | -  |
|  Amortization/Accretion  | -  |
|  Transfers into Level 3  | 18186300  |
|  Transfers out of Level 3  | -  |
|  Ending Balance  | $1531424  |
|  The change in unrealized gain (loss) for the period attributable to Level 3 securities held at December 31, 2022  | $(22394771)  |
| <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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. <br>|  |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $5,826,748) - See accompanying schedule:  |  |  |
|  Unaffiliated issuers (cost $987,064,148)  | $970637756  |  |
|  Fidelity Central Funds (cost $19,495,550)  | 19495550  |  |
|  Total Investment in Securities (cost $1,006,559,698)  |  | $990133306  |
|  Cash  |  | 396683  |
|  Foreign currency held at value (cost $4,299,449)  |  | 4299961  |
| Receivable for investments sold  |  | 6931245  |
|  Receivable for fund shares sold  |  | 301613  |
|  Dividends receivable  |  | 2971712  |
|  Distributions receivable from Fidelity Central Funds  |  | 46296  |
|  Prepaid expenses  |  | 1257  |
| Other receivables  |  | 416466  |
| **Total assets**  |  | 1005498539  |
| **Liabilities**  |  |  |
|  Payable for investments purchased  | $12691143  |  |
|  Payable for fund shares redeemed  | 11476738  |  |
|  Accrued management fee  | 640150  |  |
|  Distribution and service plan fees payable  | 45193  |  |
|  Other affiliated payables  | 102962  |  |
|  Other payables and accrued expenses  | 4727982  |  |
|  Collateral on securities loaned  | 6069850  |  |
| **Total Liabilities**  |  | 35754018  |
| **Net Assets**  |  | $969744521  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $1085641967  |
|  Total accumulated earnings (loss)  |  | (115897446)  |
|  **Net Assets**  |  | $969744521  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($413,887,366 ÷ 41,927,906 shares)  |  | $9.87  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($197,602,237 ÷ 19,975,538 shares)  |  | $9.89  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($137,866,395 ÷ 13,977,744 shares)  |  | $9.86  |
| **Investor Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($220,388,523 ÷ 22,448,172 shares)  |  | $9.82  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $33721600  |
| Non-Cash dividends  |  | 3298247  |
| Income from Fidelity Central Funds (including $51,616 from security lending)  |  | 403958  |
| Income before foreign taxes withheld  |  | 37423805  |
| Less foreign taxes withheld  |  | (3036957)  |
| **Total Income**  |  | 34386848  |
|  **Expenses**  |  |  |
| Management fee  | $8338838  |  |
| Transfer agent fees  | 856315  |  |
| Distribution and service plan fees  | 592289  |  |
| Accounting fees  | 485371  |  |
| Custodian fees and expenses  | 233299  |  |
| Independent trustees' fees and expenses  | 3749  |  |
| Audit  | 96161  |  |
| Legal  | 2328  |  |
| Interest  | 15473  |  |
| Miscellaneous  | 5271  |  |
| Total expenses before reductions  | 10629094  |  |
| Expense reductions  | (36722)  |  |
| Total expenses after reductions  |  | 10592372  |
| **Net Investment income (loss)**  |  | 23794476  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers(net of foreign taxes of $2,378,638)  | (73328799)  |  |
| Foreign currency transactions  | (503973)  |  |
| Total net realized gain (loss)  |  | (73832772)  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $489,893)  | (208618579)  |  |
| Assets and liabilities in foreign currencies  | 8002  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (208610577)  |
| **Net gain (loss)**  |  | (282443349)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(258648873)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $23794476  | $17260563  |
| &nbsp;&nbsp; Net realized gain (loss)  | (73832772) <br>| 78640852 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (208610577)  | (127070571) <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (258648873) <br>| (31169156) <br>|
| Distributions to shareholders  | (17195160) <br>| (165023700) <br>|
| Share transactions - net increase (decrease)  | (7085031) <br>| 348132598 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (282929064) <br>| 151939742 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 1252673585  | 1100733843 <br>|
| &nbsp;&nbsp; End of period  | $969744521  | $1252673585  |

---

**Financial Highlights** 

 **VIP Emerging Markets Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.59  | $14.75  | $12.68  | $9.95  | $12.23  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .24  | .21  | .11  | .26 <sup>C</sup>  | .08  |
| Net realized and unrealized gain (loss)  | (2.78)  | (.47)  | 3.46  | 2.66  | (2.28)  |
| Total from investment operations  | (2.54)  | (.26)  | 3.57  | 2.92  | (2.20)  |
| Distributions from net investment income  | (.18)  | (.31)  | (.10)  | (.19)  | (.08)  |
| Distributions from net realized gain  | -  | (1.59)  | (1.39)  | -  | - <sup>D</sup>  |
| Total distributions  | (.18)  | (1.90)  | (1.50) <sup>E</sup>  | (.19)  | (.08)  |
| Net asset value, end of period  | $9.87  | $12.59  | $14.75  | $12.68  | $9.95  |
| **Total Return** <sup>F,G</sup>  | (20.17)%  | (2.17)%  | 31.27%  | 29.46%  | (18.00)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .92%  | .91%  | .92%  | .96%  | 1.01%  |
| Expenses net of fee waivers, if any  | .91%  | .91%  | .92%  | .96%  | 1.01%  |
| Expenses net of all reductions  | .91%  | .91%  | .90%  | .91%  | .98%  |
| Net investment income (loss)  | 2.29%  | 1.47%  | .97%  | 2.25% <sup>C</sup>  | .71%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $413887  | $484510  | $399283  | $273578  | $159140  |
| Portfolio turnover rate <sup>J</sup>  | 62%  | 46%  | 80%  | 135%  | 117%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 1.06%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Emerging Markets Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.61  | $14.77  | $12.70  | $9.97  | $12.26  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .23  | .20  | .11  | .25 <sup>C</sup>  | .06  |
| Net realized and unrealized gain (loss)  | (2.78)  | (.47)  | 3.45  | 2.66  | (2.27)  |
| Total from investment operations  | (2.55)  | (.27)  | 3.56  | 2.91  | (2.21)  |
| Distributions from net investment income  | (.17)  | (.29)  | (.10)  | (.18)  | (.08)  |
| Distributions from net realized gain  | -  | (1.59)  | (1.39)  | -  | - <sup>D</sup>  |
| Total distributions  | (.17)  | (1.89) <sup>E</sup>  | (1.49)  | (.18)  | (.08)  |
| Net asset value, end of period  | $9.89  | $12.61  | $14.77  | $12.70  | $9.97  |
| **Total Return** <sup>F,G</sup>  | (20.26)%  | (2.28)%  | 31.17%  | 29.30%  | (18.02)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.02%  | 1.01%  | 1.02%  | 1.06%  | 1.12%  |
| Expenses net of fee waivers, if any  | 1.01%  | 1.01%  | 1.02%  | 1.06%  | 1.12%  |
| Expenses net of all reductions  | 1.01%  | 1.01%  | 1.00%  | 1.01%  | 1.09%  |
| Net investment income (loss)  | 2.19%  | 1.37%  | .87%  | 2.16% <sup>C</sup>  | .60%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $197602  | $319731  | $316596  | $36185  | $17147  |
| Portfolio turnover rate <sup>J</sup>  | 62%  | 46%  | 80%  | 135%  | 117%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .97%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Emerging Markets Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.58  | $14.74  | $12.69  | $9.96  | $12.25  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .21  | .18  | .09  | .23 <sup>C</sup>  | .05  |
| Net realized and unrealized gain (loss)  | (2.77)  | (.47)  | 3.44  | 2.67  | (2.27)  |
| Total from investment operations  | (2.56)  | (.29)  | 3.53  | 2.90  | (2.22)  |
| Distributions from net investment income  | (.16)  | (.28)  | (.08)  | (.17)  | (.06)  |
| Distributions from net realized gain  | -  | (1.59)  | (1.39)  | -  | - <sup>D</sup>  |
| Total distributions  | (.16)  | (1.87)  | (1.48) <sup>E</sup>  | (.17)  | (.07) <sup>E</sup>  |
| Net asset value, end of period  | $9.86  | $12.58  | $14.74  | $12.69  | $9.96  |
| **Total Return** <sup>F,G</sup>  | (20.37)%  | (2.41)%  | 30.88%  | 29.19%  | (18.16)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.16%  | 1.17%  | 1.21%  | 1.27%  |
| Expenses net of fee waivers, if any  | 1.17%  | 1.16%  | 1.17%  | 1.21%  | 1.26%  |
| Expenses net of all reductions  | 1.17%  | 1.16%  | 1.15%  | 1.16%  | 1.23%  |
| Net investment income (loss)  | 2.04%  | 1.22%  | .72%  | 2.01% <sup>C</sup>  | .46%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $137866  | $145374  | $91103  | $47476  | $20128  |
| Portfolio turnover rate <sup>J</sup>  | 62%  | 46%  | 80%  | 135%  | 117%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .82%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Emerging Markets Portfolio Investor Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.52  | $14.68  | $12.63  | $9.91  | $12.17  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | .23  | .20  | .10  | .25 <sup>C</sup>  | .07  |
| Net realized and unrealized gain (loss)  | (2.76)  | (.47)  | 3.44  | 2.65  | (2.26)  |
| Total from investment operations  | (2.53)  | (.27)  | 3.54  | 2.90  | (2.19)  |
| Distributions from net investment income  | (.17)  | (.30)  | (.10)  | (.18)  | (.06)  |
| Distributions from net realized gain  | -  | (1.59)  | (1.39)  | -  | - <sup>D</sup>  |
| Total distributions  | (.17)  | (1.89)  | (1.49)  | (.18)  | (.07) <sup>E</sup>  |
| Net asset value, end of period  | $9.82  | $12.52  | $14.68  | $12.63  | $9.91  |
| **Total Return** <sup>F,G</sup>  | (20.20)%  | (2.28)%  | 31.16%  | 29.38%  | (18.02)%  |
| **Ratios to Average Net Assets** <sup>B,H,I</sup>  |  |  |  |  |  |
| Expenses before reductions  | .99%  | .99%  | 1.00%  | 1.04%  | 1.09%  |
| Expenses net of fee waivers, if any  | .99%  | .99%  | 1.00%  | 1.04%  | 1.09%  |
| Expenses net of all reductions  | .99%  | .99%  | .98%  | .99%  | 1.06%  |
| Net investment income (loss)  | 2.22%  | 1.39%  | .89%  | 2.18% <sup>C</sup>  | .63%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $220389  | $303059  | $293751  | $209811  | $153024  |
| Portfolio turnover rate <sup>J</sup>  | 62%  | 46%  | 80%  | 135%  | 117%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

<sup>C</sup> *Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.14 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .99%.*

<sup>D</sup> *Amount represents less than $.005 per share.*

<sup>E</sup> *Total distributions per share do not sum due to rounding.*

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

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

<sup>H</sup> *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.*

<sup>I</sup> *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.*

<sup>J</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1. Organization.**

VIP Emerging Markets Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (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. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & 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, capital loss carryforwards, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $154285321  |
| **Gross unrealized depreciation**  | <u>(191132353)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$(36847032)</u>  |
| **Tax Cost**  | <u>$1026980338</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1503255</u>  |
| **Capital loss carryforward**  | <u>$(75947703)</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(36844509)</u>  |

---

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

---

| | |
|:---|:---|
| Short-term  | $(59248063)  |
| Long-term  | <u>(16699640)</u>  |
| **Total capital loss carryforward**  | <u>$(75947703)</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $17195160  | $49768660  |
| **Long-term Capital Gains**  | <u>-</u>  | <u>115255040</u>  |
| **Total**  | <u>$17195160</u>  | <u>$165023700</u>  |

---

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

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Emerging Markets Portfolio**  | 669490410  | 661185917  |

---

**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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .55% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .78% of the Fund's average net assets.

**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**  | $260280  |
| **Service Class 2**  | <u>332009</u>  |
|  | <u>$592289</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing, and shareholder servicing agent. FIIOC receives an asset-based fee with respect to each class. Each class pays a fee for transfer agent services, typesetting and printing and mailing of shareholder reports, excluding mailing of proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount**  | **% of Class-Level Average Net Assets**  |
| **Initial Class**  | $270653  | .06  |
| **Service Class**  | 162362  | .06  |
| **Service Class 2**  | 82931  | .06  |
| **Investor Class**  | <u>340369</u>  | .14  |
|  | <u>$856315</u>  |  |

---

**Accounting Fees.** Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

---

| | |
|:---|:---|
|  | **% of Average Net Assets**  |
| **VIP Emerging Markets Portfolio**  | .05  |

---

**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 Emerging Markets Portfolio**  | $5272  |

---

**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 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 Emerging Markets Portfolio**  | Borrower  | $26797667  | 2.31%  | $15473  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 Emerging Markets Portfolio**  | 10035876  | 10662539  | (2944790)  |

---

**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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

---

| | |
|:---|:---|
|  | **Amount**  |
| **VIP Emerging Markets Portfolio**  | $1953  |

---

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Emerging Markets Portfolio**  | $5493  | $-  | $-  |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $36,722.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Emerging Markets Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $7801488  | $62769996  |
| Service Class  | 3271567  | 42891490  |
| Service Class 2  | 2192590  | 17700193  |
| Investor Class  | <u>3929515</u>  | <u>41662021</u>  |
| Total  | <u>$17195160</u>  | <u>$165023700</u>  |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Emerging Markets Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 25634834  | 16131611  | $267915294  | $236749570  |
| Reinvestment of distributions  | 781927  | 4675117  | 7801488  | 62769996  |
| Shares redeemed  | <u>(22977469)</u>  | <u>(9385632)</u>  | <u>(239949017)</u>  | <u>(140236375)</u>  |
| Net increase (decrease)  | <u>3439292</u>  | <u>11421096</u>  | <u>$</u> <u>35767765</u>  | <u>$</u> <u>159283191</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 6546570  | 4145863  | $69489671  | $59807157  |
| Reinvestment of distributions  | 327484  | 3170501  | 3271567  | 42891490  |
| Shares redeemed  | <u>(12256137)</u>  | <u>(3396997)</u>  | <u>(124198283)</u>  | <u>(50923593)</u>  |
| Net increase (decrease)  | <u>(5382083)</u>  | <u>3919367</u>  | <u>$(51437045)</u>  | <u>$51775054</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 4600420  | 6252466  | $48652431  | $92775816  |
| Reinvestment of distributions  | 220140  | 1326468  | 2192590  | 17700193  |
| Shares redeemed  | <u>(2397484)</u>  | <u>(2203194)</u>  | <u>(25164388)</u>  | <u>(32543317)</u>  |
| Net increase (decrease)  | <u>2423076</u>  | <u>5375740</u>  | <u>$25680633</u>  | <u>$77932692</u>  |
| **Investor Class**  |  |  |  |  |
| Shares sold  | 4458656  | 6964852  | $46637229  | $103657984  |
| Reinvestment of distributions  | 395716  | 3094597  | 3929515  | 41662021  |
| Shares redeemed  | <u>(6612506)</u>  | <u>(5867253)</u>  | <u>(67663128)</u>  | <u>(86178344)</u>  |
| Net increase (decrease)  | <u>(1758134)</u>  | <u>4192196</u>  | <u>$(17096384)</u>  | <u>$59141661</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 ofUnaffiliated Shareholders**  | **Unaffiliated Shareholders %**  |
| VIP Emerging Markets Portfolio  | 13%  | 2  | 27%  |

---

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 Emerging Markets Portfolio  | 37%  |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and the Shareholders of VIP Emerging Markets Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Emerging Markets Portfolio (the "Fund"), a fund of Variable Insurance Products Fund II, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 10, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Emerging Markets Portfolio**  |  |  |  |  |
| **Initial Class**  | .92%  |  |  |  |
| **Actual**  |  | $1000  | $1000.00  | $4.64  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.57  | $4.69  |
| **Service Class**  | 1.02%  |  |  |  |
| **Actual**  |  | $1000  | $998.50  | $5.14  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.06  | $5.19  |
| **Service Class 2**  | 1.17%  |  |  |  |
| **Actual**  |  | $1000  | $997.70  | $5.89  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1019.31  | $5.96  |
| **Investor Class**  | .99%  |  |  |  |
| **Actual**  |  | $1000  | $999.10  | $4.99  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1020.21  | $5.04  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **VIP Emerging Markets Portfolio**  | **Pay Date**  | **Income**  | **Taxes**  |
| **Initial Class**  | 12/14/2022  | $0.2324  | $0.0504  |
| **Service Class**  | 12/14/2022  | $0.2174  | $0.0504  |
| **Service Class 2**  | 12/14/2022  | $0.2094  | $0.0504  |
| **Investor Class**  | 12/14/2022  | $0.2234  | $0.0504  |

---

![](img88163_2.jpg) <br>

1.858135.114 VIPEM-ANN-0323

**Fidelity® Variable Insurance Products:**

**Index 500 Portfolio**

**Annual Report**

**December 31, 2022**

![](img88149_1.jpg)

![](img88149_2.jpg)

**Contents**

---

| |
|:---|
| **[Performance](#Sec_Performance)** |
| **[Management's Discussion of Fund Performance](#Sec_Mgt Discussion of FundPerformance)** |
| **[Investment Summary](#Sec_InvestmentSummary157)** |
| **[Schedule of Investments](#Sec_ScheduleOfInvestments157)** |
| **[Financial Statements](#Sec_FinancialStatements157)** |
| **[Notes to Financial Statements](#Sec_Notes to Financial Statements)** |
| **[Report of Independent Registered Public Accounting Firm](#Sec_Report of Independent Registered Public Accounting Firm)** |
| **[Trustees and Officers](#Sec_Trustee and Officers)** |
| **[Shareholder Expense Example](#Sec_Shareholder Expense Example)** |
| **[Distributions](#Sec_Distributions)** |
| **[Board Approval of Investment Advisory Contracts and Management Fees](#Sec_Board Approval of Investment Advisory Contracts and Management Fees)** |

---

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 <sup>®</sup> ; and S&P <sup>®</sup> ; are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones <sup>®</sup> ; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

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.© 2023 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.*

**Performance: The Bottom Line**

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. Performance numbers are net of all underlying fund operating expenses, but do not include any insurance charges imposed by your insurance company's separate account. If performance information included the effect of these additional charges, the total returns would have been lower. How a fund did yesterday is no guarantee of how it will do tomorrow.

&nbsp;&nbsp; **Average Annual Total Returns** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Periods ended December 31, 2022** <br>| **Past 1** <br> **year**  | **Past 5** <br> **years**  | **Past 10** <br> **years**  |
| Initial Class  | &nbsp;&nbsp; -18.21%  | &nbsp;&nbsp; 9.30%  | &nbsp;&nbsp; 12.45%  |
| Service Class  | &nbsp;&nbsp; -18.30%  | &nbsp;&nbsp; 9.19%  | &nbsp;&nbsp; 12.34%  |
| Service Class 2  | &nbsp;&nbsp; -18.42%  | &nbsp;&nbsp; 9.03%  | &nbsp;&nbsp; 12.17%  |

---

---

| |
|:---|
| **$10,000 Over 10 Years**  |
| Let's say hypothetically that $10,000 was invested in VIP Index 500 Portfolio - Initial Class, a class of the fund, on December 31, 2012. <br>The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.  |
| ![](img88149_5.jpg)  |

---

**Management's Discussion of Fund Performance**

**Market Recap:** 

U.S. equities returned -18.11% in 2022, according to the S&P 500 <sup>®</sup> index, as a multitude of risk factors challenged the global economy. It was the index's lowest calendar-year return since 2008 and first retreat since 2018. High inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March, the Fed hiked its benchmark rate seven times, by 4.25 percentage points - the fastest-ever pace of monetary tightening - while also shrinking its massive portfolio. Against this backdrop, the S&P 500 <sup>®</sup> posted its worst year-to-date result (-23.87%) in 20 years through September, a seasonally weak month that stayed true to form, with volatility spiking due to growing certainty the Fed would persist in its effort to cool inflation, even at the expense of economic growth. Three of the index's worst monthly returns ever were recorded in 2022, as it shed 8% to 9% in April, June and September. Gains of similar proportion were made in July and October, amid optimism on inflation and policy easing. November (+6%) began with a rate hike of 0.75% and ended on a high note when the Fed signaled its intent to slow its pace of rate rises. For the year, value stocks handily outpaced growth. This headwind was pronounced in the growthier communication services (-40%), consumer discretionary (-37%) and information technology (-28%) sectors. In sharp contrast, energy (+66%) shined.

**Comments from the Geode Capital Management, LLC, passive equity index team:**

For the fiscal year ending December 31, 2022, the fund's share classes returned roughly -18%, approximately in line with the -18.11% result of the benchmark S&P 500® Index. By sector, stocks in the information technology sector returned -28% and detracted most, followed by consumer discretionary, which returned -37%. Communication services returned -40%, hampered by the media & entertainment industry (-44%), while financials returned about -11%. Real estate (-26%) and industrials (-6%) also hampered results. Other notable detractors included the materials (-12%) and health care (-2%) sectors. Consumer staples (-1%) also hurt. In contrast, energy advanced roughly 66% and contributed most. Utilities stocks also helped, gaining about 2%. Turning to individual stocks, the biggest individual detractor was Amazon.com (-50%), from the retailing industry, followed by Apple (-26%), which is in the technology hardware & equipment segment. Within software & services, Microsoft returned roughly -28% and hurt. Other detractors were Alphabet (-39%), a stock in the media & entertainment category, and Tesla (-65%), from the automobiles & components group. In contrast, the biggest individual contributor was Exxon Mobil (+87%), from the energy sector. Chevron (+58%) and ConocoPhillips (+71%), also from the energy sector, helped. Other contributors, from the pharmaceuticals, biotechnology & life sciences industry, were Merck (+49%) and Eli Lilly (+34%).

*The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.*

**Investment Summary December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  | &nbsp;&nbsp; **Top Holdings (% of Fund's net assets)**  |
| Apple, Inc.  | 6.0  |
| Microsoft Corp.  | 5.5  |
| Amazon.com, Inc.  | 2.3  |
| Berkshire Hathaway, Inc. Class B  | 1.7  |
| Alphabet, Inc. Class A  | 1.6  |
| UnitedHealth Group, Inc.  | 1.5  |
| Alphabet, Inc. Class C  | 1.5  |
| Johnson & Johnson  | 1.4  |
| Exxon Mobil Corp.  | 1.4  |
| JPMorgan Chase & Co.  | 1.2  |
|  | 24.1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  | &nbsp;&nbsp; **Market Sectors (% of Fund's net assets)**  |
| Information Technology  | 25.5  |
| Health Care  | 15.7  |
| Financials  | 11.5  |
| Consumer Discretionary  | 9.7  |
| Industrials  | 8.6  |
| Communication Services  | 7.2  |
| Consumer Staples  | 7.1  |
| Energy  | 5.2  |
| Utilities  | 3.1  |
| Materials  | 2.7  |
| Real Estate  | 2.7  |

---

---

| |
|:---|
| &nbsp;&nbsp; **Asset Allocation (% of Fund's net assets)**  |
| ![](img88149_6.jpg)  |
| *Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%\**  |
| *Foreign investments - 3.3%*  |
| *\*Short-Term Investments and Net Other Assets (Liabilities) are not available in the pie chart.*  |

---

**Schedule of Investments December 31, 2022**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Common Stocks - 99.0%**  | &nbsp;&nbsp; **Common Stocks - 99.0%**  | &nbsp;&nbsp; **Common Stocks - 99.0%**  |
|  | Shares  | Value ($) <br>|
| COMMUNICATION SERVICES - 7.2%  |  |  |
| Diversified Telecommunication Services - 0.9%  |  |  |
|  AT&T, Inc. (a)  | 2245500  | 41339655  |
|  Lumen Technologies, Inc. (a)  | 292144  | 1524992  |
|  Verizon Communications, Inc.  | 1323844  | 52159454  |
|  |  | 95024101  |
| Entertainment - 1.3%  |  |  |
|  Activision Blizzard, Inc.  | 224144  | 17158223  |
|  Electronic Arts, Inc.  | 82851  | 10122735  |
|  Live Nation Entertainment, Inc. (b)  | 44546  | 3106638  |
|  Netflix, Inc. (b)  | 140188  | 41338637  |
|  Take-Two Interactive Software, Inc. (b)  | 49154  | 5118406  |
|  The Walt Disney Co. (b)  | 574358  | 49900223  |
|  Warner Bros Discovery, Inc. (b)  | 692968  | 6569337  |
|  |  | 133314199  |
| Interactive Media & Services - 3.9%  |  |  |
|  Alphabet, Inc.:  |  |  |
|  Class A (b)  | 1880648  | 165929573  |
|  Class C (b)  | 1667963  | 147998357  |
|  Match Group, Inc. (b)  | 88798  | 3684229  |
|  Meta Platforms, Inc. Class A (b)  | 708246  | 85230324  |
|  |  | 402842483  |
| Media - 0.8%  |  |  |
|  Charter Communications, Inc. Class A (b)  | 33846  | 11477179  |
|  Comcast Corp. Class A (a)  | 1358981  | 47523566  |
|  DISH Network Corp. Class A (b)  | 78784  | 1106127  |
|  Fox Corp.:  |  |  |
|  Class A  | 95111  | 2888521  |
|  Class B  | 45260  | 1287647  |
|  Interpublic Group of Companies, Inc. (a)  | 122717  | 4087703  |
|  News Corp.:  |  |  |
|  Class A  | 120031  | 2184564  |
|  Class B  | 38477  | 709516  |
|  Omnicom Group, Inc. (a)  | 64262  | 5241851  |
|  Paramount Global Class B (a)  | 158470  | 2674974  |
|  |  | 79181648  |
| Wireless Telecommunication Services - 0.3%  |  |  |
|  T-Mobile U.S., Inc. (b)  | 188234  | 26352760  |
|  TOTAL COMMUNICATION SERVICES  |  | 736715191  |
| CONSUMER DISCRETIONARY - 9.7%  |  |  |
| Auto Components - 0.1%  |  |  |
|  Aptiv PLC (b)  | 85001  | 7916143  |
|  BorgWarner, Inc.  | 74368  | 2993312  |
|  |  | 10909455  |
| Automobiles - 1.3%  |  |  |
|  Ford Motor Co.  | 1245143  | 14481013  |
|  General Motors Co.  | 447929  | 15068332  |
|  Tesla, Inc. (b)  | 845407  | 104137234  |
|  |  | 133686579  |
| Distributors - 0.2%  |  |  |
|  Genuine Parts Co.  | 44359  | 7696730  |
|  LKQ Corp.  | 79954  | 4270343  |
|  Pool Corp.  | 12426  | 3756753  |
|  |  | 15723826  |
| Hotels, Restaurants & Leisure - 2.0%  |  |  |
|  Booking Holdings, Inc. (b)  | 12222  | 24630752  |
|  Caesars Entertainment, Inc. (b)  | 67364  | 2802342  |
|  Carnival Corp. (a)(b)  | 318083  | 2563749  |
|  Chipotle Mexican Grill, Inc. (b)  | 8709  | 12083650  |
|  Darden Restaurants, Inc.  | 38470  | 5321555  |
|  Domino's Pizza, Inc.  | 11258  | 3899771  |
|  Expedia, Inc. (b)  | 47629  | 4172300  |
|  Hilton Worldwide Holdings, Inc.  | 85387  | 10789501  |
|  Las Vegas Sands Corp. (b)  | 103077  | 4954911  |
|  Marriott International, Inc. Class A  | 84789  | 12624234  |
|  McDonald's Corp.  | 230736  | 60805858  |
|  MGM Resorts International  | 100947  | 3384753  |
|  Norwegian Cruise Line Holdings Ltd. (a)(b)  | 131436  | 1608777  |
|  Royal Caribbean Cruises Ltd. (a)(b)  | 68843  | 3402909  |
|  Starbucks Corp. (a)  | 361568  | 35867546  |
|  Wynn Resorts Ltd. (b)  | 32484  | 2678955  |
|  Yum! Brands, Inc.  | 88704  | 11361208  |
|  |  | 202952771  |
| Household Durables - 0.3%  |  |  |
|  D.R. Horton, Inc. (a)  | 98705  | 8798564  |
|  Garmin Ltd.  | 47941  | 4424475  |
|  Lennar Corp. Class A  | 80169  | 7255295  |
|  Mohawk Industries, Inc. (b)  | 16183  | 1654226  |
|  Newell Brands, Inc.  | 115638  | 1512545  |
|  NVR, Inc. (b)  | 948  | 4372726  |
|  PulteGroup, Inc.  | 72966  | 3322142  |
|  Whirlpool Corp.  | 17181  | 2430424  |
|  |  | 33770397  |
| Internet & Direct Marketing Retail - 2.4%  |  |  |
|  Amazon.com, Inc. (b)  | 2795252  | 234801168  |
|  eBay, Inc.  | 171295  | 7103604  |
|  Etsy, Inc. (b)  | 39725  | 4758261  |
|  |  | 246663033  |
| Leisure Products - 0.0%  |  |  |
|  Hasbro, Inc.  | 40749  | 2486096  |
| Multiline Retail - 0.5%  |  |  |
|  Dollar General Corp. (a)  | 71186  | 17529553  |
|  Dollar Tree, Inc. (b)  | 66200  | 9363328  |
|  Target Corp.  | 144908  | 21597088  |
|  |  | 48489969  |
| Specialty Retail - 2.4%  |  |  |
|  Advance Auto Parts, Inc.  | 19032  | 2798275  |
|  AutoZone, Inc. (b)  | 5971  | 14725561  |
|  Bath & Body Works, Inc.  | 71535  | 3014485  |
|  Best Buy Co., Inc.  | 62896  | 5044888  |
|  CarMax, Inc. (b)  | 49942  | 3040968  |
|  Lowe's Companies, Inc.  | 195428  | 38937075  |
|  O'Reilly Automotive, Inc. (b)  | 19680  | 16610510  |
|  Ross Stores, Inc.  | 109770  | 12741004  |
|  The Home Depot, Inc.  | 322333  | 101812101  |
|  TJX Companies, Inc.  | 365465  | 29091014  |
|  Tractor Supply Co.  | 34820  | 7833455  |
|  Ulta Beauty, Inc. (b)  | 16253  | 7623795  |
|  |  | 243273131  |
| Textiles, Apparel & Luxury Goods - 0.5%  |  |  |
|  NIKE, Inc. Class B  | 396312  | 46372467  |
|  Ralph Lauren Corp. (a)  | 13448  | 1421050  |
|  Tapestry, Inc. (a)  | 76123  | 2898764  |
|  VF Corp. (a)  | 103626  | 2861114  |
|  |  | 53553395  |
|  TOTAL CONSUMER DISCRETIONARY  |  | 991508652  |
| CONSUMER STAPLES - 7.1%  |  |  |
| Beverages - 1.9%  |  |  |
|  Brown-Forman Corp. Class B (non-vtg.)  | 57283  | 3762347  |
|  Constellation Brands, Inc. Class A (sub. vtg.)  | 51274  | 11882750  |
|  Keurig Dr. Pepper, Inc. (a)  | 266521  | 9504139  |
|  Molson Coors Beverage Co. Class B  | 58978  | 3038547  |
|  Monster Beverage Corp. (b)  | 120222  | 12206140  |
|  PepsiCo, Inc.  | 433951  | 78397588  |
|  The Coca-Cola Co.  | 1225983  | 77984779  |
|  |  | 196776290  |
| Food & Staples Retailing - 1.5%  |  |  |
|  Costco Wholesale Corp.  | 139438  | 63653447  |
|  Kroger Co.  | 204236  | 9104841  |
|  Sysco Corp. (a)  | 159803  | 12216939  |
|  Walgreens Boots Alliance, Inc.  | 224966  | 8404730  |
|  Walmart, Inc.  | 444556  | 63033595  |
|  |  | 156413552  |
| Food Products - 1.2%  |  |  |
|  Archer Daniels Midland Co. (a)  | 173232  | 16084591  |
|  Campbell Soup Co. (a)  | 63201  | 3586657  |
|  Conagra Brands, Inc.  | 150781  | 5835225  |
|  General Mills, Inc. (a)  | 186828  | 15665528  |
|  Hormel Foods Corp. (a)  | 90779  | 4134983  |
|  Kellogg Co.  | 81361  | 5796158  |
|  Lamb Weston Holdings, Inc.  | 45081  | 4028438  |
|  McCormick & Co., Inc. (non-vtg.) (a)  | 78626  | 6517309  |
|  Mondelez International, Inc. (a)  | 429838  | 28648703  |
|  The Hershey Co.  | 46059  | 10665883  |
|  The J.M. Smucker Co.  | 33436  | 5298269  |
|  The Kraft Heinz Co.  | 249908  | 10173755  |
|  Tyson Foods, Inc. Class A  | 90849  | 5655350  |
|  |  | 122090849  |
| Household Products - 1.6%  |  |  |
|  Church & Dwight Co., Inc.  | 76286  | 6149414  |
|  Colgate-Palmolive Co.  | 263723  | 20778735  |
|  Kimberly-Clark Corp.  | 105870  | 14371853  |
|  Procter & Gamble Co.  | 746820  | 113188039  |
|  The Clorox Co.  | 38676  | 5427403  |
|  |  | 159915444  |
| Personal Products - 0.2%  |  |  |
|  Estee Lauder Companies, Inc. Class A  | 72704  | 18038589  |
| Tobacco - 0.7%  |  |  |
|  Altria Group, Inc.  | 564863  | 25819888  |
|  Philip Morris International, Inc.  | 488567  | 49447866  |
|  |  | 75267754  |
|  TOTAL CONSUMER STAPLES  |  | 728502478  |
| ENERGY - 5.2%  |  |  |
| Energy Equipment & Services - 0.4%  |  |  |
|  Baker Hughes Co. Class A  | 315687  | 9322237  |
|  Halliburton Co.  | 286023  | 11255005  |
|  Schlumberger Ltd.  | 446474  | 23868500  |
|  |  | 44445742  |
| Oil, Gas & Consumable Fuels - 4.8%  |  |  |
|  APA Corp.  | 102420  | 4780966  |
|  Chevron Corp.  | 560236  | 100556760  |
|  ConocoPhillips Co.  | 392458  | 46310044  |
|  Coterra Energy, Inc. (a)  | 249566  | 6131837  |
|  Devon Energy Corp.  | 205400  | 12634154  |
|  Diamondback Energy, Inc.  | 55761  | 7626990  |
|  EOG Resources, Inc.  | 185107  | 23975059  |
|  EQT Corp.  | 116044  | 3925769  |
|  Exxon Mobil Corp.  | 1296792  | 143036158  |
|  Hess Corp.  | 87404  | 12395635  |
|  Kinder Morgan, Inc.  | 621915  | 11244223  |
|  Marathon Oil Corp.  | 200424  | 5425478  |
|  Marathon Petroleum Corp.  | 147537  | 17171831  |
|  Occidental Petroleum Corp. (a)  | 228970  | 14422820  |
|  ONEOK, Inc.  | 140162  | 9208643  |
|  Phillips 66 Co.  | 148856  | 15492932  |
|  Pioneer Natural Resources Co.  | 74863  | 17097961  |
|  Targa Resources Corp.  | 71055  | 5222543  |
|  The Williams Companies, Inc. (a)  | 382210  | 12574709  |
|  Valero Energy Corp. (a)  | 121416  | 15402834  |
|  |  | 484637346  |
|  TOTAL ENERGY  |  | 529083088  |
| FINANCIALS - 11.5%  |  |  |
| Banks - 3.8%  |  |  |
|  Bank of America Corp.  | 2198597  | 72817533  |
|  Citigroup, Inc.  | 610256  | 27601879  |
|  Citizens Financial Group, Inc.  | 154125  | 6067901  |
|  Comerica, Inc.  | 41087  | 2746666  |
|  Fifth Third Bancorp  | 215584  | 7073311  |
|  First Republic Bank  | 57321  | 6986857  |
|  Huntington Bancshares, Inc. (a)  | 452218  | 6376274  |
|  JPMorgan Chase & Co.  | 923852  | 123888553  |
|  KeyCorp  | 292990  | 5103886  |
|  M&T Bank Corp. (a)  | 54521  | 7908816  |
|  PNC Financial Services Group, Inc. (a)  | 127321  | 20109079  |
|  Regions Financial Corp. (a)  | 293159  | 6320508  |
|  Signature Bank  | 19774  | 2278360  |
|  SVB Financial Group (b)  | 18493  | 4255979  |
|  Truist Financial Corp.  | 419005  | 18029785  |
|  U.S. Bancorp (a)  | 426493  | 18599360  |
|  Wells Fargo & Co.  | 1200414  | 49565094  |
|  Zions Bancorp NA  | 47280  | 2324285  |
|  |  | 388054126  |
| Capital Markets - 3.1%  |  |  |
|  Ameriprise Financial, Inc.  | 33600  | 10462032  |
|  Bank of New York Mellon Corp.  | 230688  | 10500918  |
|  BlackRock, Inc. Class A (a)  | 47289  | 33510404  |
|  Cboe Global Markets, Inc.  | 33265  | 4173760  |
|  Charles Schwab Corp.  | 480508  | 40007096  |
|  CME Group, Inc.  | 113383  | 19066485  |
|  FactSet Research Systems, Inc.  | 11908  | 4777609  |
|  Franklin Resources, Inc. (a)  | 88068  | 2323234  |
|  Goldman Sachs Group, Inc. (a)  | 106674  | 36629718  |
|  Intercontinental Exchange, Inc.  | 176174  | 18073691  |
|  Invesco Ltd. (a)  | 143011  | 2572768  |
|  MarketAxess Holdings, Inc.  | 11810  | 3293691  |
|  Moody's Corp.  | 49498  | 13791133  |
|  Morgan Stanley (a)  | 415371  | 35314842  |
|  MSCI, Inc.  | 25253  | 11746938  |
|  NASDAQ, Inc.  | 106296  | 6521260  |
|  Northern Trust Corp. (a)  | 65365  | 5784149  |
|  Raymond James Financial, Inc. (a)  | 60925  | 6509836  |
|  S&P Global, Inc.  | 104940  | 35148604  |
|  State Street Corp.  | 115357  | 8948242  |
| T. Rowe Price Group, Inc. (a)  | 70824  | 7724065  |
|  |  | 316880475  |
| Consumer Finance - 0.5%  |  |  |
|  American Express Co.  | 188115  | 27793991  |
|  Capital One Financial Corp.  | 120409  | 11193221  |
|  Discover Financial Services  | 85694  | 8383444  |
|  Synchrony Financial  | 142648  | 4687413  |
|  |  | 52058069  |
| Diversified Financial Services - 1.7%  |  |  |
|  Berkshire Hathaway, Inc. Class B (b)  | 567423  | 175276965  |
| Insurance - 2.4%  |  |  |
|  AFLAC, Inc. (a)  | 177868  | 12795824  |
|  Allstate Corp.  | 83622  | 11339143  |
|  American International Group, Inc.  | 233634  | 14775014  |
|  Aon PLC  | 65080  | 19533111  |
|  Arch Capital Group Ltd. (b)  | 115645  | 7260193  |
|  Arthur J. Gallagher & Co.  | 66447  | 12527917  |
|  Assurant, Inc.  | 16701  | 2088627  |
|  Brown & Brown, Inc.  | 73621  | 4194188  |
|  Chubb Ltd.  | 130970  | 28891982  |
|  Cincinnati Financial Corp.  | 49964  | 5115814  |
|  Everest Re Group Ltd.  | 12355  | 4092841  |
|  Globe Life, Inc. (a)  | 28409  | 3424705  |
|  Hartford Financial Services Group, Inc.  | 100335  | 7608403  |
|  Lincoln National Corp.  | 48668  | 1495081  |
|  Loews Corp.  | 62391  | 3639267  |
|  Marsh & McLennan Companies, Inc.  | 156500  | 25897620  |
|  MetLife, Inc.  | 207504  | 15017064  |
|  Principal Financial Group, Inc.  | 71583  | 6007245  |
|  Progressive Corp.  | 184239  | 23897641  |
|  Prudential Financial, Inc.  | 116204  | 11557650  |
|  The Travelers Companies, Inc.  | 73731  | 13823825  |
|  W.R. Berkley Corp.  | 64080  | 4650286  |
|  Willis Towers Watson PLC  | 34148  | 8351918  |
|  |  | 247985359  |
|  TOTAL FINANCIALS  |  | 1180254994  |
| HEALTH CARE - 15.7%  |  |  |
| Biotechnology - 2.5%  |  |  |
|  AbbVie, Inc.  | 556964  | 90010952  |
|  Amgen, Inc.  | 168023  | 44129561  |
|  Biogen, Inc. (b)  | 45516  | 12604291  |
|  Gilead Sciences, Inc.  | 395098  | 33919163  |
|  Incyte Corp. (b)  | 57913  | 4651572  |
|  Moderna, Inc. (b)  | 104078  | 18694490  |
|  Regeneron Pharmaceuticals, Inc. (b)  | 33733  | 24338022  |
|  Vertex Pharmaceuticals, Inc. (b)  | 80867  | 23352772  |
|  |  | 251700823  |
| Health Care Equipment & Supplies - 2.8%  |  |  |
|  Abbott Laboratories (a)  | 549206  | 60297327  |
|  Align Technology, Inc. (b)  | 22789  | 4806200  |
|  Baxter International, Inc.  | 157943  | 8050355  |
|  Becton, Dickinson & Co.  | 89927  | 22868436  |
|  Boston Scientific Corp. (b)  | 451761  | 20902981  |
|  Dentsply Sirona, Inc.  | 67699  | 2155536  |
|  DexCom, Inc. (b)  | 121784  | 13790820  |
|  Edwards Lifesciences Corp. (b)  | 194433  | 14506646  |
|  Hologic, Inc. (b)  | 78209  | 5850815  |
|  IDEXX Laboratories, Inc. (b)  | 26114  | 10653467  |
|  Intuitive Surgical, Inc. (b)  | 111419  | 29565032  |
|  Medtronic PLC  | 418942  | 32560172  |
|  ResMed, Inc.  | 45921  | 9557538  |
|  STERIS PLC  | 31372  | 5794095  |
|  Stryker Corp. (a)  | 106230  | 25972173  |
|  Teleflex, Inc.  | 14737  | 3678797  |
|  The Cooper Companies, Inc.  | 15492  | 5122740  |
|  Zimmer Biomet Holdings, Inc.  | 65764  | 8384910  |
|  |  | 284518040  |
| Health Care Providers & Services - 3.7%  |  |  |
|  AmerisourceBergen Corp.  | 50793  | 8416908  |
|  Cardinal Health, Inc. (a)  | 82638  | 6352383  |
|  Centene Corp. (b)  | 178451  | 14634767  |
|  Cigna Corp.  | 96286  | 31903403  |
|  CVS Health Corp.  | 413897  | 38571061  |
|  DaVita HealthCare Partners, Inc. (b)  | 17435  | 1301871  |
|  Elevance Health, Inc.  | 75271  | 38611765  |
|  HCA Holdings, Inc. (a)  | 66824  | 16035087  |
|  Henry Schein, Inc. (b)  | 42705  | 3410848  |
|  Humana, Inc. (a)  | 39878  | 20425113  |
|  Laboratory Corp. of America Holdings  | 27975  | 6587553  |
|  McKesson Corp.  | 44631  | 16741981  |
|  Molina Healthcare, Inc. (b)  | 18223  | 6017599  |
|  Quest Diagnostics, Inc.  | 35968  | 5626834  |
|  UnitedHealth Group, Inc.  | 294254  | 156007586  |
|  Universal Health Services, Inc. Class B (a)  | 20641  | 2908110  |
|  |  | 373552869  |
| Life Sciences Tools & Services - 1.9%  |  |  |
|  Agilent Technologies, Inc.  | 93437  | 13982847  |
|  Bio-Rad Laboratories, Inc. Class A (b)  | 6727  | 2828636  |
|  Bio-Techne Corp.  | 49232  | 4080348  |
|  Charles River Laboratories International, Inc. (b)  | 15964  | 3478556  |
|  Danaher Corp.  | 206425  | 54789324  |
|  Illumina, Inc. (b)  | 49276  | 9963607  |
|  IQVIA Holdings, Inc. (b)  | 58494  | 11984836  |
|  Mettler-Toledo International, Inc. (b)  | 7060  | 10204877  |
|  PerkinElmer, Inc. (a)  | 39560  | 5547103  |
|  Thermo Fisher Scientific, Inc.  | 123546  | 68035547  |
|  Waters Corp. (b)  | 18781  | 6433995  |
|  West Pharmaceutical Services, Inc.  | 23227  | 5466474  |
|  |  | 196796150  |
| Pharmaceuticals - 4.8%  |  |  |
|  Bristol-Myers Squibb Co.  | 669671  | 48182828  |
|  Catalent, Inc. (b)  | 56186  | 2528932  |
|  Eli Lilly & Co.  | 248389  | 90870632  |
|  Johnson & Johnson  | 823379  | 145449900  |
|  Merck & Co., Inc.  | 798429  | 88585698  |
|  Organon & Co.  | 79786  | 2228423  |
|  Pfizer, Inc.  | 1767992  | 90591910  |
|  Viatris, Inc.  | 380930  | 4239751  |
|  Zoetis, Inc. Class A  | 146836  | 21518816  |
|  |  | 494196890  |
|  TOTAL HEALTH CARE  |  | 1600764772  |
| INDUSTRIALS - 8.6%  |  |  |
| Aerospace & Defense - 1.9%  |  |  |
|  General Dynamics Corp.  | 70903  | 17591743  |
|  Howmet Aerospace, Inc.  | 116011  | 4571994  |
|  Huntington Ingalls Industries, Inc.  | 12534  | 2891343  |
|  L3Harris Technologies, Inc.  | 60021  | 12496972  |
|  Lockheed Martin Corp.  | 73428  | 35721988  |
|  Northrop Grumman Corp. (a)  | 45609  | 24884726  |
|  Raytheon Technologies Corp. (a)  | 463094  | 46735446  |
|  Textron, Inc.  | 66391  | 4700483  |
|  The Boeing Co. (b)  | 176489  | 33619390  |
|  TransDigm Group, Inc.  | 16299  | 10262665  |
|  |  | 193476750  |
| Air Freight & Logistics - 0.6%  |  |  |
|  C.H. Robinson Worldwide, Inc.  | 37086  | 3395594  |
|  Expeditors International of Washington, Inc.  | 50144  | 5210964  |
|  FedEx Corp.  | 75468  | 13071058  |
|  United Parcel Service, Inc. Class B  | 229769  | 39943043  |
|  |  | 61620659  |
| Airlines - 0.2%  |  |  |
|  Alaska Air Group, Inc. (a)(b)  | 39620  | 1701283  |
|  American Airlines Group, Inc. (a)(b)  | 204110  | 2596279  |
|  Delta Air Lines, Inc. (b)  | 201117  | 6608705  |
|  Southwest Airlines Co. (a)  | 186016  | 6263159  |
|  United Airlines Holdings, Inc. (b)  | 102673  | 3870772  |
|  |  | 21040198  |
| Building Products - 0.4%  |  |  |
|  A.O. Smith Corp.  | 40407  | 2312897  |
|  Allegion PLC  | 27589  | 2904018  |
|  Carrier Global Corp. (a)  | 264072  | 10892970  |
|  Johnson Controls International PLC  | 216228  | 13838592  |
|  Masco Corp.  | 70005  | 3267133  |
|  Trane Technologies PLC  | 72711  | 12221992  |
|  |  | 45437602  |
| Commercial Services & Supplies - 0.5%  |  |  |
|  Cintas Corp.  | 27232  | 12298516  |
|  Copart, Inc. (b)  | 134328  | 8179232  |
|  Republic Services, Inc.  | 64437  | 8311729  |
|  Rollins, Inc.  | 73136  | 2672389  |
|  Waste Management, Inc.  | 117990  | 18510271  |
|  |  | 49972137  |
| Construction & Engineering - 0.1%  |  |  |
|  Quanta Services, Inc.  | 44879  | 6395258  |
| Electrical Equipment - 0.6%  |  |  |
|  AMETEK, Inc.  | 72001  | 10059980  |
|  Eaton Corp. PLC  | 124926  | 19607136  |
|  Emerson Electric Co.  | 186643  | 17928927  |
|  Generac Holdings, Inc. (b)  | 19998  | 2012999  |
|  Rockwell Automation, Inc.  | 36212  | 9327125  |
|  |  | 58936167  |
| Industrial Conglomerates - 0.9%  |  |  |
|  3M Co.  | 173658  | 20825067  |
|  General Electric Co. (a)  | 343940  | 28818733  |
|  Honeywell International, Inc.  | 212123  | 45457959  |
|  |  | 95101759  |
| Machinery - 1.9%  |  |  |
|  Caterpillar, Inc. (a)  | 163936  | 39272508  |
|  Cummins, Inc. (a)  | 44221  | 10714306  |
|  Deere & Co. (a)  | 86511  | 37092456  |
|  Dover Corp.  | 44559  | 6033734  |
|  Fortive Corp.  | 111561  | 7167794  |
|  IDEX Corp.  | 23671  | 5404799  |
|  Illinois Tool Works, Inc. (a)  | 88238  | 19438831  |
|  Ingersoll Rand, Inc.  | 126491  | 6609155  |
|  Nordson Corp.  | 16931  | 4024837  |
|  Otis Worldwide Corp.  | 131795  | 10320866  |
|  PACCAR, Inc.  | 109045  | 10792184  |
|  Parker Hannifin Corp.  | 40267  | 11717697  |
|  Pentair PLC  | 51639  | 2322722  |
|  Snap-On, Inc.  | 16709  | 3817839  |
|  Stanley Black & Decker, Inc. (a)  | 46386  | 3484516  |
|  Westinghouse Air Brake Tech Co.  | 57059  | 5695059  |
|  Xylem, Inc. (a)  | 56481  | 6245104  |
|  |  | 190154407  |
| Professional Services - 0.4%  |  |  |
|  CoStar Group, Inc. (b)  | 128257  | 9911701  |
|  Equifax, Inc. (a)  | 38384  | 7460314  |
|  Jacobs Solutions, Inc.  | 40038  | 4807363  |
|  Leidos Holdings, Inc.  | 42828  | 4505077  |
|  Robert Half International, Inc.  | 34382  | 2538423  |
|  Verisk Analytics, Inc.  | 49233  | 8685686  |
|  |  | 37908564  |
| Road & Rail - 0.9%  |  |  |
|  CSX Corp.  | 662455  | 20522856  |
|  J.B. Hunt Transport Services, Inc.  | 26057  | 4543299  |
|  Norfolk Southern Corp.  | 72966  | 17980282  |
|  Old Dominion Freight Lines, Inc.  | 28593  | 8114122  |
|  Union Pacific Corp.  | 193632  | 40095378  |
|  |  | 91255937  |
| Trading Companies & Distributors - 0.2%  |  |  |
|  Fastenal Co.  | 180281  | 8530897  |
|  United Rentals, Inc. (b)  | 21959  | 7804668  |
|  W.W. Grainger, Inc.  | 14201  | 7899306  |
|  |  | 24234871  |
|  TOTAL INDUSTRIALS  |  | 875534309  |
| INFORMATION TECHNOLOGY - 25.5%  |  |  |
| Communications Equipment - 0.9%  |  |  |
|  Arista Networks, Inc. (b)  | 78122  | 9480105  |
|  Cisco Systems, Inc.  | 1293558  | 61625103  |
|  F5, Inc. (b)  | 18691  | 2682345  |
|  Juniper Networks, Inc.  | 101162  | 3233138  |
|  Motorola Solutions, Inc.  | 52730  | 13589048  |
|  |  | 90609739  |
| Electronic Equipment & Components - 0.6%  |  |  |
|  Amphenol Corp. Class A  | 187874  | 14304726  |
|  CDW Corp.  | 42396  | 7571078  |
|  Corning, Inc. (a)  | 238542  | 7619031  |
|  Keysight Technologies, Inc. (b)  | 56441  | 9655362  |
|  TE Connectivity Ltd.  | 100325  | 11517310  |
|  Teledyne Technologies, Inc. (b)  | 14690  | 5874678  |
|  Trimble, Inc. (b)  | 77728  | 3929928  |
|  Zebra Technologies Corp. Class A (b)  | 16251  | 4166919  |
|  |  | 64639032  |
| IT Services - 4.4%  |  |  |
|  Accenture PLC Class A  | 198387  | 52937587  |
|  Akamai Technologies, Inc. (b)  | 49874  | 4204378  |
|  Automatic Data Processing, Inc.  | 130651  | 31207298  |
|  Broadridge Financial Solutions, Inc.  | 36767  | 4931558  |
|  Cognizant Technology Solutions Corp. Class A  | 162421  | 9288857  |
|  DXC Technology Co. (b)  | 72133  | 1911525  |
|  EPAM Systems, Inc. (b)  | 17958  | 5885555  |
|  Fidelity National Information Services, Inc. (a)  | 187037  | 12690460  |
|  Fiserv, Inc. (b)  | 200098  | 20223905  |
|  FleetCor Technologies, Inc. (b)  | 23535  | 4322909  |
|  Gartner, Inc. (b)  | 24812  | 8340306  |
|  Global Payments, Inc.  | 85325  | 8474479  |
|  IBM Corp.  | 284711  | 40112933  |
|  Jack Henry & Associates, Inc.  | 22840  | 4009790  |
|  MasterCard, Inc. Class A  | 267319  | 92954836  |
|  Paychex, Inc.  | 101145  | 11688316  |
|  PayPal Holdings, Inc. (b)  | 359273  | 25587423  |
|  VeriSign, Inc. (b)  | 29282  | 6015694  |
|  Visa, Inc. Class A (a)  | 514887  | 106972923  |
|  |  | 451760732  |
| Semiconductors & Semiconductor Equipment - 5.1%  |  |  |
|  Advanced Micro Devices, Inc. (b)  | 507991  | 32902577  |
|  Analog Devices, Inc. (a)  | 161976  | 26568923  |
|  Applied Materials, Inc.  | 271032  | 26393096  |
|  Broadcom, Inc.  | 127534  | 71308085  |
|  Enphase Energy, Inc. (b)  | 42810  | 11342938  |
|  First Solar, Inc. (b)  | 31226  | 4677343  |
|  Intel Corp.  | 1299785  | 34353318  |
|  KLA Corp.  | 44638  | 16829865  |
|  Lam Research Corp.  | 42963  | 18057349  |
|  Microchip Technology, Inc.  | 173296  | 12174044  |
|  Micron Technology, Inc. (a)  | 342428  | 17114551  |
|  Monolithic Power Systems, Inc.  | 13945  | 4931091  |
|  NVIDIA Corp.  | 784283  | 114615118  |
|  NXP Semiconductors NV  | 81660  | 12904730  |
|  onsemi (b)  | 135887  | 8475272  |
|  Qorvo, Inc. (b)  | 32357  | 2932838  |
|  Qualcomm, Inc.  | 353044  | 38813657  |
|  Skyworks Solutions, Inc.  | 50342  | 4587666  |
|  SolarEdge Technologies, Inc. (b)  | 17612  | 4988951  |
|  Teradyne, Inc. (a)  | 49191  | 4296834  |
|  Texas Instruments, Inc.  | 285678  | 47199719  |
|  |  | 515467965  |
| Software - 8.3%  |  |  |
|  Adobe, Inc. (b)  | 146452  | 49285492  |
|  ANSYS, Inc. (b)  | 27335  | 6603863  |
|  Autodesk, Inc. (b)  | 68159  | 12736872  |
|  Cadence Design Systems, Inc. (b)  | 86464  | 13889577  |
|  Ceridian HCM Holding, Inc. (b)  | 48068  | 3083562  |
|  Fortinet, Inc. (b)  | 205303  | 10037264  |
|  Gen Digital, Inc.  | 182588  | 3912861  |
|  Intuit, Inc.  | 88831  | 34574802  |
|  Microsoft Corp.  | 2347704  | 563026373  |
|  Oracle Corp.  | 483986  | 39561016  |
|  Paycom Software, Inc. (b)  | 15131  | 4695301  |
|  PTC, Inc. (b)  | 33081  | 3971043  |
|  Roper Technologies, Inc.  | 33417  | 14439152  |
|  Salesforce.com, Inc. (b)  | 315082  | 41776722  |
|  ServiceNow, Inc. (b)  | 63658  | 24716492  |
|  Synopsys, Inc. (b)  | 47983  | 15320492  |
|  Tyler Technologies, Inc. (b)  | 13032  | 4201647  |
|  |  | 845832531  |
| Technology Hardware, Storage & Peripherals - 6.2%  |  |  |
|  Apple, Inc.  | 4709280  | 611876746  |
|  Hewlett Packard Enterprise Co.  | 407696  | 6506828  |
|  HP, Inc.  | 278712  | 7488991  |
|  NetApp, Inc.  | 68949  | 4141077  |
|  Seagate Technology Holdings PLC  | 61299  | 3224940  |
|  Western Digital Corp. (b)  | 100264  | 3163329  |
|  |  | 636401911  |
|  TOTAL INFORMATION TECHNOLOGY  |  | 2604711910  |
| MATERIALS - 2.7%  |  |  |
| Chemicals - 1.9%  |  |  |
|  Air Products & Chemicals, Inc.  | 69899  | 21547066  |
|  Albemarle Corp.  | 36737  | 7966786  |
|  Celanese Corp. Class A  | 31284  | 3198476  |
|  CF Industries Holdings, Inc.  | 61807  | 5265956  |
|  Corteva, Inc. (a)  | 225351  | 13246132  |
|  Dow, Inc.  | 221997  | 11186429  |
|  DuPont de Nemours, Inc.  | 157144  | 10784793  |
|  Eastman Chemical Co.  | 38224  | 3112963  |
|  Ecolab, Inc.  | 77766  | 11319619  |
|  FMC Corp.  | 39487  | 4927978  |
|  International Flavors & Fragrances, Inc. (a)  | 79966  | 8383635  |
|  Linde PLC  | 155731  | 50796338  |
|  LyondellBasell Industries NV Class A  | 79816  | 6627122  |
|  PPG Industries, Inc.  | 73712  | 9268547  |
|  Sherwin-Williams Co.  | 74320  | 17638366  |
|  The Mosaic Co.  | 108294  | 4750858  |
|  |  | 190021064  |
| Construction Materials - 0.1%  |  |  |
|  Martin Marietta Materials, Inc.  | 19562  | 6611369  |
|  Vulcan Materials Co.  | 41681  | 7298760  |
|  |  | 13910129  |
| Containers & Packaging - 0.3%  |  |  |
|  Amcor PLC  | 471306  | 5613254  |
|  Avery Dennison Corp.  | 25491  | 4613871  |
|  Ball Corp. (a)  | 98604  | 5042609  |
|  International Paper Co.  | 113517  | 3931094  |
|  Packaging Corp. of America  | 29356  | 3754926  |
|  Sealed Air Corp.  | 45455  | 2267295  |
|  WestRock Co.  | 79765  | 2804537  |
|  |  | 28027586  |
| Metals & Mining - 0.4%  |  |  |
|  Freeport-McMoRan, Inc. (a)  | 450759  | 17128842  |
|  Newmont Corp.  | 248935  | 11749732  |
|  Nucor Corp. (a)  | 80827  | 10653807  |
|  Steel Dynamics, Inc.  | 52530  | 5132181  |
|  |  | 44664562  |
|  TOTAL MATERIALS  |  | 276623341  |
| REAL ESTATE - 2.7%  |  |  |
| Equity Real Estate Investment Trusts (REITs) - 2.6%  |  |  |
|  Alexandria Real Estate Equities, Inc.  | 47514  | 6921364  |
|  American Tower Corp.  | 146780  | 31096811  |
|  AvalonBay Communities, Inc.  | 43871  | 7086044  |
|  Boston Properties, Inc.  | 44813  | 3028463  |
|  Camden Property Trust (SBI)  | 33385  | 3735114  |
|  Crown Castle International Corp.  | 136713  | 18543751  |
|  Digital Realty Trust, Inc.  | 90172  | 9041546  |
|  Equinix, Inc.  | 29187  | 19118361  |
|  Equity Residential (SBI)  | 106203  | 6265977  |
|  Essex Property Trust, Inc.  | 20443  | 4332281  |
|  Extra Space Storage, Inc.  | 42008  | 6182737  |
|  Federal Realty Investment Trust (SBI) (a)  | 23677  | 2392324  |
|  Healthpeak Properties, Inc.  | 169661  | 4253401  |
|  Host Hotels & Resorts, Inc.  | 224002  | 3595232  |
|  Invitation Homes, Inc.  | 181909  | 5391783  |
|  Iron Mountain, Inc.  | 91304  | 4551504  |
|  Kimco Realty Corp.  | 194201  | 4113177  |
|  Mid-America Apartment Communities, Inc.  | 36205  | 5683823  |
|  Prologis (REIT), Inc.  | 291100  | 32815703  |
|  Public Storage  | 49881  | 13976157  |
|  Realty Income Corp.  | 198585  | 12596247  |
|  Regency Centers Corp.  | 48398  | 3024875  |
|  SBA Communications Corp. Class A  | 33838  | 9485130  |
|  Simon Property Group, Inc.  | 102705  | 12065783  |
|  UDR, Inc.  | 95890  | 3713820  |
|  Ventas, Inc.  | 125339  | 5646522  |
|  VICI Properties, Inc.  | 302106  | 9788234  |
|  Vornado Realty Trust  | 49916  | 1038752  |
|  Welltower, Inc.  | 149343  | 9789434  |
|  Weyerhaeuser Co. (a)  | 232228  | 7199068  |
|  |  | 266473418  |
| Real Estate Management & Development - 0.1%  |  |  |
|  CBRE Group, Inc. (b)  | 99909  | 7688997  |
|  TOTAL REAL ESTATE  |  | 274162415  |
| UTILITIES - 3.1%  |  |  |
| Electric Utilities - 2.1%  |  |  |
|  Alliant Energy Corp.  | 78810  | 4351100  |
|  American Electric Power Co., Inc.  | 162771  | 15455106  |
|  Constellation Energy Corp. (a)  | 102512  | 8837560  |
|  Duke Energy Corp. (a)  | 243299  | 25057364  |
|  Edison International (a)  | 119786  | 7620785  |
|  Entergy Corp.  | 63809  | 7178513  |
|  Evergy, Inc.  | 72104  | 4537505  |
|  Eversource Energy (a)  | 111038  | 9309426  |
|  Exelon Corp.  | 314043  | 13576079  |
|  FirstEnergy Corp.  | 170303  | 7142508  |
|  NextEra Energy, Inc.  | 626113  | 52343047  |
|  NRG Energy, Inc. (a)  | 73763  | 2347139  |
|  PG&E Corp. (b)  | 505015  | 8211544  |
|  Pinnacle West Capital Corp.  | 35506  | 2699876  |
|  PPL Corp.  | 230852  | 6745495  |
|  Southern Co.  | 343899  | 24557828  |
|  Xcel Energy, Inc.  | 171567  | 12028562  |
|  |  | 211999437  |
| Gas Utilities - 0.0%  |  |  |
|  Atmos Energy Corp.  | 43679  | 4895106  |
| Independent Power and Renewable Electricity Producers - 0.0%  |  |  |
|  The AES Corp.  | 209467  | 6024271  |
| Multi-Utilities - 0.9%  |  |  |
|  Ameren Corp.  | 81015  | 7203854  |
|  CenterPoint Energy, Inc. (a)  | 197417  | 5920536  |
|  CMS Energy Corp.  | 90990  | 5762397  |
|  Consolidated Edison, Inc.  | 111205  | 10598949  |
|  Dominion Energy, Inc.  | 263740  | 16172537  |
|  DTE Energy Co.  | 60764  | 7141593  |
|  NiSource, Inc.  | 127503  | 3496132  |
|  Public Service Enterprise Group, Inc. (a)  | 156517  | 9589797  |
|  Sempra Energy (a)  | 99454  | 15369621  |
|  WEC Energy Group, Inc.  | 98943  | 9276896  |
|  |  | 90532312  |
| Water Utilities - 0.1%  |  |  |
|  American Water Works Co., Inc.  | 57036  | 8693427  |
|  TOTAL UTILITIES  |  | 322144553  |
| <br> **TOTAL COMMON STOCKS** <br> (Cost $3,526,549,114)  |  | <br> **10120005703**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  | &nbsp;&nbsp; **U.S. Treasury Obligations - 0.1%**  |
|  | Principal <br> Amount (c) <br>| Value ($) <br>|
|  U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (d) <br>(Cost $4,996,043) <br>| 5000000  | **4987604**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Money Market Funds - 3.7%**  | &nbsp;&nbsp; **Money Market Funds - 3.7%**  | &nbsp;&nbsp; **Money Market Funds - 3.7%**  |
|  | Shares  | Value ($) <br>|
|  Fidelity Cash Central Fund 4.37% (e)  | 95533487  | 95552594  |
|  Fidelity Securities Lending Cash Central Fund 4.37% (e)(f)  | 285845149  | 285873734  |
| <br> **TOTAL MONEY MARKET FUNDS** <br> (Cost $381,424,011)  |  | **381426328**  |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%** <br> (Cost $3,912,969,168) <br>| <br>**10506419635**  |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(284684706)**  |
| **NET ASSETS - 100.0%**  | **10221734929**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Index Contracts  |  |  |  |  |  |
| CME Micro E-mini S&P 500 Index Contracts (United States)  | 565  | Mar 2023  | 109073250  | (2845872)  | (2845872)  |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  | The notional amount of futures purchased as a percentage of Net Assets is 1.1%  |

---

**Legend**

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

(b) Non-income producing

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

(d) 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 $4,987,604.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value, <br> beginning <br> of period ($)  | Purchases ($)  | Sales <br> Proceeds ($)  | Dividend <br> Income ($)  | Realized <br> Gain (loss) ($)  | Change in <br> Unrealized <br> appreciation <br> (depreciation) ($)  | Value, <br> end <br> of period ($)  | % ownership, <br> end <br> of period  |
|  Fidelity Cash Central Fund 4.37%  | 74661998  | 1180699611  | 1159809015  | 1310759  | -  | -  | 95552594  | 0.2%  |
|  Fidelity Securities Lending Cash Central Fund 4.37%  | 138620491  | 2006118759  | 1858865516  | 170326  | -  | -  | 285873734  | 0.9%  |
| Total  | 213282489  | 3186818370  | 3018674531  | 1481085  | -  | -  | 381426328  |  |

---

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.

Amount 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 payments received for lending certain types of securities.

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

**Investment Valuation**

The following is a summary of the inputs used, as of December 31, 2022, 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>**  |  |  |  |  |
|  **Equities:**  |  |  |  |  |
| Communication Services  | 736715191  | 736715191  | -  | -  |
| Consumer Discretionary  | 991508652  | 991508652  | -  | -  |
| Consumer Staples  | 728502478  | 728502478  | -  | -  |
| Energy  | 529083088  | 529083088  | -  | -  |
| Financials  | 1180254994  | 1180254994  | -  | -  |
| Health Care  | 1600764772  | 1600764772  | -  | -  |
| Industrials  | 875534309  | 875534309  | -  | -  |
| Information Technology  | 2604711910  | 2604711910  | -  | -  |
| Materials  | 276623341  | 276623341  | -  | -  |
| Real Estate  | 274162415  | 274162415  | -  | -  |
| Utilities  | 322144553  | 322144553  | -  | -  |
|  U.S. Government and Government Agency Obligations  | 4987604  | -  | 4987604  | -  |
|  Money Market Funds  | 381426328  | 381426328  | -  | -  |
| **Total Investments in Securities:**  | 10506419635  | 10501432031  | 4987604  | -  |
| **<u>Derivative Instruments:</u>**  |  |  |  |  |
|  **Liabilities**  |  |  |  |  |
| Futures Contracts  | (2845872)  | (2845872)  | -  | -  |
| Total Liabilities  | (2845872)  | (2845872)  | -  | -  |
| **Total Derivative Instruments:**  | (2845872)  | (2845872)  | -  | -  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of December 31, 2022. 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)  | 0  | (2845872)  |
| **Total Equity Risk**  | 0  | (2845872)  |
| **Total Value of Derivatives**  | 0  | (2845872)  |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  | **Statement of Assets and Liabilities**  |
|  |  | **December 31, 2022**  |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $278,368,165) - See accompanying schedule:  | $— |  |
|  Unaffiliated issuers (cost $3,531,545,157)  | 10124993307  |  |
|  Fidelity Central Funds (cost $381,424,011)  | 381426328  |  |
|  Total Investment in Securities (cost $3,912,969,168)  |  | $10506419635  |
|  Segregated cash with brokers for derivative instruments  |  | 967565  |
|  Receivable for fund shares sold  |  | 794076  |
|  Dividends receivable  |  | 8803825  |
|  Distributions receivable from Fidelity Central Funds  |  | 334563  |
| Other receivables  |  | 10478  |
| **Total assets**  |  | 10517330142  |
| **Liabilities**  |  |  |
|  Payable for fund shares redeemed  | $8219032  |  |
|  Accrued management fee  | 391034  |  |
|  Distribution and service plan fees payable  | 348791  |  |
|  Payable for daily variation margin on futures contracts  | 295152  |  |
|  Other affiliated payables  | 477931  |  |
|  Other payables and accrued expenses  | 10480  |  |
|  Collateral on securities loaned  | 285852793  |  |
| **Total Liabilities**  |  | 295595213  |
| **Net Assets**  |  | $10221734929  |
|  Net Assets consist of:  |  |  |
|  Paid in capital  |  | $3515252447  |
|  Total accumulated earnings (loss)  |  | 6706482482  |
|  **Net Assets**  |  | $10221734929  |
|  **Net Asset Value and Maximum Offering Price**  |  |  |
| **Initial Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($8,488,599,981 ÷ 22,649,758 shares)  |  | $374.78  |
| **Service Class :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($145,263,792 ÷ 389,247 shares)  |  | $373.19  |
| **Service Class 2 :**  |  |  |
|  **Net Asset Value** , offering price and redemption price per share ($1,587,871,156 ÷ 4,295,047 shares)  |  | $369.70  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations**  | **Statement of Operations**  | **Statement of Operations**  |
|  |  | **Year ended** <br> **December 31, 2022**  |
|  **Investment Income**  |  |  |
| Dividends  |  | $174560989  |
| Interest  |  | 53352  |
| Income from Fidelity Central Funds (including $170,326 from security lending)  |  | 1481085  |
| **Total Income**  |  | 176095426  |
|  **Expenses**  |  |  |
| Management fee  | $4951390  |  |
| Transfer agent fees  | 6051699  |  |
| Distribution and service plan fees  | 4682670  |  |
| Independent trustees' fees and expenses  | 38306  |  |
| Legal  | 718  |  |
| Interest  | 4790  |  |
| Total expenses before reductions  | 15729573  |  |
| Expense reductions  | (994)  |  |
| Total expenses after reductions  |  | 15728579  |
| **Net Investment income (loss)**  |  | 160366847  |
| **Realized and Unrealized Gain (Loss)**  |  |  |
| Net realized gain (loss) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | 117491073  |  |
| Futures contracts  | (9586251)  |  |
| Total net realized gain (loss)  |  | 107904822  |
| Change in net unrealized appreciation (depreciation) on:  |  |  |
| Investment Securities:  |  |  |
| Unaffiliated issuers  | (2639889942)  |  |
| Futures contracts  | (4805256)  |  |
| Total change in net unrealized appreciation (depreciation)  |  | (2644695198)  |
| **Net gain (loss)**  |  | (2536790376)  |
| **Net increase (decrease) in net assets resulting from operations**  |  | $(2376423529)  |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  | **Statement of Changes in Net Assets**  |
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **Increase (Decrease) in Net Assets**  |  |  |
| Operations  |  |  |
| &nbsp;&nbsp; Net investment income (loss)  | $160366847  | $143791545  |
| &nbsp;&nbsp; Net realized gain (loss)  | 107904822 <br>| 99250052 <br>|
| &nbsp;&nbsp; Change in net unrealized appreciation (depreciation)  | (2644695198)  | 2655096369 <br>|
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**  | (2376423529) <br>| 2898137966 <br>|
| Distributions to shareholders  | (242503341) <br>| (226094161) <br>|
| Share transactions - net increase (decrease)  | (193625460) <br>| 276243190 <br>|
| &nbsp;&nbsp; **Total increase (decrease) in net assets**  | (2812552330) <br>| 2948286995 <br>|
| **Net Assets**  |  |  |
| &nbsp;&nbsp; Beginning of period  | 13034287259  | 10086000264 <br>|
| &nbsp;&nbsp; End of period  | $10221734929  | $13034287259  |

---

**Financial Highlights** 

 **VIP Index 500 Portfolio Initial Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $468.27  | $371.59  | $320.35  | $252.46  | $271.18  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 6.03  | 5.42  | 5.43  | 5.54  | 5.09  |
| Net realized and unrealized gain (loss)  | (90.47)  | 99.69  | 52.57  | 72.46  | (17.22)  |
| Total from investment operations  | (84.44)  | 105.11  | 58.00  | 78.00  | (12.13)  |
| Distributions from net investment income  | (5.95)  | (5.38)  | (5.72)  | (5.82)  | (5.28) <sup>C</sup>  |
| Distributions from net realized gain  | (3.09)  | (3.04)  | (1.04)  | (4.29)  | (1.31) <sup>C</sup>  |
| Total distributions  | (9.05) <sup>D</sup>  | (8.43) <sup>D</sup>  | (6.76)  | (10.11)  | (6.59)  |
| Net asset value, end of period  | $374.78  | $468.27  | $371.59  | $320.35  | $252.46  |
| **Total Return** <sup>E,F</sup>  | (18.21)%  | 28.58%  | 18.24%  | 31.35%  | (4.49)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of fee waivers, if any  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Expenses net of all reductions  | .10%  | .10%  | .10%  | .10%  | .10%  |
| Net investment income (loss)  | 1.50%  | 1.28%  | 1.70%  | 1.90%  | 1.82%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $8488600  | $10323307  | $7930738  | $7294879  | $5719086  |
| Portfolio turnover rate <sup>I</sup>  | 7%  | 2%  | 8%  | 7%  | 5%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

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

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Index 500 Portfolio Service Class** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $466.34  | $370.12  | $319.14  | $251.57  | $270.23  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 5.60  | 4.97  | 5.09  | 5.23  | 4.79  |
| Net realized and unrealized gain (loss)  | (90.11)  | 99.27  | 52.34  | 72.18  | (17.13)  |
| Total from investment operations  | (84.51)  | 104.24  | 57.43  | 77.41  | (12.34)  |
| Distributions from net investment income  | (5.55)  | (4.98)  | (5.41)  | (5.55)  | (5.01) <sup>C</sup>  |
| Distributions from net realized gain  | (3.09)  | (3.04)  | (1.04)  | (4.29)  | (1.31) <sup>C</sup>  |
| Total distributions  | (8.64)  | (8.02)  | (6.45)  | (9.84)  | (6.32)  |
| Net asset value, end of period  | $373.19  | $466.34  | $370.12  | $319.14  | $251.57  |
| **Total Return** <sup>D,E</sup>  | (18.30)%  | 28.45%  | 18.13%  | 31.22%  | (4.59)%  |
| **Ratios to Average Net Assets** <sup>B,F,G</sup>  |  |  |  |  |  |
| Expenses before reductions  | .20%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of fee waivers, if any  | .20%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions  | .20%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 1.40%  | 1.18%  | 1.60%  | 1.80%  | 1.72%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $145264  | $175058  | $138695  | $117666  | $89704  |
| Portfolio turnover rate <sup>H</sup>  | 7%  | 2%  | 8%  | 7%  | 5%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

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

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

<sup>F</sup> *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.*

<sup>G</sup> *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.*

<sup>H</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

 **VIP Index 500 Portfolio Service Class 2** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended December 31,**  | **2022**  | **2021**  | **2020**  | **2019**  | **2018**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $461.95  | $366.73  | $316.37  | $249.51  | $267.78  |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) <sup>A,B</sup>  | 4.98  | 4.30  | 4.61  | 4.77  | 4.34  |
| Net realized and unrealized gain (loss)  | (89.29)  | 98.34  | 51.78  | 71.54  | (16.96)  |
| Total from investment operations  | (84.31)  | 102.64  | 56.39  | 76.31  | (12.62)  |
| Distributions from net investment income  | (4.84)  | (4.38)  | (4.99)  | (5.16)  | (4.34) <sup>C</sup>  |
| Distributions from net realized gain  | (3.09)  | (3.04)  | (1.04)  | (4.29)  | (1.31) <sup>C</sup>  |
| Total distributions  | (7.94) <sup>D</sup>  | (7.42)  | (6.03)  | (9.45)  | (5.65)  |
| Net asset value, end of period  | $369.70  | $461.95  | $366.73  | $316.37  | $249.51  |
| **Total Return** <sup>E,F</sup>  | (18.42)%  | 28.26%  | 17.95%  | 31.02%  | (4.73)%  |
| **Ratios to Average Net Assets** <sup>B,G,H</sup>  |  |  |  |  |  |
| Expenses before reductions  | .35%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .35%  | .35%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions  | .35%  | .35%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 1.25%  | 1.03%  | 1.45%  | 1.65%  | 1.57%  |
| **Supplemental Data**  |  |  |  |  |  |
| Net assets, end of period (000 omitted)  | $1587871  | $2535922  | $2016568  | $1862974  | $1016922  |
| Portfolio turnover rate <sup>I</sup>  | 7%  | 2%  | 8%  | 7%  | 5%  |

---

<sup>A</sup> *Calculated based on average shares outstanding during the period.*

<sup>B</sup> *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.*

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

<sup>D</sup> *Total distributions per share do not sum due to rounding.*

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

<sup>F</sup> *Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

<sup>G</sup> *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.*

<sup>H</sup> *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.*

<sup>I</sup> *Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).*

**Notes to Financial Statements**

For the period ended December 31, 2022

**1** . **Organization.**

VIP Index 500 Portfolio (the Fund) is a fund of Variable Insurance Products Fund II (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, and Service Class 2 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 Ratio** <sup>A</sup>  |
| 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%  |

---

<sup>A</sup> *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. 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 (ETFs) 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, 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. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of December 31, 2022 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 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.

**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 Index 500 Portfolio**  | $10477  |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of December 31, 2022, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures contracts, deferred Trustee compensation 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**  | $6885871979  |
| **Gross unrealized depreciation**  | <u>(317413127)</u>  |
| **Net unrealized appreciation (depreciation)**  | <u>$6568458852</u>  |
| **Tax Cost**  | <u>$3937960783</u>  |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$30543632</u>  |
| **Undistributed long-term capital gain**  | <u>$107479998</u>  |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$6568458852</u>  |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022**  | **December 31, 2021**  |
| **Ordinary Income**  | $160814652  | $170527925  |
| **Long-term Capital Gains**  | <u>81688689</u>  | <u>55566236</u>  |
| **Total**  | <u>$242503341</u>  | <u>$226094161</u>  |

---

**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 unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)**  | **Sales ($)**  |
| **VIP Index 500 Portfolio**  | 731274564  | 1025855518  |

---

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

**Management Fee and Expense Contract.** 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 management fee is based on an annual rate of .045% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. In addition, under an expense contract, the investment adviser pays class-level expenses as necessary so that total expenses do not exceed an annual rate of .10% of each class' average net assets, excluding the distribution and service fee for each applicable class, with certain exceptions.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**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**  | $152517  |
| **Service Class 2**  | <u>4530153</u>  |
|  | <u>$4682670</u>  |

---

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing, and shareholder servicing agent for each class. FIIOC receives asset-based fees based on each class's average net assets for transfer agent services, typesetting, and printing and mailing of shareholder reports, excluding mailing of proxy statements, equal to an annual rate of .06% of average net assets. Under the expense contract, each class pays a portion of the transfer agent fees equal to an annual rate of .055% of class-level average net assets. For the period, transfer agent fees for each class were as follows:

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| | |
|:---|:---|
| **Initial Class**  | $4971181  |
| **Service Class**  | 83884  |
| **Service Class 2**  | <u>996634</u>  |
|  | <u>$6051699</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 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 Index 500 Portfolio**  | Borrower  | $17908150  | .48%  | $4790  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

**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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 Index 500 Portfolio**  | $17675  | $1  | $-  |

---

**9. 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 $994.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **December 31, 2022**  | **Year ended** <br> **December 31, 2021**  |
| **VIP Index 500 Portfolio**  |  |  |
| **Distributions to shareholders**  |  |  |
| Initial Class  | $201021568  | $182479752  |
| Service Class  | 3291479  | 2994448  |
| Service Class 2  | <u>38190294</u>  | <u>40619961</u>  |
| Total  | <u>$242503341</u>  | <u>$226094161</u>  |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares**  | **Shares**  | **Dollars**  | **Dollars**  |
|  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  | **Year ended December 31, 2022**  | **Year ended December 31, 2021**  |
| **VIP Index 500 Portfolio**  |  |  |  |  |
| **Initial Class**  |  |  |  |  |
| Shares sold  | 2471993  | 2745150  | $1010854784  | $1148896729  |
| Reinvestment of distributions  | 484287  | 436935  | 201021568  | 182479752  |
| Shares redeemed  | <u>(2352021)</u>  | <u>(2479063)</u>  | <u>(943454135)</u>  | <u>(1048210036)</u>  |
| Net increase (decrease)  | <u>604259</u>  | <u>703022</u>  | <u>$268422217</u>  | <u>$283166445</u>  |
| **Service Class**  |  |  |  |  |
| Shares sold  | 28832  | 23523  | $11612954  | $9835903  |
| Reinvestment of distributions  | 7953  | 7222  | 3291479  | 2994448  |
| Shares redeemed  | <u>(22927)</u>  | <u>(30087)</u>  | <u>(9238962)</u>  | <u>(12494804)</u>  |
| Net increase (decrease)  | <u>13858</u>  | <u>658</u>  | <u>$5665471</u>  | <u>$335547</u>  |
| **Service Class 2**  |  |  |  |  |
| Shares sold  | 1015212  | 417151  | $431339636  | $170508643  |
| Reinvestment of distributions  | 92303  | 99223  | 38190294  | 40619961  |
| Shares redeemed  | <u>(2302130)</u>  | <u>(525457)</u>  | <u>(937243078)</u>  | <u>(218387406)</u>  |
| Net increase (decrease)  | <u>(1194615)</u>  | <u>(9083)</u>  | <u>$(467713148)</u>  | <u>$(7258802)</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% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund**  | **Affiliated %**  |
| VIP Index 500 Portfolio  | 43%  |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Variable Insurance Products Fund II and the Shareholders of VIP Index 500 Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of VIP Index 500 Portfolio (the "Fund"), a fund of Variable Insurance Products Fund II, including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Trustees and Officers**

**<u>TRUSTEES AND OFFICERS</u>**

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 318 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

<u>Experience, Skills, Attributes, and Qualifications of the Trustees.</u> The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

<u>Board Structure and Oversight Function.</u> Robert A. Lawrence is an interested person and currently serves as Chair. The Trustees have determined that an interested Chair is appropriate and benefits shareholders because an interested Chair has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chair, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chair and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity <sup>®</sup> funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity <sup>®</sup> funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity **®** funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity <sup>®</sup> funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity <sup>®</sup> funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

<u>Interested Trustees\*:</u>

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Bettina Doulton (1964)

Year of Election or Appointment: 2020

Trustee

Ms. Doulton also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity <sup>®</sup> funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Chair of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Trustee and Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity <sup>®</sup> funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

\* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Independent Trustees:</u>

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

<u>Name, Year of Birth; Principal Occupations and Other Relevant Experience+</u>

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and as a member of the Board of HireVue, Inc. (video interview and assessment, 2020-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity <sup>®</sup> funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of The Leadership Academy (previously NYC Leadership Academy) (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present), as a member of the Board of Treliant, LLC (consulting, 2019-present), as a member of the Advisory Board of Ariel Alternatives, LLC (private equity, 2021-present) and as a member of the Board and Chair of the Audit Committee of Gusto, Inc. (software, 2021-present). In addition, Ms. Fuller currently serves as a member of the Board of Roosevelt University (2019-present) and as a member of the Executive Board of New York University's Stern School of Business. Ms. Fuller previously served as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-2021).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee and Chair of the Executive Development and Compensation Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean's Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2021).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and as Director (2013-present) and Non-Executive Chairman of the Board (2022-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity <sup>®</sup> funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Executive Committee, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present) and as a member of the Board of its subsidiary company, Public Service Electric and Gas Co. (2021-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company - America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Kenyon in the World Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Wiley also serves as Trustee of other Fidelity <sup>®</sup> funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity <sup>®</sup> funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

<u>Advisory Board Members and Officers:</u>

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

<u>Name, Year of Birth; Principal Occupation</u>

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity <sup>®</sup> funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2022

Deputy Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2022).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity <sup>®</sup> funds (2016-2020) and Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2016-2018).

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), FD Funds Management LLC (2021-present), and Fidelity Diversifying Solutions LLC (investment adviser firm, 2022-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity <sup>®</sup> funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity <sup>®</sup> funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity <sup>®</sup> funds (2019-2021).

**Shareholder Expense Example**

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022). <br>

***Actual Expenses***

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

***Hypothetical Example for Comparison Purposes***

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below. The estimate of expenses does not include any fees or other expenses of any variable annuity or variable life insurance product. If they were, the estimate of expenses you paid during the period would be higher, and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Annualized Expense Ratio-** <sup>A</sup>  | **Beginning Account Value July 1, 2022**  | **Ending Account Value December 31, 2022**  | **Expenses Paid During Period-** <sup>C</sup> **July 1, 2022 to December 31, 2022**  |
| **VIP Index 500 Portfolio**  |  |  |  |  |
| **Initial Class**  | .10%  |  |  |  |
| **Actual**  |  | $1000  | $1022.60  | $.51  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.70  | $.51  |
| **Service Class**  | .20%  |  |  |  |
| **Actual**  |  | $1000  | $1022.10  | $1.02  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1024.20  | $1.02  |
| **Service Class 2**  | .35%  |  |  |  |
| **Actual**  |  | $1000  | $1021.30  | $1.78  |
| **Hypothetical-** <sup>B</sup>  |  | $1000  | $1023.44  | $1.79  |

---

*A Annualized expense ratio reflects expenses net of applicable fee waivers.*

*B 5% return per year before expenses*

*C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.*

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended December 31, 2022, $107,522,845 or, if subsequently determined to be different, the net capital gain of such year.

Initial Class designates 48% and 100%; Service Class designates 51% and 100% and Service Class 2 designates 57% and 100% of the dividends distributed in February and November, respectively, during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

**Board Approval of Investment Advisory Contracts and Management Fees**

**VIP Index 500 Portfolio** 

At its September 2022 meeting, the Board of Trustees, including a majority of the Independent Trustees (together, the Board), voted to approve an amended and restated sub-advisory agreement with Geode Capital Management, LLC (Geode) for the fund (the Amended Contract) to decrease the sub-advisory fee rate paid by Fidelity Management & Research Company LLC (FMR), the fund's investment adviser, to Geode on behalf of the fund by 0.05 basis points, effective October 1, 2022. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, 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 Geode 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 and sub-advisory agreement (Advisory Contracts). At its May 2022 meeting, the Board concluded that the nature, extent and quality of the services provided to the fund under the existing Advisory Contracts should continue to benefit the fund's shareholders. The Board noted that approval of the Amended Contract would not change the fund's portfolio manager, 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 the fund under the Amended Contract should continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the Amended Contract would result in no change in the fund's management fee and total expense ratio and considered that it received and reviewed information regarding the fund's current management fee and total expense ratio compared to "mapped groups" of competitive funds and classes in connection with the annual renewal of the Advisory Contracts. Based on its review, the Board concluded at its May 2022 and September 2022 meetings that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered and that the fund's total expense ratio 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 previously reviewed information regarding the revenues earned and the expenses incurred by Fidelity in providing services to the fund and the level of Fidelity's profitability. At its May 2022 meeting, the Board concluded that it was satisfied that Fidelity's profitability in connection with the operation of the fund was not excessive. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on Fidelity's profitability.

**Economies of Scale** . The Board has 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 potential for realization of any further economies of scale and that it concluded, at its May 2022 meeting, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity. At the September 2022 meeting, the Board concluded that the Amended Contract would not have a meaningful effect on any potential economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the sub-advisory fee arrangement is fair and reasonable, and that the fund's Amended Contract should be approved.

![](img88149_2.jpg) <br>

1.540028.125 VIPIDX-ANN-0323

Item 2.

<u>Code of Ethics</u>

As of the end of the period, December 31, 2022, Variable Insurance Products Fund II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to VIP Contrafund Portfolio, VIP Disciplined Small Cap Portfolio, VIP Emerging Markets Portfolio, VIP Extended Market Index Portfolio, VIP Index 500 Portfolio, VIP International Index Portfolio and VIP Total Market Index Portfolio (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>December 31, 2022 Fees</u><sup>A</sup>**

---

| | | | |
|:---|:---|:---|:---|
| **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| VIP Contrafund Portfolio | $48800  | $- | $8800  | $1200  |
| VIP Disciplined Small Cap Portfolio | $39200  | $- | $8800  | $1000  |
| VIP Emerging Markets Portfolio | $43900  | $- | $9100  | $1100  |
| VIP Extended Market Index Portfolio | $52900  | $- | $8900  | $1200  |
| VIP Index 500 Portfolio | $45000  | $- | $8800  | $1100  |
| VIP International Index Portfolio | $51700  | $- | $9200  | $1200  |
| VIP Total Market Index Portfolio | $52900  | $- | $8900  | $1200  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | |
|:---|:---|:---|:---|
| **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| VIP Contrafund Portfolio | $47600  | $- | $9000  | $1200  |
| VIP Disciplined Small Cap Portfolio | $38200  | $- | $8700  | $1000  |
| VIP Emerging Markets Portfolio | $42700  | $- | $9000  | $1100  |
| VIP Extended Market Index Portfolio | $51500  | $- | $8800  | $1200  |
| VIP Index 500 Portfolio | $43800  | $- | $9200  | $1100  |
| VIP International Index Portfolio | $50300  | $- | $9400  | $1200  |
| VIP Total Market Index Portfolio | $51500  | $- | $9100  | $1200  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to VIP International Capital Appreciation Portfolio (the "Fund"):

**<u>Services Billed by PwC</u>**

**<u>December 31, 2022 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP International Capital Appreciation Portfolio | $48600  | $4400  | $11000  | $1500  |

---

**<u>December 31, 2021 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| VIP International Capital Appreciation Portfolio | $47300  | $4800  | $10700  | $1500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the

operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $- |
| All Other Fees | $- | $- |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Audit-Related Fees | $7914600  | $8522600  |
| Tax Fees | $1000  | $354200  |
| All Other Fees | $-  | $-  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>December 31, 2022</u><sup>A</sup>** | **<u>December 31, 2021</u><sup>A</sup>** |
| Deloitte Entities | $528100  | $592800  |
| PwC | $12899900  | $14136500  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer

determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

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>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 8.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 9.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 10.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12.

<u>Disclosure of Securities Lending Activities for Closed-End Management</u>

<u>Investment Companies</u>

Not applicable.

Item 13.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](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 II

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer |
| Date: | February 21, 2023 |

---

---

| | |
|:---|:---|
| By: | <u>/s/John J. Burke III</u> |
|  | John J. Burke III |
|  | Chief Financial Officer |
| Date: | February 21, 2023 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, Stacie M. Smith, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Variable Insurance Products Fund II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I, John J. Burke III, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Variable Insurance Products Fund II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 21, 2023

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Exhibit 99.906

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit EX-99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with the attached Report of Variable Insurance Products Fund II (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;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp; 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/Stacie M. Smith</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stacie M. Smith  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Treasurer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated: February 21, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&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>/s/John J. Burke III</u>  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John J. Burke III  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

## Ex-99.Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT EX-99.CODE ETH** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FIDELITY FUNDS' CODE OF ETHICS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Purposes of the Code/Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, a part of Corporate Compliance Group within Core Compliance, administers the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **II.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Covered Officers Should Handle Ethically** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Actual and Apparent Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company), and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* \* \*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **IV. Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that he or she has received, read, and understands the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; · &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the Fidelity Ethics Office promptly if he or she knows of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Chief Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **V. Oversight** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VI. Other Policies and Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others), and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VII. Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **VIII. Records and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>